Egyptian Exchange benchmark EGX 30 index edged 0.57 % lower this week, representing a retreat of 28.46 points, ending Thursday transactions at 4,960.98 points compared to 4,989.44 points at the end of last week. Regarding current week trading, the index hit its highest point on Tuesday closing at 5,049.51 points, where its lowest point recorded on Thursday at 4,960.11 points. EGX30 extended green area for the seventh consecutive day and advanced by 0.91 % to close at 5,034.77 points on Sunday. Market trade volume reached 149,892,712 shares amounted to EGP 824,945,910. EGX30 ended rally which lasted for seven consecutive days and edged lower by 0.25 % to close at 5,022.02 points on Monday. Market trade volume reached 175,439,985 shares amounted to EGP 384,623,395. The index shrunk early session's gains to return to green area and rose by 0.55 % to close at 5,049.51 points on Tuesday. Market trade volume reached 124,952,701 shares amounted to EGP 383,682,309. Egyptian index EGX30 ended in red and decline by 1.08 % on Wednesday to close at 4,994.91 points. Market trade volume reached 166,707,513 shares amounted to EGP 499,050,806. EGX30 retreated by 0.68 % to close at 4,960.98 points on Tuesday. Market trade volume reached 139,701,527 shares amounted to EGP 345,518,889. Companies' weekly performance highlights: Telecom Egypt – (ETEL.CA) closed last week at EGP 12.83, while closed on Thursday at EGP 12.89, upping by EGP 0.06. Stock highest close during the week came on Monday at EGP 13.17, while the lowest close came on Wednesday at EGP 12.87. On Wednesday, Telecom Egypt, the Arab country's monopoly fixed-line phone company, said second-quarter profit dropped 25 percent from a year earlier as it didn't deliver any submarine cable projects. Net income fell to 613 million pounds ($101 million) from 813 million pounds in the same period last year, the company said in a statement distributed by the Regulatory News Service. That missed the 786 million-pound average of four analyst estimates. Wholesale-service revenue, the biggest contributer to the company's income, was 1.24 billion pounds. The company didn't give a comparative figure for last year, saying it declined because of “no new project deliveries during the period in the submarine cable projects business, a revenue stream which has always been uneven." Investment in infrastructure declined to 125 million pounds from 205 million a year earlier, leaving the company with 4 billion pounds of cash. On Thursday, Telecom Egypt approved in its OGM meeting held on Thursday 9/08/2012 by unanimous vote of shareholders the additional cost of second phase of the restructuring of the salaries of employees of TE so that the total cost becomes approximately EGP 243 million annually to be added to the employees' gross salaries, inclusive of what has been approved in the first phase, and new costs which were added to it, to meet the employees' demand and the amendments made subsequent to the restructuring. Orascom Telecom Holding - (ORTE.CA) stock closed last week at EGP 3.31, while closed on Thursday at EGP 3.5, jumping by 6 % (EGP 0.16). The highest close during that week came on Tuesday closing at EGP 3.6, while the lowest came on Sunday at EGP3.41. On Monday, Close sources from the Algerian Finance Ministry revealed that the government is about to officially throw over the purchase of Orascom Telecom Algeria (OTA) “Djezzy" after two years of fierce dispute with Orascom Telecom owner Egyptian billionaire Naguib Sawiris, according to Algeria's Al Sherouk newspaper. The source attributed such a decision to a number of economic and political factors, including the global financial crisis. The source added that, Algerian government is quite sure that it will lose the international arbitration this time before specialized US court as the international business legislations do not take into account the preemption decision which Algeria wanted to apply with retroactive effect in 2009. Talaat Moustafa Group - TMG - (TMGH.CA) closed last week at EGP 4.08, while closed on Thursday at EGP 4.14 (lowest), representing an increase of EGP 0.06 (1 %). Stock highest close during the week came on Monday at EGP 4.27. On Wednesday, TMG announced that company's BOD approved financial results for H1 2012 with net profits after taxes of EGP 328.801.867, compared to EGP 371.187.458, representing a decline of 11.59 %. The company added, in a release sent to EGX that, sales during H1 2011 hit EGP 2418.5 m, compared to EGP 1174 m during the same period of last year. The company is facing renewed court challenge to ownership of its biggest land asset, a 33-million square meter plot on the outskirts of Cairo, which it is using for a residential and business development called Madinaty. “We believe they won't be able to deliver the 8,000 to 10,000 units they forecast this year," said Habiba Hegab, equity analyst at Cairo-based Pharos Holding. “The Madinaty court case is also expected to remain an overhang over sales in that project in the second half." GB Auto (AUTO.CA) closed last week at EGP 21.62, while closed on Thursday at EGP 22.52 (highest close), jumping by EGP 0.9. Stock lowest close during the week came on Sunday at EGP 21.27. On Wednesday, GB Auto, a leading automotive assembler and distributor in the Middle East and North Africa, announced its consolidated results for the second quarter and first half of 2012, reporting a 23.3% increase in revenues in 1H12 to EGP 3,890.2 million, while net income rose 31.6% to EGP 76.5 million. Revenues rose 17.2% year-on-year to EGP 2,177.8 million in 2Q12, while net income closed the quarter up 15.6% at EGP 58.4 million. “In the key Egyptian passenger car segment, our total unit sales grew at a rate more than double that of the market," said GB Auto Chief Executive Officer Dr. Raouf Ghabbour. “While this is a testament to strong management and the desirability of our core Hyundai brand, the overall market remains depressed. Against this backdrop, we expect to continue to lead the market in the second half and are prepared with sales strategies appropriate to a range of contingencies through year's end." GB Auto closed 1H12 with a 33.5% market share of passenger cars in Egypt, a gain of 3.7 percentage points from the same period last year. Total Passenger Cars sales revenues climbed 27.1% in 1H12 as the company reported solid sales across all markets. Sectors Performance: The most active sectors all through the week were Telecommunications, Banks, Financial Services, Real Estate and Construction & Material. Telecommunications sector achieved total traded value of EGP 437,688,550. Banks came second in terms of performance, as it achieved total traded value of EGP 304,654,274. Financial Services sector ranked third in terms of performance, as it achieved total traded value of EGP 297,261,466. Regarding, Real Estate it achieved total traded value of EGP 273,113,659. Finally, Construction & Material, as it achieved total traded value of EGP 158,671,867. Investors' Activity: Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively. Local investors were the most active buyers this week earning the value of EGP 3,639,062. Arab investors chose also to buy by value of EGP 1,409,974. Foreign investors were most active sellers this week by the value of EGP 5,049,036. Retail & Institutions' Activity: Retail activity led the market all through the week as it ranged between 29.74 – 74.59 %. While Institutions activity ranged during this week between 25.40 – 70.25%.
