During Sunday closing session, the Egyptian Exchange (EGX) has turned its early gains into losses of EGP 907 million as the capital market has amounted to EGP 385.830 million.
The EGX indices closed in red.
The main index, EGX30 edged down by 0.02% to close at 5610.35 p. EGX20 inched lower by 0.39% to end at 6433.38 p.
Meanwhile, the mid- and small-cap index, the EGX70 dipped by 0.79% to conclude 512.48 pts. Price index EGX100 dropped by 0.27% to finish at 849.24 p.
Traded volume reached 57.678 million securities worth EGP 198.288 million, exchanged 14.609 thousand transactions.
This was after trading in 167 listed securities; 94 declined 40 advanced while 33 keeping their previous levels.
EGX’s closing losses were driven by local investors’ selling pressures.
Egyptians were net sellers seizing 94.61% of the total markets, with a net equity of EGP 33.061 million excluding the deals.
On the other hand, the non-Arab Foreigners and Arabs were net buyers 2.66% and 2.74% respectively, of the total markets, with a net equity of EGP 845.223 million and EGP 2.215 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.84% to end at EGP 3.61.
Orascom Telecom announced on Sunday the signature of a five-year agreement with Huawei and Alcatel-Lucent to provide for the design, purchase, deployment, and maintenance of next-generation mobile network equipment and supporting services from two of the world’s leading global providers. With this investment, Mobilink expects not only to further enhance the data and voice services it provides to its customers throughout Pakistan, but also to pave the way to introducing 3G services as soon as these are licensed in Pakistan.
“As part of our commitment to the Pakistani telecom market, this strategic investment will allow Mobilink to continue to provide cutting-edge, high-quality mobile broadband and voice services to our customers in Pakistan while reducing costs associated with operating the network”, said Ahmed Abou Doma, Group Chief Executive Officer of Orascom Telecom.
Also on Sunday, Naguib Sawiris, founder of Egypt’s Orascom Telecom Holding SAE (ORTE.CA), offered as much as 5 billion euros ($6.4 billion) to purchase a stake in Telecom Italia SpA (TIT), Corriere della Sera reported today, without saying how it obtained the information.
Telecom Italia’s management board discussed the bid at a meeting on Nov. 8, the newspaper said. Sawiris, reached by phone, declined to comment. Telecom Italia officials didn’t return calls or e-mails.
Telecom Italia is considering a plan to spin off its fixed- line access network and will decide by the end of this year whether to proceed. Sawiris’s offer is for a stake in the entire company, Corriere said. The investment would fund growth at Italy’s largest phone company, the newspaper said.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock edged up 0.40% to close at EGP 257.76.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock inched higher by 0.26% to conclude at EGP 3.86.
On Sunday, Citadel Capital Managing Director Abdalla ElEbiary participated in a key panel discussing the alignment of investment strategies with current market conditions at the annual S&P 500 Leader’s Forum in Abu Dhabi
“2013 will be a good vintage year for private equity investments in the post-Arab Spring countries — provided you’re willing to consider longer holding periods,” said Citadel Capital Managing Director, Abdalla ElEbiary at the S&P 500 Leaders Forum in Abu Dhabi.
ElEbiary who participated in a panel that discussed revisiting business models and the alignment of investment strategies with current market opportunities, told an audience of senior business leaders that fundamentally a good vintage year in private equity is having a fund that closes with lots of cash and lots of well priced opportunities that it can target.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) dropped by 0.45% to finish at EGP 11.12.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock maintained with no change at EGP 0.58.
Mobinil:
The Egyptian Exchange administration decided on Sunday to suspend trading for the Egyptian Company for Mobile Services – Mobinil – (EMOB.CA)’s stock till the firm responds to the EGX inquiries about reports published in a newspaper regarding France Telecom(FT)’s statements of its intention to transfer 15% stake of Mobinil for Egyptian investors.
The newspaper quoted Stephane Richard, France Telecom-Orange Chief Executive, as saying FT intends to transfer 15% stake of Mobinil for Egyptian investors.
