During Sunday opening session, the Egyptian Exchange (EGX) has it posted early losses of EGP 586 million as the capital market has amounted to EGP 408.759 billion, according to data compiled by Amwal Al Ghad at 11:02 a.m. Cairo time (09:02 GMT). EGX indices starts the week in green. The main index, EGX30 rose by 0.05% to hit 5889.95 p. EGX20 inched higher by 0.08% to reach 6951.35 p. Meanwhile, the mid- and small-cap index, the EGX70 went up by 0.11% to hit 569.62 pts. Price index EGX100 increased by 0.17 % to reach 934.03 p. Traded volume reached 14.233 million securities worth EGP 35.405 million, exchanged through 2.007 thousand transactions. This was after trading in 94 listed securities; 34 declined 46 advanced while 14 keeping their previous levels. EGX's early losses were backed by the Arab and non-Arab Foreigners' selling pressures. Egyptians were net buyers seizing 82.36% of the total markets, with a net equity of EGP 755.220 thousand excluding the deals. On the other hand, non-Arab Foreigners and Arabs were net sellers seizing 11.78% and 5.86% respectively, of the total markets, with a net equity of EGP 249.205 thousand and EGP 506.015 thousand excluding the deals. Leading Shares: EGX's leading shares witnessed unsteady performance during early trading. EFG-Hermes: EFG-Hermes Holding (HRHO.CA) hiked by 1.17% to hit EGP 12.15. Talaat Moustafa Group: Talaat Moustafa Group (TMGH.CA) surged by 0.36% to close at EGP 5.56. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) went up by 0.04% to reach EGP 288.00. Citadel Capital: Citadel Capital (CCAP.CA) fell by 0.66% to reach EGP 4.55. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) inched lower by 0.53% to reach EGP 3.77. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA) maintained with no change at EGP 0.55. Commercial International Bank: Commercial International Bank- Egypt (CIB) (COMI.CA) also kept previous levels at EGP 35.14. Telecom Egypt Co.: Telecom Egypt (ETEL.CA)'s stock maintained with no change at EGP 14.53. Prime Minister Hisham Kandil issued a decree late Saturday, appointing Eng. Omar El Sheikh as a board member at landline monopoly Telecom Egypt (TE), in place of Eng. Akil Beshir who resigned last week. El Sheikh had worked at Vodafone Egypt. Telecom Egypt – TE had sent earlier last week a release to the Egyptian Exchange (EGX) announcing that the TE Chairman Akil Beshir resigned from his post and retired as of 01/10/2012. Beshir has served in TE for 12 years. Beshir had been appointed Chairman and CEO of the Telecom Egypt in June 2000. He passed on his executive duties as CEO in August 2009, becoming non-Executive Chairman. An official source at Ministry of Communications and Information Technology said that the resignation of Telecom Egypt's (TE) Chairman Akil Beshir was for personal reasons. It added that a new board member will be appointed by Prime Minister Hisham Qandil, after which a board meeting will be held to elect a new Chairman. For his part, Beshir indicated that the decision to retire was based on personal reasons, rebutting the rumors that the resignation was due to facing interrogations from the Administrative Control Authority (ACA).
