During Monday closing session, the Egyptian Exchange (EGX) has rebound to post gains of EGP 1.1 billion as the capital market has amounted to EGP 335.384 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 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 rebounded 0.15% to end at 4765.88 p. EGX20 inched higher 0.38% to finish at 5474.48 p. Meanwhile, the mid- and small-cap index, the EGX70 edged up 0.40% to conclude at 431.18 p. Price index EGX100 surged 0.55% to close at 737.17 p. Traded volume reached 180.535 million securities worth EGP 341.786 million, exchanged through 18.522 transactions. This was after trading in 163 listed securities; 51 declined 90 advanced while 22 keeping their previous levels. Egyptians and Arabs were net buyers seizing 76.5% and 3.6% respectively, of the total markets, with a net equity of EGP 19.527 million and EGP 13.178 million excluding the deals. On the other hand, non-Arab Foreigners were net sellers seizing 19.89% of the total markets, with a net equity of EGP 32.705 million excluding the deals. Leading Shares: EGX's leading shares witnessed unsteady performance. Orascom Telecom Media & Technology Holding: The shares owned by Orascom Telecom Media & Technology Holding (OTMT.CA) jumped by 5.66% to finish at EGP 0.56. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) went up by 0.76% to conclude at EGP 3.97. The court considers 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. Orascom Construction Industries: Shares of Orascom Construction Industries (OCIC.CA) edged up by 0.69% to finish at EGP 252.72. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) fell 1.03% to end at EGP 27.00. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) sank by 0.94% to close at EGP 10.55. Mona Zulficar, EFG-Hermes Board of Directors chairperson, said Monday Hermes BOD has not discussed dividend distribution yet as such a matter shall be determined after its business lines; securities brokerage, asset management, investment banking, private equity and research announce their business results. Zulficar mentioned that the additional disclosures required by the Egyptian Financial Supervisory Authority (EFSA) would not affect EFG-Hermes' joint venture deal with QInvest. She noted that EFSA has the right to require some additional disclosures on the shareholders and the fate of the minority's rights. Referring to an alternative offer made by Planet IB, a consortium of investors, Zulficar said: “Planet IB file has, to our knowledge, been closed as they did not file any tender offer applications with EFSA." Commenting on the complete mystery which surrounds QInvest deal, Zulficar noted: “We don't have something to hide behind the scenes; EFSA can require any further disclosure on our deal with QInvest." Zulficar mentioned that after receiving EFSA's approvals beside of other regulators in Arab countries where Hermes has activities, it is expected that QInvest deal will be concluded by the end of the third quarter of 2012. Citadel Capital: Shares of Citadel Capital sagged by 0.34% to finish at EGP 2.92. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) maintained their previous levels at EGP 3.22.
