The Egyptian Exchange (EGX) has posted early gains of EGP 468 million as the capital market has amounted to EGP 348.645 billion according to data compiled by Amwal Al Ghad at 09:05 GMT (11:05 in Cairo). The main index, EGX30 went up 0.12% to hit 4920.89 p. EGX20 climbed 1.08% to reach 5762.48 p. Meanwhile, the mid- and small-cap index, the EGX70 sagged 0.03% to hit 433.85 p. Price index EGX100 edged up 0.16% to reach 747.34 p. Traded volume reached 3.670 million securities worth 15.096 million, exchanged through 1.012 thousand transactions. This was after trading in 71 listed securities; 31 declined and 23 advanced while 17 keeping their previous levels. Non-Arab Foreigners and Arabs were net buyers seizing 2.42% and 3.98% respectively, of the total markets, with a net equity of EGP 639.005 thousand and EGP 712.769 thousand excluding the deals. Egyptians were net sellers seizing 93.59% of the total markets, with a net equity of EGP 1.351 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective upwards except for the shares owned by Commercial International Bank- Egypt (CIB) (COMI.CA) which sagged 0.38% to hit EGP 28.90. In the meanwhile, shares of Orascom Telecom Media & Technology Holding (OTMT.CA) soared 9.80% to hit EGP 1.68. Orascom Telecom Media & Technology Holding's unit Telecel Zimbabwe Ltd. appointed Francis Mawindi as chief executive officer, replacing John Swain.
Additionally, the shares of EFG-Hermes Holding (HRHO.CA) climbed 1.42% to reach EGP 11.45, set for the highest close since May 17. EFG-Hermes Holding headed for the highest close in almost six weeks after HSBC Holdings Plc's Middle East unit bought more than a 5 percent stake. HSBC Bank Middle East Dubai bought about 32.25 million shares at an average of 10.15 Egyptian pounds on June 28 from Dubai Financial Group LLC. The stake was valued at $54 million on the day of the transaction. The deal “is boosting sentiment for sure," said Wafik Dawood, director of the institutional sales desk at Cairo-based Mega Investments Securities. “It is a reminder that the company remains solid and trading on cheap multiples." EFG-Hermes Sources told Amwal Al Ghad Tuesday that the QInvest deal to seize 60% of the Group stakes will go ahead within the second week of the coming August after receiving the regulatory approvals from six out of nine Arab countries in which Hermes owns offices. “EFG-Hermes has obtained the Egyptian Financial Supervisory Authority (EFSA)'s approvals regarding QInvest acquisition deal." The source added “The shares are up in part because investors believe Planet's bid will not go through," Teymour El-Derini, Cairo- based director of Middle East and North Africa sales trading at Naeem Brokerage. “That means the QInvest deal will go through, which means a four-pound dividend." Shares of Orascom Construction Industries (OCIC.CA) inched higher 0.38% to reach EGP 255.00. Shares of Orascom Telecom Holding (OTH) (ORTE.CA) went up 0.31% to hit EGP 3.22.
