During Wednesday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 316 million as the capital market has amounted to EGP 367.315 billion, according to data compiled by Amwal Al Ghad at 10:59 a.m. Cairo time (08:59 GMT). The main index, EGX30 tumbled by 0.08% to hit 5321.18 p. EGX20 slumped by 0.37% to reach 6192.68 p. Meanwhile, the mid- and small-cap index, the EGX70 fell 0.34% to hit 487.71 p. Price index EGX100 inched lower by 0.23% to reach 823.93 p. Traded volume reached 4.507 million securities worth EGP 21.636 million, exchanged 961 thousand transactions. This was after trading in 79 listed securities; 54 declined 19 advanced while 6 keeping their previous levels. Egyptians and non-Arab Foreigners were net buyers seizing 43.24% and 34.31% respectively, of the total markets, with a net equity of EGP 1.498 million and EGP 6.028 million excluding the deals. On the other hand, the main reason behind EGX30's downwards was that Arabs were net sellers 22.45% of the total markets, with a net equity of EGP 7.526 million excluding the deals. Leading Shares: EGX's leading shares witnessed unsteady performance. Orascom Telecom Media & Technology Holding: Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) led EGX early downwards as they dived by 8.62% to reach EGP 0.53. Citadel Capital: Citadel Capital (CCAP.CA) sank by 0.60% to hit EGP 3.34. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) declined by 0.41% to reach EGP 277.50. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) surged by 0.55% to hit EGP 3.68. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) inched higher by 0.37% to reach EGP 30.19. Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed Commercial International Bank (CIB)'s Long and Short-Term Foreign Currency Ratings (FCR) at 'BB+' and 'B', respectively. Talaat Moustafa Group: Shares of Talaat Moustafa Group (TMGH.CA) rose by 0.22% to hit EGP 4.59. EFG-Hermes Holding: Shares of EFG-Hermes Holding (HRHO.CA) kept Tuesday closing levels at EGP 11.85. As EFG-Hermes (HRHO.CA) is finalizing procedures required by the Egyptian Financial Supervisory Authority (EFSA) to complete QInvest's acquisition of 60% of its core operations, EFSA demanded Tuesday the Prosecution of the Financial and Commercial Affairs to make investigations and file a criminal complaint against Planet IB. EFSA investigations revealed that Planet IB alliance violated the Capital Market Law and procedures relevant to acquiring EGX-listed companies. The investigations also revealed that Planet IB was founded after announcing the acquisition plan. Planet had no legal entity when it notified Hermes and EFSA of the purchase plan. EFG-Hermes said Sunday it will announce the date of its extraordinary shareholders meeting with a week. EFG-Hermes added that its ESM aims to provide its shareholder with all the disclosures and details; QInvest buyout deal in particular regarding the acquisition of 60% of Hermes stakes. EFG-Hermes official source noted that once the group obtains the shareholders' approvals, all the necessary procedures to conclude QInvest acquisition deal would be then completed. Dr. Ashraf Al-Sharkawy, EFSA chairman, had stated that EFG-Hermes did not provide the required information and further disclosures including the fate of minority rights after the deal is completed as well as the financial mechanism regarding dividend distribution. Al-Sharkawy noted that the EFSA has asked EFG-Hermes for more disclosures including the future of the group, its capital and fate of its minority, but it did not respond yet.
