Egyptian Exchange benchmark EGX 30 index rose by 2.23 % this week, representing an increase of 116.6 points, ending Thursday transactions at 5332.25 points compared to 5215.65 points at the end of last week. Regarding current week trading, the index hit its highest point on Thursday closing at 5332.25 points, where its lowest point recorded on Sunday at 5242.47 points. EGX30 started week in green area and rose by 0.51 % to close at 5242.47 points on Sunday. Market trade volume reached 174,512,741 shares amounted to EGP 508,237,729. EGX30 extended green area after reversing early loss and rose by 0.75 % to close at 5281.68 points on Monday. Market trade volume reached 231,199,314 shares amounted to EGP 666,231,508. The Index extended rally to touch the highest level in almost 6 months and rose by 0.83 % to close at 5325.36 points on Tuesday. Market trade volume reached 227,600,487 shares amounted to EGP 1,167,521,633. EGX30 ended rally and retreated by 0.32 % to close at 5308.38 points on Wednesday. Market trade volume reached 180,551,733 shares amounted to EGP 704,613,002. EGX30 ended week in green area and rose by 0.45 % to close at 5332.25 points on Thursday. Market trade volume reached 182,571,506 shares amounted to EGP 690,249,258. Companies' Weekly Performance: Egyptian Financial Group-Hermes Holding Company - (HRHO.CA) closed last week at EGP 11.62, while closed on Thursday at EGP 12.13 (highest close), jumping by 4% (EGP 0.51). Stock lowest close during the week came on Sunday at EGP 11.72. EFG-Hermes said Sunday it would 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. On Monday, Hermes announced that it accounts for approximately 50 percent of the foreign institutional executions on regional markets, ranks first on the Egyptian Exchange (EGX), is in the top five on most of the regional exchanges, and garnered a basket of prestigious awards and accolades throughout the year. It added that, despite the challenges of this remarkable year, EFG Hermes closed 2011 as the largest broker in the Arab world by market share according to market figures independently released by regional stock exchanges. By March of 2012, the EGX was finally showing signs of a recovery, regaining almost 25% of its pre-revolution market capitalization as it reached 5,428 points — its highest point in 2012 and a rise of 48% since the start of the year. During this period, EFG Hermes was named the Best Broker in Kuwait at EMEA Finance's Middle East Banking Awards. Further cementing its position as the leading broker in the Arab world, EFG Hermes Securities Brokerage ranked number one on the Egyptian Exchange. “We are very proud of all our achievements this year," said Mohamed Ebeid, Co-Head of EFG Hermes Securities Brokerage. “This is well-deserved for the Team, who have made extraordinary efforts to maintain our very high standards during this unprecedented and incredibly difficult time. “Going forward in 2012, we will continue to focus on maintaining and growing our market share across regional markets, as well as offering best-in-class products and services for our clients." said Ahmed Waly, Co-Head of EFG Hermes Securities Brokerage. On Tuesday, Egyptian Financial Supervisory Authority (EFSA) submitted a request to Administrative Prosecution to investigate with Planet IB due to its violations in EFG-Hermes deal. 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. Ahmed Elhossiny, Planet's CEO, declined such accusations adding that company's situation is safe. On Thursday, the board of EFG-Hermes Holding invited shareholders to attend an extraordinary general meeting on Sunday, 16/09/2012. EFG-Hermes had said Sunday it will announce the date of its extraordinary shareholders meeting with a week. Shareholders will discuss the board's report on strategic partnership with Qatari QInvest . They will also look into the fair value report by Grant Thornton, as regards defining fair values of the companies subject to the partnership. The meeting will be discuss selling Hermes' brokerage stake to EFG-Hermes Qatar for $250 million. A dividend plan at EGP 4 per share will also be discussed in the meeting, taking into consideration the relevant stock split or treasury shares repurchase. The company's shareholders will further discuss waiving trade mark EFG-Hermes to Hermes Qatar and other relevant activities. Six of October Development & Investment - SODIC - (OCDI.CA) stock closed last week at EGP 20.28, while closed on Thursday at EGP 21.69, jumping by 7 % (EGP 1.41). Stock highest close during the week came on Tuesday at EGP 22.42, while the lowest close came on Sunday at EGP 21.16. On Wednesday, SODIC announced that BOD approved to authorize company's CEO and Managing Director to take the required procedures of getting credit facility of EGP 50 million from Audi Bank to finance Forty West project. Also on Wednesday, SODIC announced in a release sent to EGX that the company will sell 1,000,000 treasury stocks (Local Shares) during the period from 30/08/2012 to 17/09/2012. On Thursday, Ashraf Farid, Executive Director of Operations at SODIC, said the company has received a letter from the Ministry of Investment as regards the decision of New Urban Communities Authority (NUCA) to withdraw New Cairo land. SODIC is waiting for reshuffling the Dispute Resolution Committee at General Authority for Investment (GAFI). Farid confirmed that the decisions of the Dispute Resolution Committee are binding on NUCA. He said that SODIC failed to develop the land because NUCA delivered it without completing the relevant utilities. Egyptian Company for Mobile Services (Mobinil) – (EMOB.CA) closed last week at EGP 150.03, while closed on Thursday at EGP 148.16, representing a retreat of EGP 1.87 (1 %). Stock highest close during the week came on Sunday at EGP 149.31, while the lowest close came on Monday at EGP 146.32. On Sunday, The bankers arranging Mobinil loan are completing the internal approvals conserving loan and its phases in order to sign the final contract. The approvals are about to be completed in the coming three days and the final contract will be signed next Thursday or in the beginning of the next week at most. It is worth noting that, the total amount of the loan is EGP 2.9 billion and will be arranged by 5 local banks which are; National Bank of Egypt, Banque Misr, Commercial International Bank Egypt, HSBC and NSGB. Sectors Performance: The most active sectors all through the week were Financial Services, Real Estate, Telecommunications, Banks and Construction & Material. Financial Services sector achieved total traded value of EGP 598,539,080. Real Estate came second in terms of performance, as it achieved total traded value of EGP 492,797,271. Telecommunications sector ranked third in terms of performance, as it achieved total traded value of EGP 459,480,302. Regarding, Banks it achieved total traded value of EGP 400,516,819. Finally, Construction & Material, as it achieved total traded value of EGP 292,647,738. 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 173,103,096. Foreign investors were most active sellers this week by the value of EGP 112,519,035. Arab investors chose also to sell by value of EGP 60,584,061. Retail & Institutions' Activity: Retail activity led the market all through the week as it ranged between 42.35 – 75.24 %. While Institutions activity ranged during this week between 24.75 – 57.64 %.
