During Thursday closing session, the Egyptian Exchange (EGX) has posted losses of EGP 831 million as the capital market has amounted to EGP 346.608 billion. The main index, EGX30 tumbled 0.68% to end at 4960.98 p. EGX20 dived 0.73% to close at 5693.01 p. Meanwhile, the mid- and small-cap index, the EGX70 inched lower 0.56% to conclude at 444.27 p. Price index EGX100 declined 0.49% to finish at 764.44 p. Worth mentioning, EGX has delayed Thursday's trading session due to the power outage in the Downtown's general electricity network. Opening session started at 12:00 (10:00 GMT). Traded volume reached 130.258 million securities worth EGP 265.607 million, exchanged through 11.878 transactions. This was after trading in 156 listed securities; 110 declined 36 advanced while 10 keeping their previous levels. Egyptians were net sellers seizing 56.01% of the total markets, with a net equity of EGP 24.758 million excluding the deals. On the other hand, non-Arab Foreigners and Arabs were net buyers seizing 36.37% and 7.62% respectively, of the total markets, with a net equity of EGP 6.450 million and EGP 18.308 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective downwards led by Citadel Capital (CCAP.CA) which sank 2.30% to end at EGP 3.98. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 1.40% to close at EGP 27.41. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) tumbled 0.85% to end at EGP 3.50. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) dived by 0.48% to conclude at EGP 4.15. Talaat Moustafa Group reported a 11.4% fall-off in first half net profits to reach EGP 328.801 million. Noting that, the company posted net profits of EGP 371.187 million within H1/2011. TMG's revenues of H1/2012 retreated by 6.2% to hit EGP 2.391 billion, compared to EGP 2.549 billion during H1/2011. The company's gross profits, after excluding costs, declined by 1% to reach EGP 684.979 million, compared to a year earlier of EGP 691.614 million. Furthermore, TMG's working capital rose by 0.60% to amount to EGP 11.827 billion, compared to EGP 11.757 billion. Reserves hiked 0.04% to hit EGP 278.494 million, compared to EGP 278.381 a year earlier. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) slumped by 0.45% to end at EGP 269.43. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) plummeted by 0.37% to close at EGP 10.67. EFG-Hermes shareholders meeting is excepted to be reconvened within next week maximum upon the Egyptian Financial Supervisory Authority (EFSA)'s request so as to conclude its deal with QInvest. Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced last Tuesday that upon 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 Telecom Egypt: The shares owned by Telecom Egypt (ETEL.CA) inched higher 0.16% to end at EGP 12.89. Landline monopoly Telecom Egypt reported a 25% drop in second-quarter net income on Wednesday, pushed lower by weaker revenue and employee demands for higher pay since the country's president was overthrown in a popular uprising. Net income was EGP 613 million ($100.87 million), down from EGP 813 in the second quarter of 2011, the company said in a statement. Revenue fell 7.9%. Additionally, the working capital dropped to reach EGP 5.704 billion, compared to EGP 6.062 billion a year earlier. Total investments hit EGP 27.298 billion, compared to EGP 28.788 billion. Furthermore, Telecom Egypt's standalone business results for Q2/2012 revealed posting net profits of EGP 1.756 billion, a decline of 6.7%, compared to net profits of EGP 1.882 billion during Q2/2011. Egypt's economy has been hit by political turmoil since Hosni Mubarak was ousted in February 2011. A new president took office in June but the transition has been marred by violence and rows between political groups and the ruling army. Investment in infrastructure declined to EGP 125 million from EGP 205 million a year earlier, leaving the company with EGP 4 billion of cash. Orascom Telecom Media & Technology Holding: The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) maintained Wednesday levels at EGP 0.54.
