During Tuesday opening session, the Egyptian Exchange (EGX) has posted early gains of EGP 583 million as the capital market has amounted to EGP 350.716 billion, according to data compiled by Amwal Al Ghad at 10:50 a.m. Cairo time (08:50 GMT). The main index, EGX30 surged 0.38% to hit 5065.62 p. EGX20 climbed 0.60% to reach 5833.75 p. Meanwhile, the mid- and small-cap index, the EGX70 inched higher 0.19% to hit 445.92 p. Price index EGX100 went up by 0.12% to reach 769.73 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 621.913 thousand securities worth EGP 2.486 million, exchanged through 166 transactions. This was after trading in 40 listed securities; 8 declined 23 advanced while 9 keeping their previous levels. Egyptians were net buyers seizing 74.96% of the total markets, with a net equity of EGP 272.382 thousand excluding the deals. On the other hand, non-Arab Foreigners and Arabs were net sellers seizing 16.17% and 8.87% respectively, of the total markets, with a net equity of EGP 122.501 thousand and EGP 149.880 thousand 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 9.09% to hit EGP 0.60. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) soared by 1.94% to reach EGP 3.68. Citadel Capital: Shares owned by Citadel Capital (CCAP.CA) climbed by 1.65% to hit EGP 3.08. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) surged by 1.65% to reach EGP 4.32. Gehad El Sawafta, Vice Executive Officer of Talaat Moustafa Group Holding SAE (TMGH.CA), announced Sunday 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. EFG-Hermes Holding: The shares of EFG-Hermes Holding (HRHO.CA) surged by 1.23% to hit EGP 10.74. 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 Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) maintained its Monday levels at EGP 272.88. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) maintained its Monday levels at EGP 28.06.
