During Monday closing session, the Egyptian Exchange (EGX) has extended its early gains to eventually reach EGP 3.445 billion as the capital market has amounted to EGP 350.133 billion. The main index, EGX30 surged 1.50% to close at 5045.6 p. EGX20 climbed 1.46% to conclude at 5798.98 p. Meanwhile, the mid- and small-cap index, the EGX70 tumbled 0.10% to finish at 445.12 p. Price index EGX100 went up by 0.57% to end at 768.85 p. Egypt's new, civilian president dismissed Cairo's two top generals on Sunday and quashed a military order that had curbed Islamist Mohamed Morsi's powers, in a dramatic move to free himself of some of the restrictions of military rule. In a statement that came out of the blue, presidential spokesman Yasser Ali announced: "Field Marshal Hussein Tantawi has been transferred into retirement from today." In his place as armed forces chief and defense minister, Morsi appointed General Abdel Fattah Al-Sisi, 57, from military intelligence. Enan was replaced General Sidki Sobhi, 56, who headed the Third Field Army based in Suez, on the border with Sinai. Both those pushed into retirement, whose positions may have been weakened by the border debacle last week in the Sinai desert, were appointed as advisers to the president. Morsi's spokesman called it "sovereign" decision by the head of state, and aimed at "pumping new blood" into an army which has shown signs of hoping to control the novice president. A fellow Islamist said Egypt could not go on having "two heads". Secular activists, wary of political Islam, nonetheless welcomed a "first step toward establishing a civilian state". Morsi himself later said: "The decisions I took today were not meant ever to target certain persons, nor did I intend to embarrass institutions, nor was my aim to narrow freedoms. "I did not mean to send a negative message about anyone, but my aim was the benefit of this nation and its people," he said, praising the work of the armed forces and saying his decision would free them to focus on their professional tasks. But it was not clear how far the generals, members of the Supreme Council of the Armed Forces (SCAF), actually consented to a move that reveals a reordering of Egypt's political forces as they all wait for a new constitution, shifting more powers towards Morsi and his long-suppressed Muslim Brotherhood. "This clash between the new president and the military council was expected - but not this fast," said analyst Gamal Soltan. "It can be considered a restructuring of the armed forces and an end to the role of SCAF in political life." By scrapping the army's constitutional declaration, Morsi can also take on the legislative powers the generals had sought to keep for themselves in the absence of a parliament. In June, the military council, backed by judges, dissolved the Islamist-led assembly elected in January - a move Morsi has challenged. Traded volume reached 104.604 million securities worth EGP 386.199 million, exchanged through 15.897 transactions. This was after trading in 160 listed securities; 36 declined 100 advanced while 24 keeping their previous levels. Egyptians and Arabs were net buyers seizing 58.84% and 14.15% respectively, of the total markets, with a net equity of EGP 9.887 million and EGP 11.601 million excluding the deals. On the other hand, non-Arab Foreigners were net sellers seizing 27.01% of the total markets, with a net equity of EGP 21.488 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective upwards led by the shares of Orascom Telecom Holding (OTH) (ORTE.CA) which jumped by 2.56% to conclude at EGP 3.61. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) climbed by 2.02% to end at EGP 272.88. Citadel Capital: Shares owned by Citadel Capital (CCAP.CA) soared by 1.34% to finish at EGP 3.03. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) surged by 1.19% to conclude at EGP 4.25. Gehad El Sawafta, Vice Executive Officer of Talaat Moustafa Group Holding SAE (TMGH.CA), announced that the company has succeeded in selling around 50 % of its commercial malls in Madinaty during May and June with total value of about EGP 500 million. He added that, the company succeeded in increasing its sales in the first half of 2012 to reach EGP 2.4 billion, compared to EGP 1.1 billion in the first half of 2011. Furthermore, he pointed out that the company will focus within the coming period to deliver the remaining units. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) edged up 1.08% to close at EGP 28.06. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA) maintained its Sunday levels at EGP 0.55. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) kept its Sunday levels at EGP 10.61. EFG-Hermes shareholders meeting is excepted to be reconvened within this week 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
