CAIRO: Prime Minister Ahmed Nazif issued a decree appointing Ahmed Saad as chairman of the Capital Market Authority (CMA), replacing Hany Serry El Din; while Maged Shawky continues to lead the Cairo and Alexandria Stock Exchanges (Case). Saad, who will begin his duties as of June 28, said he would update development plans currently being implemented at the CMA as well as increase cooperation between the CMA and the market. On the other hand, Shawky confirmed that the Case would continue its development which includes the introduction of derivatives on the Egyptian market as well as the establishment of a bourse for small and medium-sized enterprises to strengthen and consolidate their status on the bourse. In another development, the Case signed Thursday a Memorandum of Understanding with the Shanghai Stock Exchanges (SSE) aiming to facilitate exchange of information between the two bourses for the mutual benefit of the Egyptian and Chinese securities. Areas of cooperation of the MoU include exchange of information used to evaluate and develop both markets as well as exchange of staff. Meanwhile, value of total transactions on the Case amounted to LE 1.2 billion on Thursday, recording over a 1.33 percent decline since last Tuesday. The telecom sector, in particular, saw declines this week. Orascom Telecom Holdings had a turnover of LE 155.82 million, and a drop of 3.07 percent to close at LE 73.23/share. Reportedly, a disagreement between MobiNil's major shareholders - Orascom Telecom and Orange - is behind the delay of a decision regarding MobiNil's 3G license up till now. Telecom Egypt reported a turnover of LE 145.97 million, dropping 4.72 percent to close at LE 17.97/share. In contrast, the steel and cement sector saw increases this week. El Amriyeh Cement gained 23.20 percent to close at LE 38.66/share, with trading worth LE 29.85 million. Alexandria Cement had a price increase of 21.52 percent to close at LE 71.03/share, with transactions worth LE 0.52 million. El Ezz Steel Rebars reported a turnover of LE 183.76 million, increasing 5.08 percent to close at LE55.07/share.
