During Wednesday opening session, the Egyptian Exchange (EGX) has posted early gains EGP 4.5 billion as the capital market has amounted to EGP 344.414 billion, according to the data compiled by Amwal Al Ghad at 09:02 GMT (11:02 a.m. in Cairo). The new cabinet appointed by PM Hisham Kandil is to be both announced and sworn in on Thursday before President Mohamed Morsi, says the presidential spokesperson, Yasser Ali. The spokesman also revealed that the members of the presidential team - a consultative body that is intended to be politically and socially inclusive - will also be announced on Thursday. Ali confirmed that President Morsi and PM Kandil had agreed to make both announcements on the same day. Kandil had declared on Monday that he had formed over 70% of the new government. He added that he had not yet settled on a deputy prime minister for economic affairs. Kandil announced that his government will be technocratic, rather than political and that he will base his choices on merit. His statement again raised skepticism as expectations were that the new government will be a coalition government, representing the different political parties. The main index, EGX30 soared 1.98% to hit 4958.73 p. EGX20 climbed 1.83% to reach 5691.15 p. Meanwhile, the mid- and small-cap index, the EGX70 surged 1.67% to hit 443.86 p. Price index EGX100 jumped 1.82% to reach 764.49 p. Traded volume reached 6.395 million securities worth EGP 40.367 million, exchanged through 1.528 transactions. This was after trading in 78 listed securities; 8 declined 61 advanced while 9 keeping their previous levels. Egyptians and Arabs were net sellers seizing 57.2% and 10.22% respectively, of the total markets, with a net equity of EGP 3.289 million and EGP 7.717 million excluding the deals. On the other hand, non-Arab Foreigners were net buyers seizing 32.59% of the total markets, with a net equity of EGP 11.006 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 8.62% to hit EGP 0.63. Orascom Construction Industries: Shares of Orascom Construction Industries (OCIC.CA) climbed by 3.20% to reach EGP 270.00. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) hiked 1.83% to hit EGP 27.88. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) surged 1.24% to reach EGP 4.08. 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. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) soared 1.02% to hit EGP 10.85. 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. Citadel Capital: Shares of Citadel Capital surged 1.00% to reach EGP 3.04. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.31% 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.
