During Sunday closing session, the Egyptian Exchange (EGX) has pared its early gains which eventually reached EGP 651 as the capital market has amounted to EGP 334.292 billion. Egypt's new cabinet will be announced on Thursday, state media said on Saturday, ending what was seen as a long wait for a new government following the swearing-in of President Mohamed Mursi three weeks ago. "I will announce the formation of the cabinet in its final form next Thursday," Prime Minister Hisham Kandil said in statements carried by state news agency MENA and state TV. He said he had briefed Morsi on his meetings with possible candidates. The former Irrigation and Water Resources Minister was designated premier last week, despite concerns the little-known technocrat may not have the political or economic experience needed for the job. The main index, EGX30 went up 0.12% to close at 4758.84 p. EGX20 inched higher 0.24% to end at 5454.02 p. Meanwhile, the mid- and small-cap index, the EGX70 edged up 0.60% to conclude at 430.44 p. Price index EGX100 rose 0.30% to finish at 733.11 p. Traded volume reached 140.366 million securities worth EGP 170.679 million, exchanged through 15.092 transactions. This was after trading in 162 listed securities; 44 declined 89 advanced while 29 keeping their previous levels. Egyptians were net sellers seizing 88.65% of the total markets, with a net equity of EGP 1.225 million excluding the deals. On the other hand, the non-Arab Foreigners and Arabs were net buyers seizing 6.47% and 4.88% respectively, of the total markets, with a net equity of EGP 755.772 thousand and EGP 469.171 thousand excluding the deals. Leading Shares: EGX's leading shares witnessed unsteady performance. Orascom Telecom Media & Technology Holding: The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) led EGX upwards as they jumped by 6.00% to reach EGP 0.53. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) climbed 0.66% to hit EGP 27.28. Citadel Capital: Shares of Citadel Capital soared by 0.34% to reach EGP 2.93. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched higher 0.31% to reach EGP 3.22. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) slumped by 0.93% to hit EGP 10.65. Following the Egyptian financial regulator's call for additional disclosures related to minority shareholders, EFG-Hermes (HRHO.CA), the country's biggest publicly traded investment bank, has said it will hold an extraordinary general meeting “very soon" to provide more information about a proposed joint venture with Qatar's QInvest and reconfirm shareholder approval. EFG-Hermes said the potential alliance with QInvest to form an investment bank is now subject to additional disclosures to the Egyptian Financial Services Authority (EFSA) and the shareholders, and that it will seek to clarify the points of the deal in a forthcoming meeting. Mona Zulficar, EFG-Hermes Board of Directors chairperson, said Saturday: “The deal has not been suspended by EFSA. Only additional disclosures have been required. Hence no appeal is required." EFG-Hermes said it was still confident of securing a deal with QInvest and expects the transaction to be completed by the end of the third quarter of 2012. In May, EFG-Hermes said it agreed to start an investment bank with QInvest that will be 60% owned by the Qatari firm. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) went down by 0.48% to hit EGP 251.00. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) edged down by 0.25% to reach EGP 3.94.
