During Tuesday closing session, the Egyptian Exchange (EGX) has posted losses of EGP 4.85 billion as the capital market has amounted to EGP 397.461 million. The EGX indices closed in dark red. The main index, EGX30 sank by 2.12% to end at 5768.2 p. EGX20 pushed down by 1.86% to close at 6763.37 p. Meanwhile, the mid- and small-cap index, the EGX70 inched lower by 1.02% to conclude 541.05 pts. Price index EGX100 fell by 1.25% to finish at 888.69 p. An IMF team is coming to Cairo for talks on Tuesday, after the Eid Al-Adha holidays, according to Egyptian and IMF officials. IMF Managing Director Christine Lagarde was quoted by Egypt's MENA news agency in Washington as saying she was "optimistic that the loan negotiations would be completed by mid-November". A loan deal would for the time being lay to rest lingering concern in the markets that Egypt might run out of foreign reserves to support the value of its currency. Reserves have dropped by more than half since the start of last year. But well before any loan agreement is reached, markets will be sensitive to any indications from the talks of whether the IMF is satisfied with Egypt's plans for economic reform. Traded volume reached 172.794 million securities worth EGP 523.841 million, exchanged 29.972 thousand transactions. This was after trading in 176 listed securities; 129 declined 25 advanced while 22 keeping their previous levels. EGX's closing losses were driven by the Arabs and the non-Arab foreigners' selling pressures. Arabs and non-Arab Foreigners were net sellers 8.36% and 10.63% respectively, of the total markets, with a net equity of EGP 16.349 million and EGP 14.200 million excluding the deals. On the other hand, Egyptians were net buyers seizing 81.02% of the total markets, with a net equity of EGP 30.546 million excluding the deals. Leading Shares: EGX's leading shares witnessed downwards. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA)'s stock dived by 3.17% to finish at EGP 0.61. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) pushed down by 2.63% to end at EGP 3.70. The Egyptian Exchange (EGX) has suspended trading for Orascom Telecom Holding's stock during Tuesday's opening session. EGX said it awaits OTH's reply as regards the news about VimpelCom's plans to sell assets in emerging markets such as Burundi, Zimbabwe and Central African Republic. As a result, Orascom Telecom Holding announced later on Tuesday that it is conducting a strategic review and valuation to its business in Burundi, Central African Republic and Zimbabwe "to identify, examine and consider a range of strategic alternatives". "Those strategic options include, but are not limited to, a sale of all or a material part of the Sub-Saharan African Operations either in one transaction or in a series of transactions," it added. The Financial Times reported yesterday that the Russian company has already started talks with potential buyers of its sub-Saharan African units in Burundi (U-Com Burundi) and the Central African Republic (Telecel-RCA). The company is also expected to offload its Zimbabwean business – Telecel Zimbabwe – after resolving outstanding ownership issues. Orascom Construction Industries: Orascom Construction Industries – OCI (OCIC.CA)'s stock dipped by 2.39% to close at EGP 263.23. Citadel Capital: Citadel Capital (CCAP.CA)'s stock dropped by 2.36% to conclude at EGP 4.14. EFG-Hermes: EFG-Hermes Holding (HRHO.CA) went down by 1.80% to finish at EGP 11.97.
