During Wednesday midday session, the Egyptian Exchange (EGX) has it posted gains of EGP 1.9 billion as the capital market has amounted to EGP 413.480 billion, according to data compiled by Amwal Al Ghad at 12.58 p.m. Cairo time (10:58 GMT).
EGX indices opened in green.
The main index, EGX30 rose by 0.83% to hit 6006.03 p. EGX20 inched higher by 0.70% to reach 7064.02 p.
Meanwhile, the mid- and small-cap index, the EGX70 hiked by 1.40% to hit 576.49 pts. Price index EGX100 went up by 1.03 % to reach 945.38 p.
Traded volume reached 116.775 million securities worth EGP 408.271 million, exchanged through 23.989 thousand transactions.
This was after trading in 177 listed securities; 61 declined 97 advanced while 19 keeping their previous levels.
EGX’s midday gains were backed by the Arabs and foreign buying transactions.
Arabs and non-Arab Foreigners were net buyers seizing 7.18% and 8.69% respectively, of the total markets, with a net equity of EGP 5.620 million and EGP 5.256 million excluding the deals.
On the other hand, Egyptians were net sellers seizing 84.13% of the total markets, with a net equity of EGP 10.877 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance during midday trading.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) maintained with no change at EGP 0.56.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) dived by 1.38% to hit EGP 12.14.
In a press release, EFG Hermes announced Monday that the Group is launching its brokerage ATMs Monday across its branches in Egypt.
The machines — the first securities brokerage ATMs on the Egyptian market — will allow customers to make multiple transactions without being restricted to branch operating hours and without the need for a human cashier, clerk or teller.
This first service of its kind in Egypt is an integral component of our overall vision to expand our retail brokerage arm and introduce a superior customer service model that gives our clients the best possible transaction experience.
Customers will be issued a unique EFG Hermes Securities Brokerage ATM card, which will allow them to access any of the ATM machines located in eight strategic branches in Cairo, Alexandria and Mansoura. Cairo branches include Dokki, Mohandeseen, Maadi, Nasr City, Smart Village and Haram.
Key features of the service include the ability to deposit and withdraw funds from trading accounts. All deposits, whether cash or proceeds from trading are credited to the clients’ account on-the-spot allowing them further flexibility to execute timely trades with minimum hassle, clients can also check their account balance, either on-screen or in the form of a mini-statement.
“As the leading broker in the region, we aim to be at the forefront of innovation in our industry,” said Mohamed Ebeid, Co-Head of EFG Hermes Securities Brokerage. “This new fleet of ATMs offers EFG Hermes clients a unique customer experience, giving us a clear competitive advantage over other local brokers.”
This impressive new service is just the latest in a long list of innovative developments from our Securities Brokerage team who have brought to market an unparalleled range of products and services for both individual and institutional clients such as online trading, mobile trading, margin trading and multi-market access backed up by the region’s leading research house. This complementary bouquet services provides clients with fast, secure, multi-platform trading tools that allow them to buy and sell a wide range of securities
As a result of these endeavors, the team has also garnered numerous awards this year, most recently crowned as Best Brokerage House in Egypt at the Global Banking and Finance Awards 2012. This was only a few months after the team also won Best Broker in Kuwait at EMEA Finance’s Middle East Banking Awards.
“As always, we are not contenting ourselves with what we have already accomplished,” added Ahmed Waly, Co-Head of EFG Hermes Securities Brokerage. “Already the team is working on developing new features for the ATMs and expanding the ATM network to cover more areas in Egypt.”
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) tumbled by 0.37% to reach EGP 292.05.
Telecom Egypt Co.:
Telecom Egypt (ETEL.CA)’s stock has overcome the announcement of TE Chairman’s resignation as it rose by 1.11% to hit EGP 14.55.
Telecom Egypt – TE had sent Tuesday a release to the Egyptian Exchange (EGX) announcing that the TE Chairman Akil Beshir resigned from his post and retired as of 01/10/2012. Beshir has served in TE for 12 years.
TE noted that the firm will be announcing a new Chairman of the board before the end of September.
“Throughout my term as the TE chairman, the company has witnessed significant changes in the local telecommunication market.” Eng. Akil Bashir said.
Beshir had been appointed Chairman and CEO of the Telecom Egypt in June 2000. He passed on his executive duties as CEO in August 2009, becoming non-Executive Chairman.
An official source at Ministry of Communications and Information Technology said that the resignation of Telecom Egypt’s (TE) Chairman Akil Beshir was for personal reasons. It added that a new board member will be appointed by Prime Minister Hisham Qandil, after which a board meeting will be held to elect a new Chairman.
For his part, Beshir indicated that the decision to retire was based on personal reasons, rebutting the rumors that the resignation was due to facing interrogations from the Administrative Control Authority (ACA).
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) inched higher by 0.78% to reach EGP 3.87.
