During Sunday opening session, the Egyptian Exchange (EGX) has posted early gains of EGP 1.47 billion as the capital market has amounted to EGP 335.117 billion, according to data compiled by Amwal Al Ghad at 09:12 GMT (11:12 a.m. in Cairo).
Egypt’s new cabinet will be announced on Thursday, state media said on Saturday, ending what was seen as a long wait for a new government following the swearing-in of President Mohamed Mursi three weeks ago.
“I will announce the formation of the cabinet in its final form next Thursday,” Prime Minister Hisham Kandil said in statements carried by state news agency MENA and state TV.
He said he had briefed Morsi on his meetings with possible candidates.
The former Irrigation and Water Resources Minister was designated premier last week, despite concerns the little-known technocrat may not have the political or economic experience needed for the job.
The main index, EGX30 went up 0.75% to hit 4788.89 p. EGX20 inched higher 0.87% to reach 5488.5 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged up 0.22% to hit 428.82 p. Price index EGX100 rose 0.30% to reach 733.11 p.
Traded volume reached 161.899 million securities worth EGP 281.847 million, exchanged through 16.414 transactions.
This was after trading in 70 listed securities; 7 declined 54 advanced while 9 keeping their previous levels.
Egyptians were net buyers seizing 85.1% of the total markets, with a net equity of EGP 2.798 million excluding the deals.
On the other hand, the non-Arab Foreigners and Arabs were net sellers seizing 11.08% and 3.83% respectively, of the total markets, with a net equity of EGP 2.240 million and EGP 558.693 thousand excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective upwards led by the shares of Orascom Telecom Media & Technology Holding (OTMT.CA)which jumped by 10.00% to reach EGP 0.55.
Commercial International Bank:
The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) climbed 1.44% to hit EGP 27.49.
Citadel Capital:
Shares of Citadel Capital soared by 0.68% to reach EGP 2.94.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) surged 0.67% to hit EGP 253.90.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) rose by 0.37% to hit EGP 10.79.
Following the Egyptian financial regulator’s call for additional disclosures related to minority shareholders, EFG-Hermes (HRHO.CA), the country’s biggest publicly traded investment bank, has said it will hold an extraordinary general meeting “very soon” to provide more information about a proposed joint venture with Qatar’s QInvest and reconfirm shareholder approval.
EFG-Hermes said the potential alliance with QInvest to form an investment bank is now subject to additional disclosures to the Egyptian Financial Services Authority (EFSA) and the shareholders, and that it will seek to clarify the points of the deal in a forthcoming meeting.
Mona Zulficar, EFG-Hermes Board of Directors chairperson, said Saturday: “The deal has not been suspended by EFSA. Only additional disclosures have been required. Hence no appeal is required.”
EFG-Hermes said it was still confident of securing a deal with QInvest and expects the transaction to be completed by the end of the third quarter of 2012.
In May, EFG-Hermes said it agreed to start an investment bank with QInvest that will be 60% owned by the Qatari firm.
Orascom Telecom Holding:
The shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched higher 0.31% to reach EGP 3.22.
Talaat Moustafa Group:
The shares of Talaat Moustafa Group (TMGH.CA) edged up by 0.25% to reach EGP 3.96.
