During Tuesday early session, the Egyptian Exchange (EGX) has posted early gains of EGP 2.99 billion as the capital market has amounted to EGP 338.378 billion, according to data compiled by Amwal Al Ghad at 11:20 a.m. in Cairo (09:20 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 soared 1.28% to hit 4826.78 p. EGX20 climbed 1.59% to reach 5561.31 p. Meanwhile, the mid- and small-cap index, the EGX70 surged 0.68% to hit 435.11 p. Price index EGX100 jumped 1.26% to reach 746.49 p. Traded volume reached 21.347 million securities worth EGP 52.414 million, exchanged through 3.016 transactions. This was after trading in 98 listed securities; 8 declined 83 advanced while 7 keeping their previous levels. Egyptians and Arabs were net buyers seizing 67.73% and 10.05% respectively, of the total markets, with a net equity of EGP 3.596 million and EGP 1.101 million excluding the deals. On the other hand, non-Arab Foreigners were net sellers seizing 22.22% of the total markets, with a net equity of EGP 4.697 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective upwards led by the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which jumped by 8.93% to hit EGP 0.61. Orascom Construction Industries: Shares of Orascom Construction Industries (OCIC.CA) climbed by 2.665 to reach EGP 259.44. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) soared 1.90% to hit EGP 10.75. This was after Mona Zulficar, EFG-Hermes Board of Directors chairperson, had said on 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. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) surged 1.76% to reach EGP 4.04. The court considered 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. Citadel Capital: Shares of Citadel Capital inched higher 1.71% to reach EGP 2.97. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.93% to hit EGP 3.25. Egyptian Business tycoon Naguib Sawiris denied any financial dealing with Mohammed Rashid, the advisor of late Palestinian President Yasser Arafat in his personal capacity. Rashid was the manager of Palestine Investment Fund (PIF) that undertook investments with Orascom for two and a half years. Yet, the contract between PIF and Orascom ended several years ago. Sawiris added in a press statement that he does not have any financial dealing with Mohammed Dahlan, a leading figure in Fatah Movement. Press news was issued Monday that Public Prosecutor in the West Bank Ahmed Al-Moghni requested on behalf of the Palestinian Authority business tycoon Naguib Sawiris to suspend trading on the shares owned in Orascom Telecom Holding (OTH) (ORTE.CA) by Mohammed Rashid, the advisor of late President Yasser Arafat, as well as Mohammed Dahlan, a leading figure in Fatah Movement. In a letter sent to Sawiris, Al-Moghni said that his request is based on a ruling issued by anti—corruption court, dated June 7, 2012, in case No. 2012/13. In the same vein, Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), denied receiving any requests from national or overseas authorities to freeze equities owned in EGX-listed companies by current or former Palestinian officials. Omran added that the share freeze decisions must be issued by competent authorities such as Egypt's Public Prosecutor, the Illicit Gains Authority, the Egyptian Financial Supervisory Authority (EFSA), or sovereign entities. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) rose 0.67% to hit EGP 27.18.
