During Tuesday closing session, the Egyptian Exchange (EGX) has extended posting gains which eventually hit EGP 2.82 billion as the capital market has amounted to EGP 389.705 million. The EGX indices closed in green. The main index, EGX30 surged by 0.81% to close at 5684.25 p. EGX20 edged up by 0.86% to end at 6537.14 p. Meanwhile, the mid- and small-cap index, the EGX70 climbed by 1.11% to conclude 519.3 pts. Price index EGX100 rose by 1.04% to finish at 860.1 p. Traded volume reached 103.570 million securities worth EGP 351.841 million, exchanged 19.128 thousand transactions. This was after trading in 170 listed securities; 33 declined 114 advanced while 23 keeping their previous levels. EGX's closing gains were backed by Egyptians and non-Arab Foreigners' buying transactions. Egyptians and non-Arab Foreigners were net buyers 73.75% and 21.01% respectively, of the total markets, with a net equity of EGP 8.579 million and EGP 1.751 million excluding the deals. On the other hand, Arabs were net buyers seizing 5.24% of the total markets, with a net equity of EGP 10.331 million excluding the deals. Leading Shares: EGX's leading shares witnessed upwards. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA)'s stock jumped by 3.39% to end at EGP 0.61. On Tuesday, OTMT.CA has confirmed its interest in selling the Company's submarine network Med Cable Ltd (Med Cable) in Algeria. OTMT added in a filling posted on Tuesday that its Board of Directors decided to mandate the company's Founder Naguib Sawiris alongside the CEO Karim Beshara in order to spearhead the talks on selling Med Cable. A week earlier, Karim Beshara has revealed to Amwal Al Ghad the company's intention to sell Med Cable adding that it is currently seeking to market Med Cable noting that there are a number of offers to purchase and invest in the cable are under study. Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and Algerian government. The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers' information. The CEO of OTMT added that the company cannot reap the benefits from the cable since halting its operations in Algeria. He said the continuous replacement, renewal and maintenance of the Med Cable lower its market value. Elsewhere, Beshara told Amwal Al Ghad on Monday that the Group is not involved in the OTMT Founder Naguib Sawiris' takeover offer to purchase a stake in Telecom Italia SpA (TIT). Beshara further said Sawiris did not offer the purchase deal to Telecom Italia in his capacity as Founder of OTMT, so OTMT has nothing to do with such a deal. Egyptian billionaire Naguib Sawiris offered as much as 5 billion euros ($6.4 billion) to purchase a stake in Telecom Italia SpA. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) climbed by 1.91% to close at EGP 3.73. During their ordinary general meeting held on Monday, shareholders of Orascom Telecom Holding (OTH) (ORTE.CA) endorsed the service agreement inked with VimpelCom Ltd. (VIP). They also dropped the unpaid returns from the loan owed by Globalive Wireless Management. Meanwhile, OTH's extraordinary general meeting (EGM) approved rebranding the company to Global Telecom Holding, and amending article No. 2 of Articles of Incorporation accordingly. Orascom Construction Industries: Orascom Construction Industries – OCI (OCIC.CA)'s stock pushed up by 1.49% to conclude at EGP 262.01. Citadel Capital: Citadel Capital (CCAP.CA)'s stock surged by 1.30% to finish at EGP 3.90. EFG-Hermes: EFG-Hermes Holding (HRHO.CA) went up by 0.63% to close at EGP 11.25. On Tuesday, EFG Hermes Research - one of the business lines of EFG-Hermes Holding (HRHO.CA) - has once again managed to hold on to the top spot for five out of the six years that the award has been running, a feat that clearly sets it ahead of the competition. "Striving for excellence is a given, but in today's agile business environment it's more than just a game of knowledge and expertise. Today, being number one means being the first to meet client demand," said Wael Ziada, Head of Research at EFG Hermes. "The needs of our clients are constantly evolving, therefore our job is first and foremost to define and meet those needs," he added. On Monday, Giza Criminal Court, headed by Judge Mohamed Reda Shawkat, adjourned the consideration of the market manipulation case of which the sons of the ousted president Hosni Mubarak, Alaa and Gamal as well as EFG-Hermes CEO Hassan Heikal face charges alongside 6 other businessmen. The court was adjourned until Saturday 08/12/2012.
