During Thursday opening session, the Egyptian Exchange (EGX) has posted early gains EGP 1.1 billion as the capital market has amounted to EGP 345.299 billion, according to the data compiled by Amwal Al Ghad at 10:52 a.m. (08:52 GMT).
The new cabinet appointed by PM Hisham Kandil is to be both announced and sworn in Thursday before President Mohamed Morsi, says the presidential spokesperson, Yasser Ali.
The spokesman also revealed that the members of the presidential team – a consultative body that is intended to be politically and socially inclusive – will also be announced on Thursday.
Kandil announced that his government will be technocratic, rather than political and that he will base his choices on merit. His statement again raised skepticism as expectations were that the new government will be a coalition government, representing the different political parties.
The main index, EGX30 inched higher 0.06% to hit 4938.41 p. EGX20 tumbled 0.42% to reach 5626.8 p.
Meanwhile, the mid- and small-cap index, the EGX70 jumped by 1.46% to hit 452.17 p. Price index EGX100 soared 1.02% to reach 773.71 p.
Traded volume reached 528.943 thousand securities worth EGP 5.761 million, exchanged through 205 transactions.
This was after trading in 35 listed securities; 15 declined 14 advanced while 6 keeping their previous levels.
Egyptians and Arabs were net sellers seizing 68.02% and 3.06% respectively, of the total markets, with a net equity of EGP 2.151 million and EGP 337.716 excluding the deals.
On the other hand, non-Arab Foreigners were net buyers seizing 28.92% of the total markets, with a net equity of EGP 2.489 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards except for the shares of Orascom Construction Industries (OCIC.CA) which rose by 1.51% to hit EGP 274.00. The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) and of Citadel Capital which maintained Tuesday levels at EGP 27.82 and EGP 3.01, respectively.
Orascom Telecom Media & Technology Holding:
The shares Orascom Telecom Media & Technology Holding (OTMT.CA) which dived by 9.09% to hit EGP 0.50.
Orascom Telecom Holding:
The shares of Orascom Telecom Holding (OTH) (ORTE.CA) went down by 0.62% to hit EGP 3.21.
Deutsche Bank (DB) raised Wednesday Orascom Telecom’s price estimate to $3.20 from $3, recommending ‘Hold’.
Egyptian Business tycoon Naguib Sawiris denied Tuesday any financial dealing with Mohammed Rashid, the advisor of late Palestinian President Yasser Arafat in his personal capacity.
Rashid was the manager of Palestine Investment Fund (PIF) that undertook investments with Orascom for two and a half years. Yet, the contract between PIF and Orascom ended several years ago.
Sawiris added in a press statement that he does not have any financial dealing with Mohammed Dahlan, a leading figure in Fatah Movement.
Press news was issued Monday that Public Prosecutor in the West Bank Ahmed Al-Moghni requested on behalf of the Palestinian Authority business tycoon Naguib Sawiris to suspend trading on the shares owned in Orascom Telecom Holding (OTH) (ORTE.CA) by Mohammed Rashid, the advisor of late President Yasser Arafat, as well as Mohammed Dahlan, a leading figure in Fatah Movement.
In a letter sent to Sawiris, Al-Moghni said that his request is based on a ruling issued by anti—corruption court, dated June 7, 2012, in case No. 2012/13.
In the same vein, Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), denied receiving any requests from national or overseas authorities to freeze equities owned in EGX-listed companies by current or former Palestinian officials.
Omran added that the share freeze decisions must be issued by competent authorities such as Egypt’s Public Prosecutor, the Illicit Gains Authority, the Egyptian Financial Supervisory Authority (EFSA), or sovereign entities.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) fell 0.56% to hit EGP 10.75.
Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced Tuesday that upon the Egyptian Financial Supervisory Authority (EFSA)’s request, EFG-Hermes will be reconvening its shareholders’ annual meeting within a week or a maximum of 10 days.
“During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority’s rights after signing the deal … we don’t have something to hide behind the scenes.”Zulficar added
Referring to QInvest deal, Zulficar said: “The main reason behind signing this deal with QInvest is the decline in the profits of Securities Brokerage and Asset Management due to the current circumstances.”
“The deal has been signed on the purpose of ensuring shareholders’ interests.”
Additionally, she mentioned that after receiving EFSA’s approvals beside of other regulators in Arab countries where Hermes has activities, it is expected that QInvest deal will be concluded by the end of the third quarter of 2012.
Talaat Moustafa Group:
The shares of Talaat Moustafa Group (TMGH.CA) inched lower 0.49% to reach EGP 4.03.
The court considered Monday, July 30th, the appeal filed by Chairman Tarek Talaat Moustafa to the six-month imprisonment sentence issued in a case lodged by a buyer who accused him of selling a residential unit to several parties at the same time.
Talaat Moustafa Group (TMG) had earlier commented on this sentence, stating that the ruling is ‘unenforceable’ and will be challenged. The realty developer added that Moustafa is not criminally responsible either personally or in his capacity as the group’s chairman.
