During Sunday closing session, the Egyptian Exchange (EGX) has pared its early gains to eventually reach EGP 1.71 billion as the capital market has amounted to EGP 384.131 billion. The main index, EGX30 surged by 0.49% to end at 5569.69 p. EGX20 went down by 0.02% to close at 6491.66 p. Meanwhile, the mid- and small-cap index, the EGX70 climbed by 2.13% to conclude at 520.53 pts. Price index EGX100 hiked by 1.54% to finish at 875.03 p. Traded volume reached 164.128 million securities worth EGP 661.969 million, exchanged 36.457 thousand transactions. This was after trading in 184 listed securities; 70 declined 97 advanced while 17 keeping their previous levels. Egyptians turn to profit-taking process as they were net sellers seizing 90.39% of the total markets, with a net equity of EGP 48.254 million excluding the deals. On the other hand, Arabs and non-Arab Foreigners were net buyers seizing 3.79% and 5.81% respectively, of the total markets, with a net equity of EGP 25.445 million and EGP 22.809 million excluding the deals. Leading Shares: EGX's leading shares witnessed unsteady performance. EFG-Hermes: EFG-Hermes Holding (HRHO.CA) jumped by 1.65% to end at EGP 12.91. Cairo Criminal Court, headed by Judge Mohamed Reda Shawkat, adjourned Saturday the consideration of the market manipulation case of which the sons of the ousted president Hosni Mubarak, Alaa and Gamal as well as EFG-Hermes CEOs Hassan Heikal and Yasser El Mallawany face charges alongside 5 other businessmen. The court was adjourned until Saturday 7/10/2012. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) soared by 1.54% to close at EGP 292.48. OCI reported Thursday a 28 percent drop in net income for the second quarter, in line with analyst forecasts, pulled lower by start-up costs at its Algerian and U.S. fertilizer plants. Net income fell to $119.4 million from $165.2 million a year earlier, Egypt's biggest listed company said in a statement, which also blamed a higher effective tax rate because of a bigger contribution to earnings from its European operations. OCI, which announced a $1.4 billion fertilizer investment in the United States late on Wednesday, said droughts in that country had reduced yields, making it necessary for farmers to increase acreage. "We expect strong demand for fertilizer products in the upcoming harvesting season and we expect prices to remain firm for the remainder part of the year," Chairman Nassef Sawiris said in a statement on Thursday. The company said it expected its new Sorfert Algeria business to begin exports this month after entering production and its Egyptian Fertiliser Company had completed a stoppage to overcome bottlenecks. OCI has sought to attract projects from across the Middle East to offset a slowdown at home since Egypt's leader was ousted in 2011. The Group also announced Thursday that it will build a $1.4 billion fertiliser plant in Iowa and is buying a U.S. construction firm, as it targets growth outside its main Middle East markets, the company said on Wednesday. The plant in the main U.S. corn-growing region will make between 1.5 and 2 million metric tons of products including ammonia, urea and urea ammonium nitrate annually, reducing U.S. reliance on imports, OCI said in a statement. Construction is due to begin this year for completion by mid-2015 and will be funded using equity and bonds. The Iowa investment comes after a sharp drop in the price of U.S. natural gas, a key input for fertilizer. "It costs $100 to (import fertilizer) to Iowa on a $400 product," Nassef Sawiris told Reuters in a phone interview. "The Iowa plant will keep that $100 dollars in its operating margin." Commercial International Bank: Commercial International Bank- Egypt (CIB) (COMI.CA) surged by 1.31% to finish at EGP 31.80. Talaat Moustafa Group: Shares of Talaat Moustafa Group (TMGH.CA) dived by 2.34% to finish at EGP 4.60. Citadel Capital: Citadel Capital (CCAP.CA) dipped by 1.67% to conclude at EGP 3.53. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) inched lower by 0.27% to end at EGP 3.67. Orascom Telecom - OT announced Wednesday that it will go on completing the necessary procedures to go for the international arbitration against People's Democratic Republic of Algeria in respect of the unlawful actions taken since 2008 by the Algerian government against Orascom Telecom Algerie (OTA) – Djezzy. Khalid Al Leithy, Deputy Chief Finance Officer of Orascom Telecom - OT, said the company will continue completing the arbitration procedures so as to reach a solution with the Algerian government. “If Vimpelcom reaches a settlement with the Algerian government, Orascom will not go for the International arbitration." Al Leithy added Leithy said talks between Vimplecom and the Algerian government on acquiring a controlling stake in Djezzy are continuing, but he noted that: “Orascom will not accept to give up the group's right to manage its Algerian unit." Al Leithy also mentioned that both Orascom and Vimplecom seek to end all the pending issues with the Algerian government without giving up their legal and financial rights to manage Djezzy. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA) maintained its Thursday's levels at EGP 0.57.
