During the last week which witnessed the second anniversary of Hosni Mubarak ouster, the Egyptian Exchange has posted gains of EGP 3.2 million despite the current political turbulence the country is going through. The capital market has hit EGP 386.441 billion at the end of last week, compared to EGP 383.205 billion at the end of a week earlier.
Benchmark EGX 30 index inched up by 0.22%, representing an increase of 12.94 pts, ending Thursday’s transactions at 5715.87 pts, compared to EGP 5702.93 pts at the end of a week earlier.
EGX30 hit its highest point on Tuesday closing at 5795.57 pts; while its lowest point recorded on Wednesday at 5690.93 pts.
Meanwhile, the mid- and small-cap index, the EGX70 surged by 1.36% closing at 489.39 pts during Thursday’s session, compared to 482.82 pts at the end of a week earlier. Price index EGX100 pushed up by 1.57% concluding Thursday’s session at 823.79 pts, compared to 811 pts during a week earlier.
The EGX has recorded volume of trades hit 594 million securities, compared to 837 million a week earlier; while the traded value reached EGP 1.458 billion, compared to EGP 2.273 billion a week earlier.
Companies’ Weekly Performance Highlights:
Orascom Construction Industries (OCIC.CA) closed last week at EGP 258.46, while closed on Thursday at EGP 266.51, jumping by EGP 8.05 (3%).
Stock highest close during the week came on Wednesday at EGP 267.86, while the lowest close came on Sunday at EGP 259.23.
On Sunday, OCI N.V. announced that shareholders, including the Sawiris family and Abraaj Capital, holding a total of 153,967,710 shares representing 97.2 % of OCI’s (GDRs) and 74.4% of total shares outstanding have accepted the offer to exchange their GDRs for OCI N.V. shares.
Trading of OCI N.V. shares on the NYSE Euronext in Amsterdam began on 25 January, 2013.
FSA filed a statement on Sunday requesting OCI to limit voting in the coming AGM to minor shareholders in order to maintain their rights.
FSA stated that, OCINV submitted neither requests nor documents to obtain its approval over this acquisition, adding that the bid announced previously didn’t include all company’s shares but was limited to disclosure of GDRS swap with OCINV shares.
FSA added that, it didn’t receive OCINV share valuation as it is recently established.
FSA pointed out that, according to Article no. 12 of the Executive Regulations of Law no. 95 for the year 1992, shareholders who will sell their shares should have enough data, good timing and opportunities to evaluate the tender offer and take the investment decision accordingly.
On Monday, OCI, announced that Sawiris Family and Abraaj Capital, the main shareholders of OCI will abstain from voting in the coming AGM which will be held to discuss tender offer submitted by OCINV.
It added that voting will be limited to minor shareholders as Egyptian Financial Supervisory Authority (EFSA) requested.
He asserted that, the company will disclose all documents required by FSA in the tender offer.
On Wednesday, OCI said shareholders had approved its offer to acquire its ordinary shares listed in Cairo in exchange for cash or OCI shares listed in Amsterdam, Reuters reported.
The construction and fertilizer company is moving its primary listing to the Dutch city to increase its exposure to capital markets.
The transaction also sees the firm’s global depositary receipts swapped into Amsterdam-listed shares.
In a statement on Wednesday it said the offer had been approved at ordinary and extraordinary meetings of shareholders in Cairo.
On Thursday, OCI reported consolidated financial results posting a net profit of EGP 2375.1 (value in million) for the period from 01/01/2012 till 30/09/2012, compared to net profit of EGP 3620.6 (value in million) for the same period of the previous year.
Talaat Moustafa Group -TMG Holding (TMGH.CA) closed last week at EGP 4.28, while closed on Thursday at EGP 4.24, dipping by EGP 0.04 (1 %).
Stock highest close during the week came on Sunday at EGP 4.3, while the lowest close came on Monday at EGP 4.22.
On Wednesday, TMG announced that Administrative Court postponed the hearing session on its Marsa Alam land case against Tourism Development Authority for contradicting tendering and bidding law to 30th April 2013.
Regarding Investors’ Activity:
Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.
Local investors were the most active buyers this week earning the value of EGP 126,500,909.
Foreign investors were most active sellers this week by the value of EGP 110,451,654.
Arab investors chose also to sell by value of EGP 16,049,255.
Retail & Institutions’ Activity:
Retail activity led the market all through the week as it ranged between 13.50 – 74.60 %.
While Institutions activity ranged during this week between 25.39 – 86.49 %.
