The Egyptian Exchange has managed to post losses of EGP 4.76 billion in week amid witnessing rising tide of violence sparked off after the court’s verdict for the Port Said massacre. The capital market has hit EGP 376.900 billion at the end of last week, compared to EGP 381.662 billion at the end of a week earlier.
Late Sunday, the Egyptian President Mohamed Morsi declared a state of emergency and nighttime curfew across three major cities Sunday after violence raged for a third straight day, leaving nearly 50 dead and hundreds injured nationwide.
In a televised address Sunday night, the president said the state of emergency, which allows security forces to arrest and detain at will, would cover Port Said, Suez and Ismailia for 30 days.
“The protection of the nation is the responsibility of everyone. We will confront any threat to its security with force and firmness within the shadow of the state of the law,” Morsi said.
Benchmark EGX30 index fell by 1.45% this week, representing a decrease of 82.74 points, ending Thursday’s sessions at 5606.49 points compared to 5689.23 points at the end of last week.
EGX30 has hit its highest point on Sunday closing at 5,688.05 points, where its lowest point recorded on Tuesday at 5,495.30 points.
Meanwhile, the mid- and small-cap index, the EGX70 tumbled by 0.71% closing at 465.54 points during Thursday’s session, compared to 468.9 points at the end of a week earlier. Price index EGX100 pushed down by 1.22% concluding Thursday’s session at 790.19 points, compared to 800 points during a week earlier.
The EGX has recorded volume of trades hit 473.03 million securities; while the traded value reached EGP 1.963 billion exchanged through 79.14 thousand transactions.
Companies’ Weekly Performance Highlights:
Orascom Construction Industries (OCIC.CA) closed last week at EGP 265.94, while closed on Thursday at EGP 258.87, dipping by EGP 7.07 (3 %).
Stock highest close during the week came on Sunday at EGP 262.47, while the lowest close came on Tuesday at EGP 255.98.
Last Friday, OCI N.V. announced its first of trading on NYSE Euronext in Amsterdam under the ticker symbol ‘OCI US’.
To celebrate the first day of trading, Nassef Sawiris, Chief Executive Officer (CEO) of OCI N.V. sounded the bell to open trading of the European markets of NYSE Euronext at 9:00 AM CET.
Mr. Sawiris was joined by Cees Vermaas, CEO and Chairman of NYSE Euronext Amsterdam, Diederik Zandstra, Head of Listings Europe of NYSE Euronext, Bas Pulles, commissioner of Foreign Trade, and other guests. OCI N.V. will trade in US Dollars and will also launch a Euro-traded security in the near future.
Mostafa Abdel Aziz, Sales Manager at Beltone, stated that EGX refused to transfer OCI shares to GDRs since last Tuesday session.
On Wednesday, a close source to the tax dispute between OCI and The Egyptian Taxes Authority over tax dues from selling cement plant to French Lafarge in 2007 stated that they will resume talks on Wednesday.
The source, who demanded anonymously, told Almasry Alyoum newspaper that Egypt’s Government body is keen to settle the dispute.
On the other hand, Amr Derwazah, Investor Relations Manager of OCI, stated that the company is also seeking to settle the dispute.
National Societe Generale Bank (NSGB) – (NSGB.CA) closed last week at EGP 36.41, while closed on Thursday at EGP 36.49 (highest close), upping by EGP 0.08.
Stock lowest close during the week came on Tuesday at EGP 36.08.
On Thursday, NSGB announced that Central Bank of Egypt approved Qatar National Bank’s (QNB) request to acquire NSGB entire shares.
NSGB added, in a release sent to EGX that, acquisition procedures will be taken with the authorities and according to the Egyptian laws.
Egyptian Transport (EGYTRANS) (ETRS.CA) closed last week at EGP 11.37, while closed on Thursday at EGP 11.9 (highest close), upping by EGP 0.53 (5 %).
Stock lowest close during the week came on Monday at EGP 10.99.
On Wednesday, EGYTRANS announced that it expects EGP 1.5 million profits in 2012 from cars activity in the free zones project.
The company added, in a release sent to EGX that, it expects EGP 3.5 million in 2013.
Also on Thursday, EGYTRANS announced that long time ago it is following the developments East Port Said project and Suez Canal development axis, adding that it interested in investing there in case of offering investments there.
The company added, in a release sent to EGX that, so far it didn’t sign deals in East Port Said area.
On the other hand, EGYTRANS asserted that its business didn’t affected by current conditions in Port Said area.
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 99,062,519.
Arab investors were most active sellers this week by the value of EGP 74,667,358.
Foreign investors chose also to sell by value of EGP 24,395,161.
Retail & Institutions’ Activity:
Retail activity led the market all through the week as it ranged between 49.64 – 66.20 %.
While Institutions activity ranged during this week between 33.79 – 50.35 %.
