The Egyptian Exchange (EGX) has ended this week posting gains of EGP 4.27 billion backed by foreign buyers amid the recent optimism to witnessing reconciliations, disputes settlement and concluding tie-ups.
The Egyptian Tax Authority confirmed on Thursday its keenness to reach a compromise with Orascom Construction Industries. VimpleCom also announced today that it will be signing an agreement with the Algerian government to end the prolonged disputes over Orascom Telecom Holding’s Djezzy.
The capital market has reached to EGP 367.216 billion during Thursday’s closing.
The EGX indices ended this week in green notes.
Egypt’s benchmark index EGX30 soared by 1.95% to close at 5365.62 p; while EGX20 pushed up by 1.55% to end at 6297.19 p.
Meanwhile, the mid- and small-cap index, the EGX70 surged by 0.87% to conclude at 456.9 pts. Price index EGX100 inched up by 0.90% to finish at 771.29 p.
During Thursday’s closing, the trading volume hit 100.105 million securities, higher than Wednesday’s 94.479 million securities, representing an increase of 5.626 thousand securities. For the traded value, it reached EGP 373.661 million, exchanged 17.770 thousand transactions.
This was after trading in 169 listed securities; 15 declined, 133 advanced; while 21 keeping their previous levels.
The non-Arab foreigners have backed EGX’s closing gains as they were net buyers seizing 31.62% of the total markets, with a net equity of EGP 22.079 million excluding the deals.
Meanwhile, Egyptians and Arabs were net sellers seizing 58.32% and 10.06% respectively, of the total markets, with a net equity of EGP 16.335 million and EGP 5.744 million excluding the deals.
For the leading EGX-listed firms’ stocks, Orascom Telecom Holding SAE (ORTE.CA)’s stock jumped by 5.13% to EGP 4.30. The EGX management has suspended trading on the stock awaiting its reply to the inquiries in regard to what an Algerian newspaper has published on Thursday.
Algerian newspaper Al-Shrouk reported on Thursday that an agreement is about to be signed within the upcoming week between VimpelCom Ltd. (VIP) and the Algerian government in order to end the prolonged dispute over Orascom Telecom Holding’s Djezzy,
The Russian telecommunications company VimpelCom Ltd. (VIP) said it has managed to devise a new formula for coordination with the Algerian authorities noting that OTH’s efforts have reached a deadlock to solve the disputes over Orascom Telecom Algerie (OTA) ‘Djezzy’, the newspaper added.
Additionally, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) climbed by 2.82% to end at EGP 0.73.
EFG-Hermes’ stock pushed up by 1.37% to close at EGP 11.12. The leading investment bank’s CEO Yasser El Mallawany announced on Wednesday the EFG-Hermes is finalizing the tie-up with Qatari QInvest within the coming two months.
El Mallawany has attributed the delay in concluding the takeover deal to the unstable situation of the Egyptian market along with to the lateness for obtaining the governmental as well as the regulatory approvals necessary for the deal completion.
“All the required approvals to conclude the tie-up are on the way.” El Mallawany noted
Furthermore, Orascom Construction Industries – OCI (OCIC.CA)’s stock rose by 0.84% to EGP 249.58.
Workers at OCI have staged a sit-in on Wednesday morning outside the company’s head office in Corniche El Nil to express their opposition to the government’s arbitrary actions against OCI including the travel ban decree and the tax dues of over EGP 14.7 billion.
The workers said their sit-in is neither against the state nor the government but it is to represent their rejection to the arbitrary actions taken against the OCI.
Later on Wednesday, OCI N.V.’s subsidiary, Orascom Construction Industries, announced that it has received notification from the Egyptian Tax Authority (ETA) to discuss the alleged tax claim against the Company on Sunday 10 March 2013. The Tax Authority confirmed on Thursday its keenness to reconcile with OCI through reaching a compromise.
