The Egyptian Exchange has managed to gain EGP 275 million in week which witnessed the official approval of the Egypt's first post-uprising constitution and worries over the country's economic situation, the capital market has hit EGP 373.188 billion at the end of last week, compared to EGP 372.913 billion at the end of a week earlier. Benchmark EGX 30 index edged lower by 0.47% this week, representing a retreat of 25.41 points, ending Thursday's sessions at 5417.59 points compared to 5443 points at the end of last week. Regarding current week trading, the index hit its highest point on Thursday closing at 5417.59 points, where its lowest point recorded on Wednesday at 5300.6 points. Meanwhile, the mid- and small-cap index, the EGX70 edged down by 1.7% in closing at 479.37 points during Thursday's session, compared to 487.69 points at the end of a week earlier. Price index EGX100 dropped by 1.12% concluding Thursday's session at 800.9 points, compared to 810 points during a week earlier. The EGX has recorded volume of trades hit 609 million securities worth EGP 2.25 billion in week. Companies' Weekly Performance: Citadel Capital (CCAP.CA) closed last week at EGP 3.79, while closed on Thursday at EGP 3.7, dipping by 2 % (EGP 0.09). Stock highest close during the week came on Sunday at EGP 3.73, while the lowest close came on Wednesday at EGP 3.64. On Sunday, Citadel Capital reported consolidated financial results posting a net loss EGP 417,497,303 for the period from 01/01/2012 till 30/09/2012. Noting that, it posted net loss of EGP 446,644,888 for the same period of the previous year. Also on Sunday, Citadel announced its financial results for the third quarter of 2012 reporting a 2.5 % rise in principal investments and 0.7% increase in total invested equity quarter-on-quarter as it made continued progress on reduction of execution risk at key greenfield investments, drawing down additional equity and debt into the US$ 3.7 billion Egyptian Refining Company, and deploying fresh capital from the third tranche of a US$ 150 million facility backed by the United States Overseas Private Investment Corporation. Notably, the firm's standalone loss narrowed 86.2% year-on-year (and 69.1% quarter-on-quarter) in 3Q12. Citadel Capital also reports in the quarter just ended a 13.4% decline in its consolidated loss year-on-year, reflecting improved performance at key platform companies. Total investments under control across the firm's 15-industry footprint stood at more than US$ 9.5 billion as of 3Q12, rising 0.4% from the previous quarter. With no exits in the quarter, Citadel Capital registered a standalone net loss of US$ 0.5 million (EGP 2.9 million) for 3Q12 on revenues of US$ 3.3 million (EGP 19.8 million), underscoring the soundness of a cost-control program that saw OPEX spending down 29.9% year-on-year and stable quarter-on-quarter. Net standalone losses stood at US$ 7.0 million (EGP 42.6 million) in 9M12, a 41.1% contraction from the same period last year. On a consolidated basis, Citadel Capital reports a net loss of US$ 22.0 million (EGP 134.0 million) in 3Q12, a 13.4% improvement from the same quarter last year. On a nine-months basis, the firm's net loss contracted 6.5% year-on-year to US$ 68.7 million (EGP 417.5 million). Commercial International Bank Egypt (COMI.CA) closed last week at EGP 35.4, while closed on Thursday at EGP 34.99 (lowest close), retreating by 1 % (EGP 0.41). Stock highest close during the week came on Wednesday at EGP 34.29. On Wednesday, Rating agency Standard & Poor's downgraded three major Egyptian banks on Wednesday because of risk related to government bonds they hold, Ahram Online reported. Two publicly-owned bank, the National Bank of Egypt (NBE), Banque Misr (BM) and a private bank, the Commercial International Bank (CIB), saw their credit ratings drop one step to B-/C. The downgrade comes after S&P cut Egypt's credit rating to the same junk level of Greece on Monday. “The negative outlook on NBE, BM and CIB mirrors the negative outlook on Egypt," said in statement on Wednesday. In our view, NBE, BM and CIB face significant sovereign risk because they hold a high amount of government debt compared to their equity bases and earnings capacity," S&P detailed. Telecom Egypt (ETEL.CA) closed last week at EGP 13.71, while closed on Thursday at EGP 14.09 (highest close), jumping by 3 % (EGP 0.38). Stock lowest close during the week came on Sunday at EGP 13.47. On Wednesday, Reuters reported that Egypt will grant Telecom Egypt a license by mid-2013 to provide mobile services and will later let mobile companies offer fixed-lined services using Telecom Egypt's infrastructure, the industry regulator said. "Telecom Egypt will be granted the right to offer mobile telephone services," Amr Badawy, the executive chairman of Egypt's telecom regulator, said in a statement on Wednesday, adding that the offer would be "executed by mid-2013". "Mobile companies will also be given the right to get a license to offer fixed-lined services using the infrastructure of Telecom Egypt," he added without giving a timeframe. Telecom Egypt Chief Executive Mohamed El-Nawawy told Reuters last month that Telecom Egypt was in advanced talks with the government on a deal that would allow it to offer mobile services and added the company could look to set up its own independent network. On Thursday, Telecom Egypt announced that it welcomes National Telecommunications Regulatory Authority (NTRA) decision of telecom integrated license issuance which will enable the company of providing mobile services. The company added, in a release sent to the EGX that, it would contact NTRA to know the next step of issuance this license, adding that the company wasn't notified formally regarding this issue so far. Regarding Investors' Activity: Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively. Foreign investors were the most active buyers this week earning the value of EGP 124,710,985. Arab investors chose also to buy by value of EGP 27,820,944. Local investors were most active sellers this week by the value of EGP 152,531,929. Retail & Institutions' Activity: Retail activity led the market all through the week as it ranged between 34.50 – 77.79 %. While Institutions activity ranged during this week between 22.20 – 65.49 %.
