Egyptian Exchange Main Index 1.7% Up In Presidential Elections Week

Egyptian Exchange (EGX) benchmark EGX 30 index rose by 1.66 % this week, representing an increase of 81.42 points, ending Thursday transactions at 4,971.72 points compared to 4,890.30 points at the end of last week.

Regarding current week trading, the index hit its highest point on Thursday closing at 4,971.72 points, where its lowest point recorded on Sunday at 4,791.91 points.

Egyptian Exchange main index EGX30 extended decline and retreated by 2.01 % on Sunday to close at 4,791.91 points. Market trade volume reached 47,679,524 shares amounted to EGP 1,745,552,449.

The index ended negative performance which lasted six consecutive days and jumped by 1.08 % on Monday to close at 4,878.37 points. Market trade volume reached 77,157,254 shares amounted to EGP 298,889,108.

Egypt Exchange main index returned to red performance one day before the presidential elections and edged 0.29 % lower on Tuesday to close at 4,864.18. Market trade volume reached 96,396,676 shares amounted to EGP 292,021,153.

Egyptian Exchange main index EGX30 advanced by 1.19 % amid first day presidential elections on Wednesday to close at 4,921.88. Market trade volume reached 106,628,039 shares amounted to EGP 510,296,092.

Egyptian Exchange main index EGX30 extended green performance and rose by 1.01 % amid second day of presidential elections on Thursday to close at 4,971.72. Market trade volume reached 73,055,412 shares amounted to EGP 539,385,440.

Companies’ weekly performance highlights:

Citadel Capital (CCAP.CA) stock closed last week at EGP 2.99, while closed on Thursday at EGP 3.1 (highest close), upping 4 % (EGP 0.11).

The lowest close during that week came on Sunday closing at EGP 2.93.

On Tuesday, the Cairo-based private equity firm appointed a new board of directors with Chairman Ahmed Heikal retaining his position.

On Thursday, Citadel Capital announced that its affiliate ASEC Cement, owned by 33.44 %, has completed the development and renovation program of its Algeria’s Zahana Cement plant.

Citadel added, in a release sent to EGX that, Asec started to establish new raw materials mill with investment cost of $ 30 million.

Orascom Telecom Holding (OTH) (ORTE.CA) , North Africa’s biggest mobile phone company by subscribers, gained 1.2 percent to 3.4 pounds, the highest level in almost a month. Egypt’s bourse said it will remove Egyptian Co. for Mobile Services (EMOB.CA), also known as Mobinil, from the EGX 30 Index “as a result of a negligible free float” after the acquisition of the company by France Telecom SA. (FTE) Mobinil is one of four telecommunication companies on the gauge.

Mobinil shares were unchanged at 180.19 pounds.

Egyptian Kuwaiti Holding – (EKHO.CA) stock closed last week at $ 1.06, while closed on Thursday at $ 1.12 (highest close); upping 6 % ($ 0.06).

The lowest close during the week came on Sunday closing at $ 1.05.

On Thursday, Egyptian Kuwaiti Holding BOD approved to execute –wind powered electricity producing project in Turkey with investment cost of €272.1 million ($426.52 million).

The project plan includes purchasing 2 electricity power plants with €256.5 million ($256.5 million) in addition to new license with €15.6 million ($24.45 million).

It is worth noting that, the company aims at marketing such power via selling it in Turkey and Euro region for both local and private sectors.

Al Arafa Investment and Consulting – (AIVC.CA) stock closed last week at $ 0.32, while closed on Thursday at $ 0.39 (highest close), jumping 22 % ($ 0.07).

The lowest close during that week came on Sunday closing at $ 0.32.

On Wednesday, Commercial International Bank is about to complete the due diligence review of acquiring 38 % of Concrete ready-made clothes amounting to EGP 152 million. .

Informed sources from CIB asserted that is one of the leading companies in ready-made clothes sector, adding that the acquisition deal over Concrete which is owned by Arafa is considered successful deal.

It is worth noting that, Arafa owns about 91.64 % of Concrete, adding that its initial valuation amount to EGP 400 million.

On Thursday, Egyptian Financial Supervisory Authority (EFSA) announced that it approved Al Arafa to call for EGM, OGM to discuss increasing capital through free stocks distribution.

Heliopolis Housing – (HELI.CA) closed last week at EGP 15.35, while closed on Thursday at EGP 15.53 (highest close), upping by 1 % (0.18).

Stock lowest level recorded on Sunday closing at EGP 15.07.

On Wednesday, Heliopolis Housing is studying four Arab and local partnership bids to share in its projects, Almal newspaper reported.

Ali Moustafa, Managing Director of Technical and Executive Affairs of the company, attributed studying such bids to shortage in required finance in order to complete its projects in the shadow of retreating demand in domestic real estate market in addition obstacles in getting long term bank loans.

Separately, he revealed that the company is about to offer a number of bids before next July; especially 10th of Ramadan water plant with investment cost of EGP 75 million.

On Thursday, Heliopolis Housing asserted that it conducts talks with National Bank of Egypt in order to obtain EGP 50 million credit facilities for its activities.

It added, in a release sent to EGX that, it obtained a license of developing Maryland park.

Egyptian Media Production City(MPRC.CA) closed last week at EGP 3.02, while closed on Thursday at EGP 3.12, upping by 3 % (EGP 0.1).

Stock highest level recorded on Wednesday closing at EGP 3.13, while the lowest came on Sunday at EGP 2.98.

On Wednesday, Egyptian Media Production City reported financial results posting a net profit of EGP 2,661,480 for the period from 01/01/2012 till 31/03/2012, compared to net profits of EGP 1,968,118 for the same period of the previous year.

Medical Packaging Company – (MEPA.CA) closed last week at EGP 1.3, while closed on Thursday at EGP 1.38, upping by 6 % (EGP 0.8).

Share highest level recorded on Wednesday closing at EGP 1.4, while the lowest came on Sunday at EGP 1.23.

On Tuesday, Medical Packaging Company BOD approved to increase company’s capital by EGP 30 million.

Sectors Performance:

The most active sectors all through the week were Telecommunications, Financial Services, Construction & Material, Real Estate and Banks.

Telecommunications sector achieved total traded value of EGP 313,172,738.

Financial Services came second in terms of performance, as it achieved total traded value of EGP 236,859,487.

Construction & Material sector ranked third in terms of performance, as it achieved total traded value of EGP 164,214,609.

Regarding Real Estate, it achieved total traded value of EGP 161,040,079.

Finally, Banks, as it achieved total traded value of EGP 135,750,470.

Investors’ Activity:

Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.

Arab investors were the most active buyers all through the week as their stock this week earning the value of EGP 186,595,571.

Local investors chose also to buy by value of EGP 101,130,955.

Foreign investors were most active sellers this week by the value of EGP 287,726,527.

Retail & Institutions:

Retail activity led the market all through the week as it ranged between 36.33 – 56.56 %.

While Institutions activity ranged during this week between 43.43 – 63.66 %.