During Tuesday closing session, the Egyptian Exchange (EGX) has extended posting gains of EGP 4.53 billion as the capital market has amounted to EGP 339.911 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 soared 2.03% to end at 4862.53 p. EGX20 climbed 2.09% to finish at 5588.91 p. Meanwhile, the mid- and small-cap index, the EGX70 surged 1.02% to close at 436.59 p. Price index EGX100 jumped 1.85% to finish at 750.79 p. Traded volume reached 197.422 million securities worth EGP 410.918 million, exchanged through 21.337 transactions. This was after trading in 169 listed securities; 43 declined 112 advanced while 14 keeping their previous levels. Egyptians and Arabs were net sellers seizing 70.09% and 7.84% respectively, of the total markets, with a net equity of EGP 12.180 million and EGP 2.463 million excluding the deals. On the other hand, non-Arab Foreigners were net buyers seizing 22.07% of the total markets, with a net equity of EGP 14.643 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 3.57% to end at EGP 0.58. Orascom Construction Industries: Shares of Orascom Construction Industries (OCIC.CA) climbed by 3.53% to close at EGP 261.64. Citadel Capital: Shares of Citadel Capital surged 3.08% to conclude at EGP 3.01. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) soared 1.80% to conclude at EGP 10.74. This was after Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced Tuesday that upon the Egyptian Financial Supervisory Authority (EFSA)'s request, EFG-Hermes will be reconvening its shareholders' annual meeting within a week or a maximum of 10 days. “During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority's rights after signing the deal ... we don't have something to hide behind the scenes."Zulficar added Referring to QInvest deal, Zulficar said: “The main reason behind signing this deal with QInvest is the decline in the profits of Securities Brokerage and Asset Management due to the current circumstances." “The deal has been signed on the purpose of ensuring shareholders' interests." Additionally, she 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 1.51% to conclude at EGP 4.03. 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. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) rose 1.41% to end at EGP 27.38. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.62% to end at EGP 3.24. 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.
