Egyptian Exchange benchmark EGX30 index retreated by 2.72 % this week, representing a decline of 134.73 points, ending Thursday transactions at 4814.84 pts compared to 4949.57 pts at the end of last week. Regarding current week trading, the index hit its highest point on Sunday closing at 4902.07 pts, while its lowest point recorded on Monday at 4698.52 points. EGX30 started week in red area and retreated by 0.97 % on Sunday to close at 4902.07 after fluctuated performance. Market trade volume reached 141,991,126 securities amounted to EGP 488,867,190. Egyptian Exchange main index plunged 4.15% on Monday after the country's new president ordered parliament to reconvene, challenging the authority of the military council which had ordered it dissolved.
The index dipped by 4.15 % on Monday to close at 4698.52 after fluctuated performance. Market trade volume reached 139,011,558 securities amounted to EGP 1,338,569,453. EGX30 edged 0.21 % higher on Tuesday to close at 4708.50 after fluctuated performance. Market trade volume reached 82,841,355 securities amounted to EGP 300,888,440. Egyptian Exchange benchmark reversed early loss and advanced by 1.83 % on Wednesday to close at 4794.45 after fluctuated performance. Market trade volume reached 106,114,713 securities amounted to EGP 487,339,593. Egypt's index edged 0.43 % higher on Thursday to close at 4814.84 after fluctuated performance, compared to 4794.45 points on Wednesday. Market trade volume reached 140,775,438 securities amounted to EGP 1,719,142,232. Companies' weekly performance highlights: Talaat Moustafa Group - T M G Holding - (TMGH.CA) stock closed last week at EGP 4.73, while closed on Thursday at EGP 3.95 (lowest close), sinking by 16 % (EGP 0.78). The highest close during that week came on Sunday closing at EGP 4.4. On Sunday, Egyptian judges recommended a court should cancel the settlement of a drawn-out legal dispute over TMG's flagship real estate project, threatening more turmoil for the struggling property sector. Recommendations by panels of judges are not legally binding, but courts often respect them. State news agency MENA said on Sunday the Higher Administrative Court had adjourned a review of the case until Nov. 7. "The court isn't going to look at this case until November, which means investors will be suffering for another four months," said Osama Mourad, chief executive of Arab Finance Brokerage. On Monday, TMG, Egypt's biggest publicly traded real-estate developer, was cut to neutral from overweight and had its share- price estimate reduced 10 percent to 5.2 pounds at HC, Bloomberg reported.
Ezz Aldekhela Steel - Alexandria - (IRAX.CA) closed last week at EGP 510, while closed on Thursday at EGP 503.94, dipping by 1 % (6.06). Stock highest level recorded on Sunday closing at EGP 510, while the lowest close came on Monday closing at EGP 495.63. On Sunday, EL Ezz Aldekhela Steel announced that consolidated financial results for the fiscal period ended in 31 March 2012 revealed a net profit of EGP 246 million, compared to EGP 64 million in the same period in the previous year. On Monday, company's revenues from sales had the upper hand in such increase as it recorded EGP 3.011 billion, compared to EGP 2.7 billion in the same period. Moustafa Kamel, Chief Financial Officer of the company, stated that Ezz made a strategic plan to increase productivity by 200.000 tons annually which lead to sales increase by 9 % during the first quarter. Also on Monday, EL Ezz Aldekhela Steel will incur additional fees of EGP 200 million annually after the decision of increasing natural gas prices by 33 % as of the beginning of 2012, Alborsa newspaper reported. Company's BOD asserted that, such increase will cost the company EGP 50 million in the first quarter. According to the developments announced by EGAS last week of considering this decision effective as of 1 January 2012, BOD decided to amend company's financial results in the first quarter of 2012. Orascom Telecom Holding (ORTE.CA) closed last week at EGP 3.29, while closed on Thursday at EGP 3.21, dipping by 2 % (EGP 0.08). Stock highest level recorded on Sunday closing at EGP 3.27, while the lowest close came on Monday closing at EGP 3.12. On Sunday, UBS cut Orascom Telecom price target to $3.70 from $4.30; rating buy, CNBC reported. On Tuesday, OT topped the list of companies that paid taxes for the first time ever during the tax season 2012. OT paid EGP 1.5 billion taxes with an increase of EGP 700 million than Telecom Egypt (ETEL,CA), the top of the list in the past five years, which paid EGP 800 million (fourth in the list). National Bank of Egypt (NBE) came second after paying EGP 1.2 billion and Banque Misr came third with EGP 1.1 billion. Raya Holding For Technology And Communications - (RAYA.CA) closed last week at EGP 4.75, while closed on Thursday at EGP 4.52, dipping by 5 % (EGP 0.23). Stock highest level recorded on Sunday closing at EGP 4.7, while the lowest close came on Monday closing at EGP 4.48. On Thursday, RAYA is conducting talks with National Bank of Egypt to obtain about EGP 183 million in order to complete the administrative building in Shiekh Zaid City, Almal newspaper reported. Sherief Riyad, Corporate Credit Chief at NBE, stated the finance till in negotiation stage, adding that it will be paid within 7 years including usage and payment. He pointed out that, the loan value represented 58.8 % of the total investment cost of the building which amount to EGP 311 million. Sectors Performance: The most active sectors all through the week were Telecommunications, Real Estate, Financial Services, Construction & Material and Banks. Telecommunications sector achieved total traded value of EGP 499,615,609. Real Estate came second in terms of performance, as it achieved total traded value of EGP 367,832,659. Financial Services sector ranked third in terms of performance, as it achieved total traded value of EGP 349,519,618. Regarding, Construction & Material it achieved total traded value of EGP 165,629,557. Finally, Banks, as it achieved total traded value of EGP 130,074,001. 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 85,139,073. Arab investors chose also to buy by value of EGP 31,515,098. Non-Arab Foreign investors were most active sellers this week by the value of EGP 116,654,171. Retail and Institutions' Activity: Retail activity led the market all through the week as it ranged between 22.60 – 71.22 %. While Institutions activity ranged during this week between 28.77 – 77.39 %.
