During Wednesday closing session, the Egyptian Exchange (EGX) has extended posting losses to eventually reach EGP 878 million as the capital market has amounted to EGP 366.753 billion. The main index, EGX30 fell 0.32%% to end at 5308.38 p. EGX20 dropped by 0.57% to finish at 6180.7 p. Meanwhile, the mid- and small-cap index, the EGX70 went down by 0.55% to close at 486.66 p. Price index EGX100 declined by 0.48% to conclude at 821.86 p. Traded volume reached 177.242 million securities worth EGP 515.931 million, exchanged 27.317 thousand transactions. This was after trading in 180 listed securities; 122 declined 47 advanced while 11 keeping their previous levels. Egyptians were net buyers 73.18% of the total markets, with a net equity of EGP 18.832 million excluding the deals. On the other hand, the main reason behind EGX30's downwards was that non-Arab Foreigners and Arabs were net sellers seizing 16.23% and 10.59% respectively, of the total markets, with a net equity of EGP 10.945 million and EGP 7.887 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective downwards except for the shares of Commercial International Bank- Egypt (CIB) (COMI.CA) which went up by 0.17% to finish at EGP 30.13. Commercial International Bank: Capital Intelligence (CI), the international credit rating agency, announced Wednesday that it has affirmed Commercial International Bank (CIB)'s Long and Short-Term Foreign Currency Ratings (FCR) at 'BB+' and 'B', respectively. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA) led EGX downwards. After announcing its financial results, OTMT trimmed its early losses to fell by 1.72% to finish at EGP 0.57. Orascom Telecom Media & Technology Holding (OTMT.CA) has reported a net profit of EGP 1.430 billion since the inception of the firm till June 30th, 2012. Operation revenues hit around EGP 1.021 billion, other revenues reached EGP 4.160 million. Citadel Capital: Citadel Capital (CCAP.CA) sank by 1.19% to end at EGP 3.32. EFG-Hermes Holding: Shares of EFG-Hermes Holding (HRHO.CA) dipped by 1.10% to finish at EGP 11.72. As EFG-Hermes 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. Talaat Moustafa Group: Shares of Talaat Moustafa Group (TMGH.CA) declined by 0.44% to end at EGP 4.56. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) slumped by 0.27% to conclude at EGP 3.65. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) went down by 0.09% to close at EGP 278.40.
