During Monday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 501 million as the capital market has amounted to EGP 333.791 billion, according to data compiled by Amwal Al Ghad at 11:18 a.m. in Cairo (09:18 GMT). 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 Morsi three weeks ago. 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 down 0.38% to hit 4740.6 p. EGX20 inched lowe 0.50% to reach 5426.78 p. Meanwhile, the mid- and small-cap index, the EGX70 edged down 0.02% to hit 430.35 p. Price index EGX100 sagged 0.10% to reach 732.41 p. Traded volume reached 12.132 million securities worth EGP 24.281 million, exchanged through 1.807 transactions. This was after trading in 94 listed securities; 49 declined 26 advanced while 19 keeping their previous levels. Egyptians were net buyers seizing 74.78% of the total markets, with a net equity of EGP 4.652 million excluding the deals. On the other hand, the main reason behind EGX30's fall was that the non-Arab Foreigners and Arabs were net sellers seizing 21.48% and 3.74% respectively, of the total markets, with a net equity of EGP 4.070 million and EGP 581.363 thousand excluding the deals. Leading Shares: EGX's leading shares witnessed collective downwards except for the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) and of Orascom Construction Industries (OCIC.CA) at EGP 0.53 and EGP 251.00, respectively. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) led EGX's early downwards as they dived by 1.13% to hit EGP 10.53. 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. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) fell 1.03% to hit EGP 27.00. Citadel Capital: Shares of Citadel Capital sagged by 1.02% to reach EGP 2.90. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched lower 0.62% to reach EGP 3.20. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) dropped by 0.25% to reach EGP 3.93. The court will consider Monday, July 30th, the appeal filed by Chairman Tarek Talaat Moustafa to the six-month imprisonment sentence issued in a case lodged by a buyer who accused him of selling a residential unit to several parties at the same time. Talaat Moustafa Group (TMG) had earlier commented on this sentence, stating that the ruling is 'unenforceable' and will be challenged. The realty developer added that Moustafa is not criminally responsible either personally or in his capacity as the group's chairman.
