Egyptian Exchange benchmark EGX30 edged lower by 3.77 % this week, representing a decline of 218.97 points, ending Thursday transactions at 5574.18 points compared to 5793.15 points at the end of last week.
Regarding current week trading, the index hit its highest point on Monday closing at 5893.31 points, where its lowest point recorded on Thursday at 5574.18 points.
It is worth noting that, the EGX was closed last Sunday on occasion of Eid Al Adha vacation.
Main index EGX30 started week in positive performance after Eid vacation and advanced by 1.73 % to close at 5893.31 points on Monday. Market trade volume reached 152,576,052 shares amounted to EGP 593,871,552.
EGX30 returned to red area with 2.12 % declines to close at 5768.2 points on Tuesday. Market trade volume reached 173,566,137 shares amounted to EGP 546,641,861.
EGX30 extended negative performance and retreated by 1.25 % to close at 5695.93 points on Wednesday. Market trade volume reached 109,239,311 shares amounted to EGP 489,609,157.
The main index suffered third consecutive fall as Centamin court-ruling and looming economic reforms prompt caution among foreign investors to dip by 2.14 % and close at 5574.18 points on Thursday. Market trade volume reached 146,937,860 shares amounted to EGP 594,391,003.
Companies’ Weekly Performance:
Orascom Telecom Holding (OT) – (ORTE.CA) closed last week at EGP 3.75, while closed on Thursday t EGP 3.6, lowest close, dipping by EGP 0.15 (4 %).
Stock highest close during the week came on Monday at EGP 3.8.
Telecoms group Vimpelcom is set to sell a number of businesses in Asia and Africa to focus on its core markets such as Russia and Italy, the Financial Times reported on Monday.
The New York-listed phone company is holding talks with potential buyers for its assets in Burundi and the Central African Republic, and is also looking to sell Telecel Zimbabwe after resolving ownership issues, the paper said.
Together, the three businesses could be valued at more than $60 million, the FT reported, citing a source.
Vimpelcom is also looking to sell its units in Cambodia, where it has around 1 million customers, and Laos, with around 400,000 subscribers, the paper said.
On Tuesday, OTH announces that it is currently performing a strategic review and valuation assessment of its operations in Burundi, Zimbabwe and Central African Republic (the Sub-Saharan African Operations) to identify, examine and consider a range of strategic alternatives.
Those strategic options include, but are not limited to, a sale of all or a material part of the Sub-Saharan African Operations, either in one transaction or in a series of transactions.
On Wednesday, Billionaire Mikhail Fridman’s Altimo increased its stake in Russian telecoms group Vimpelcom overnight, outmaneuvering arch-rival Telenor and potentially settling a decade-old feud between the two, Reuters reported.
“We hope that this deal will remove the question of foreign shareholder control in Vimpelcom and will be a key in solving the conflict between (Russia’s regulator) and Telenor,” said Altimo.
“The deal will… restore normal corporate governance, increase debt servicing efficiency and allow the payment of dividends.”
Orascom Development Holding AG – (ODHN.CA) closed last week at EGP 5.32, while closed on Thursday at EGP 5.14 (lowest close) retreating by EGP 0.18 (3 %).
Stock highest close during the week came on Monday at EGP 5.41.
On Monday, ODH announced that Technische Universitat Berlin (TUB) opened its satellite campus in El Gouna.
TUB is one of the global leading technical universities. The campus was built by Orascom Development and realized thanks to the financial contribution of the Sawiris Foundation for Social Development.
The complex spans an area of 10,000 square meters and encompasses a lecture hall, an exhibition and reader panel as well as seven seminar, office and laboratory buildings. The opening is the result of a successful collaboration between the Egyptian and German Ministries of Education, the TUB, Orascom Development and the Sawiris Foundation for Social Development.
TUB will initially offer students in El Gouna postgraduate degrees in Energy Engineering, Urban Development and Water Engineering. Besides the educational benefit, the scientific research will promote the themes of
sustainable development across El Gouna, Egypt as well as the Middle East.
In terms of structure and content the studies follow the requirements of the German Higher Education Act. «The TUB Campus El Gouna is a tremendous enrichment to the strategy of our university in internationalization and further education», said J?rg Steinbach, President of the TUB.
Samih O. Sawiris, founder and chairman of Orascom Development and member of the Sawiris Foundation, underlined the importance that Egyptian students receive the same quality of education locally as in Germany: «The German engineer is a special brand mark and Egyptian students will profit from the quality of education.»
On Wednesday, ODH announced that Samih Sawiris, CEO of ODH, statement to Almal newspaper about pumping $ 80 million in a 7-star hotel project in Amoun Island, Aswan came in the context of ODH volume of halted projects due to insecurity in the past period.
The company added, in a release sent to EGX that, Sawiris statement stresses that ODH is discussing with the government to remove violations from the island which the company contracted to use.
Investors’ Activity:
Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.
Foreign investors were the most active buyers this week earning the value of EGP 22,363,124.
Local investors chose also to buy by value of EGP 10,443,045.
Arab investors were most active sellers this week by the value of EGP 32,806,169.
Retail & Institutions’ activity:
Retail activity led the market all through the week as it ranged between 61.72 – 76.41 %.
While Institutions activity ranged during this week between 23.58 – 38.27 %.
