During Thursday opening session, the Egyptian Exchange (EGX) has started profit-taking process as it posted early losses of EGP 2.96 billion. The capital market has amounted to EGP 404.794 billion, according to data compiled by Amwal Al Ghad at 11:00 a.m. Cairo time (09:00 GMT). The main index, EGX30 dived by 1.18% to hit 5841.77 p. EGX20 sank by 1.43% to reach 6884.05 p. Meanwhile, the mid- and small-cap index, the EGX70 tumbled by 0.86% to hit 557.93 pts. Price index EGX100 inched lower by 0.82% to reach 921.54 p. Traded volume reached 12.110 million securities worth EGP 47.097 million, exchanged through 2.397 thousand transactions. This was after trading in 97 listed securities; 75 declined 17 advanced while 5 keeping their previous levels. Egyptians were net buyers seizing 78.11% of the total markets, with a net equity of EGP 1.214 million excluding the deals. On the other hand, non-Arab Foreigners and Arabs were net sellers seizing 12.68% and 9.22% respectively, of the total markets, with a net equity of EGP 735.690 thousand and EGP 479.043 thousand excluding the deals. Leading Shares: EGX's leading shares witnessed collective downwards led by the Orascom Telecom Media & Technology Holding (OTMT.CA)'s stock which dived by 8.77% to hit EGP 0.52. Citadel Capital: Citadel Capital (CCAP.CA) sank by 1.85% to hit EGP 4.25. The Algerian government said Wednesday it has started negotiations with Citadel Capital on acquiring a 49% stake in ASEC Algeria Cement, a subsidiary of ASEC Cement Holding (ACH), through right issue to increase the company's capital which worth $60 million. ASEC Algeria plans to establish a new cement plant at a production capacity of 3.5 million tons in Gulfa city. ASEC Cement Holding is Citadel Capital's arm in cement sector. Under Algerian regulations on banking finance, the firms that have been founded in Algeria or have local contributors shall obtain loans through Algerian banks only. In case of reaching an acquisition deal with the Algerian government, ASEC Algeria shall re-make its financial study on the construction of two cement production lines as the government intends to inject further liquidity for the firm. ASEC's current study targets obtaining loans of $180 million so as to establish the first production line of which 30% has been completed. Ahmed Heikal Citadel Capital Founder and Chairman, said Tuesday the company will be injecting more investments in the African planet within the coming period. African countries such as Kenya and Mozambique enjoy key investment opportunities and political stability. Talaat Moustafa Group: Talaat Moustafa Group (TMGH.CA) slumped by 1.59% to reach EGP 5.57. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) went down by 1.55% to reach EGP 3.80. The Group announced Tuesday its financial results posting a net profit of EGP 919 million during the first half of 2012, 81% down from a year earlier net profit of EGP 4.816 billion. EFG-Hermes: EFG-Hermes Holding (HRHO.CA) inched lower by 0.73% to reach EGP 12.29. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) tumbled by 0.64% to hit EGP 294.49. OCI said on Thursday its joint venture with its BESIX subsidiary had won a $400 million project to build a shopping mall in Sixth of October City on the western outskirts of Cairo. The 162,500 square metre shopping and leisure mall, which is being developed by Dubai's Majid Al Futtaim group, will include skiing and amusement parks. Construction is scheduled for completion in 34 months, OCI said in a emailed statement. Commercial International Bank: Commercial International Bank- Egypt (CIB) (COMI.CA) decreased by 0.61% to reach EGP 34.20. SODIC: Six of October Development & Investment (SODIC) – (OCDI.CA) maintained Wednesday's levels at EGP 26.08. SODIC has refuted on Wednesday the news that Lebanon's Solidere International has paid EGP 160 million so as to settle their current disputes over a piece of land spreading over 250,000 m2. SODIC noted that the above-stated sum had already been paid by Solidere as per signed contracts and without any intention to end the current disputes between the two companies. SODIC added that the arbitration lawsuit filed against Solidere as the latter did not fulfill its obligations as pursuant to the agreement signed between the two firms in June 2008 on Sheikh Zayed Project. SODIC said arbitration procedures are confidential.
