During Sunday closing session, the Egyptian Exchange (EGX) has tripled its early losses to eventually reach EGP 3.01 billion as the capital market has amounted to EGP 405.747 billion. EGX indices closed in dark red. The main index, EGX30 dived by 1.11% to close at 5821.82 p. EGX20 sank by 1.04% to end at 6873.73 p. Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.79% to conclude at 564.47 pts. Price index EGX100 inched lower by 0.75% to finish at 925.45 p. Capital market experts said EGX downward is quite normal and no need to worry. They added that the EGX is in the profit-taking phase after pushing up for more than 20 sessions. Traded volume reached 156.713 million securities worth EGP 533.313 million, exchanged through 34.003 thousand transactions. This was after trading in 180 listed securities; 124 declined 47 advanced while 9 keeping their previous levels. The EGX's losses were backed by the non-Arab Foreigners ‘ profit-taking process. Egyptians and Arabs were net buyers seizing 87.71% and 4.36% respectively, of the total markets, with a net equity of EGP 31.842 million and EGP 6.443 million excluding the deals. On the other hand, non-Arab Foreigners were net sellers seizing 7.94% of the total markets, with a net equity of EGP 38.286 million excluding the deals. Leading Shares: EGX's leading shares witnessed closing downwards. Citadel Capital: Citadel Capital (CCAP.CA) sank by 2.40% to conclude at EGP 4.47. Orascom Telecom Holding: Orascom Telecom Holding (OTH) (ORTE.CA) dived by 2.37% to close at EGP 3.70. SODIC: Six of October Development & Investment – SODIC (OCDI.CA)'s stock dropped by 2.09% to close at EGP 22.93. The Arab Investment Bank (AIB) awaits the approval of its board of directors over providing EGP 120 million loan to SODIC, sources said. The bank has been studying the matter when SODIC asked for such finance last July. The three-year term loan will be used to finance one of the Company's projects in El-Tagamu El-Khames (Fifth Settlement). SODIC announced the launch of Westown Residence of the Westown project which is composed of 148 townhouses and twin-houses. SODIC achieved net profit of EGP 85.102 million in the first half of the current fiscal year, compared to a net loss of EGP 120.010 in the corresponding period of the last year. Orascom Telecom Media & Technology Holding: Orascom Telecom Media & Technology Holding (OTMT.CA) dipped by 1.82% top end at EGP 0.54. Talaat Moustafa Group: Talaat Moustafa Group (TMGH.CA) inched lower by 1.62% to close at EGP 5.45. Commercial International Bank: Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 1.39 to finish at EGP 34.65. Telecom Egypt Co.: Telecom Egypt (ETEL.CA)'s stock decreased by 1.03% to end at EGP 14.38. 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). EFG-Hermes: EFG-Hermes Holding (HRHO.CA) fell by 0.75% to end at EGP 11.92. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) pushed down by 0.64% to finish at EGP 286.04. Orascom Construction Industries announced Sunday that the Group will be finalizing the actual demerger process between its construction activities and its fertilizer arm within the coming November. Omar Derwaza, Head of Investor Relations at OCI, said the Group has finalized all the necessary procedures for the demerger. OCI had completed outlining the demerger mechanisms alongside the situation of its two activities (Construction and Fertilizer) after the final demerger, Derwaza added. Derwaza has also stated that OCI plans to finalize its demerger process with the coming November proceeded by the launch of the two firms; the Demerging Company (OCI Fertilizers) and the Demerged Company (Orascom Engineering and Construction). The Group will inform the Egyptian Financial Supervisory Authority (EFSA) of any further updates about the demerger process, he noted.
