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Egypt's stocks end week in red on profit taking Stocks mostly down, except for Global Telecom Holding (GTH) - up 3.67 percent after US financial advisor announced details of Algerian Djezzy deal
Egypt's stocks were mostly decliners at week's end due to profit making, but Global Telecom Holding (GTH) still achieved whopping gains as a US financial advisor revealed the value of an Algerian telecom deal. The benchmark index EGX30 dropped 0.68 percent to register 9,373 points and the broader index EGX70 declined 1.03 percent. "The index fell as investors were making profits," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online. Daily stock turnover registered LE744.6 million. Non-Arab foreign investors were net buyers to the tune of LE92 million while Egyptians and Arabs were net sellers for LE57 million and LE35 million, respectively. "Foreigners significantly raised their purchases in Egypt's stock exchange following the announcements of fuel subsidy cuts and the new Suez Canal project," said Fathy. This summer has seen Egypt's government announce plans to curb costly spending on energy subsidies as well as the launching of a new mega project alongside the Suez Canal. GTH gained 3.67 percent to LE5.44 per share and achieved the highest turnover in the main index at LE93.8 million. The telecom company on Thursday released the results of a report by the independent financial advisor HC for securities and investments which assessed the acquisition of GTH's shares in Algerian telecom firm Djezzy by the Algerian government. The report shows that the offer made by the Algerian National Investment Fund to acquire GTH's 51 percent stake in Djezzy is 4 percent higher than the fair value. GTH had sold its 51 percent stake in Djezzy to the Algerian government for $2.6 billion, a deal which HC valued at $2.539 billion. Market bellwether Commercial International Bank (CIB) declined 0.28 percent to LE46.44 per share. Egypt's leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), fell 0.22 percent to LE18.34 per share. In the real estate sector, Talaat Moustafa Group (TMG) holding dropped 1.63 percent to LE10.4 per share and Six of October for Development and Investment Company (SODIC) increased 1.65 percent to LE48 per share. http://english.ahram.org.eg/News/108938.aspx
