The Egyptian Exchange (EGX) has extended its morning gains to reach EGP 1.75 billion as the capital market has amounted to EGP 349.926 billion. The main index, EGX30 went up 0.70% to end at 4949.57 p. EGX20 climbed 0.91% to close at 5753.03 p. Meanwhile, the mid- and small-cap index, the EGX70 surged 1.03% to conclude at 438.44 p. Price index EGX100 edged up 0.63% to close at 750.87 p. Traded volume reached 112.631 million securities worth 401.728 million, exchanged through 23.001 thousand transactions. This was after trading in 175 listed securities; 37 declined and 117 advanced while 21 keeping their previous levels. Egyptians and Arabs were net buyers seizing 75.22% and 6.19% respectively, of the total markets, with a net equity of EGP 11.238 million and EGP 3.708 million excluding the deals. Non-Arab Foreigners were net sellers seizing 18.59% of the total markets, with a net equity of EGP 14.946 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective upwards except for the shares owned by Commercial International Bank- Egypt (CIB) (COMI.CA) which sagged 0.14% to close at EGP 28.97 and shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which went steady to close at EGP 1.53. Orascom Telecom Media & Technology Holding's unit Telecel Zimbabwe Ltd. appointed Francis Mawindi as chief executive officer, replacing John Swain.
Shares of Orascom Telecom Holding (OTH) (ORTE.CA) soared 2.49% to end at EGP 3.29. Shares of EFG-Hermes Holding (HRHO.CA) climbed 1.42% to finish at EGP 11.45, set for the highest close since May 17. EFG-Hermes Holding headed for the highest close in almost six weeks after HSBC Holdings Plc's Middle East unit bought more than a 5 percent stake. HSBC Bank Middle East Dubai bought about 32.25 million shares at an average of 10.15 Egyptian pounds on June 28 from Dubai Financial Group LLC. The stake was valued at $54 million on the day of the transaction. The deal “is boosting sentiment for sure," said Wafik Dawood, director of the institutional sales desk at Cairo-based Mega Investments Securities. “It is a reminder that the company remains solid and trading on cheap multiples." EFG-Hermes Sources told Amwal Al Ghad Tuesday that the QInvest deal to seize 60% of the Group stakes will go ahead within the second week of the coming August after receiving the regulatory approvals from six out of nine Arab countries in which Hermes owns offices. “EFG-Hermes has obtained the Egyptian Financial Supervisory Authority (EFSA)'s approvals regarding QInvest acquisition deal." The source added “The shares are up in part because investors believe Planet's bid will not go through," Teymour El-Derini, Cairo- based director of Middle East and North Africa sales trading at Naeem Brokerage. “That means the QInvest deal will go through, which means a four-pound dividend." Shares of Orascom Construction Industries (OCIC.CA) inched higher 0.65% to conclude at EGP 255.69.
