During Thursday opening session, the Egyptian Exchange (EGX) has posted gains EGP 3 billion as the capital market has amounted to EGP 347.275 billion. The new cabinet - due to be sworn in on Thursday - replaces one led by Prime Minister Kamal Al-Ganzouri, a premier under Mubarak and appointed by the military council late last year. Field Marshal Hussein Tantawi will keep his post as defense minister in Egypt's first Muslim Brotherhood-led administration, Prime Minister-designate Hisham Kandil said on Thursday, preserving a formal role in cabinet for the influential army. Other incumbents who keep their jobs include Foreign Minister Mohamed Kamel Amr and Finance Minister Momtaz al-Saeed. The main index, EGX30 climbed 1.09% to close at 4989.44 p. EGX20 edged up 0.74% to conclude at 5692.28 p. Meanwhile, the mid- and small-cap index, the EGX70 jumped by 1.53% to end at 452.49 p. Price index EGX100 soared 1.33% to finish at 776.05 p. Traded volume reached 192.229 million securities worth EGP 453.815 million, exchanged through 18.457 transactions. This was after trading in 172 listed securities; 66 declined 87 advanced while 19 keeping their previous levels. Egyptians and Arabs were net sellers seizing 61.67% and 10.9% respectively, of the total markets, with a net equity of EGP 4.321 million and EGP 50.762 million excluding the deals. On the other hand, non-Arab Foreigners were net buyers seizing 27.43% of the total markets, with a net equity of EGP 55.087 million excluding the deals. Leading Shares: EGX's leading shares witnessed collective upwards except for the shares of Citadel Capital (CCAP.CA) which went down by 0.66% to finish at EGP 2.99 and of EFG-Hermes Holding (HRHO.CA) which fell 0.19% to close at EGP 10.79. EFG-Hermes Holding: Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced Tuesday that upon the Egyptian Financial Supervisory Authority (EFSA)'s request, EFG-Hermes will be reconvening its shareholders' annual meeting within a week or a maximum of 10 days. “During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority's rights after signing the deal ... we don't have something to hide behind the scenes."Zulficar added Referring to QInvest deal, Zulficar said: “The main reason behind signing this deal with QInvest is the decline in the profits of Securities Brokerage and Asset Management due to the current circumstances." “The deal has been signed on the purpose of ensuring shareholders' interests." Additionally, she mentioned that after receiving EFSA's approvals beside of other regulators in Arab countries where Hermes has activities, it is expected that QInvest deal will be concluded by the end of the third quarter of 2012. Orascom Telecom Holding: The shares of Orascom Telecom Holding (OTH) (ORTE.CA) have led EGX upwards as they soared by 2.48% to close at EGP 3.31. Deutsche Bank (DB) raised Wednesday Orascom Telecom's price estimate to $3.20 from $3, recommending 'Hold'. Egyptian Business tycoon Naguib Sawiris denied Tuesday any financial dealing with Mohammed Rashid, the advisor of late Palestinian President Yasser Arafat in his personal capacity. Rashid was the manager of Palestine Investment Fund (PIF) that undertook investments with Orascom for two and a half years. Yet, the contract between PIF and Orascom ended several years ago. Sawiris added in a press statement that he does not have any financial dealing with Mohammed Dahlan, a leading figure in Fatah Movement. Press news was issued Monday that Public Prosecutor in the West Bank Ahmed Al-Moghni requested on behalf of the Palestinian Authority business tycoon Naguib Sawiris to suspend trading on the shares owned in Orascom Telecom Holding (OTH) (ORTE.CA) by Mohammed Rashid, the advisor of late President Yasser Arafat, as well as Mohammed Dahlan, a leading figure in Fatah Movement. In a letter sent to Sawiris, Al-Moghni said that his request is based on a ruling issued by anti—corruption court, dated June 7, 2012, in case No. 2012/13. In the same vein, Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), denied receiving any requests from national or overseas authorities to freeze equities owned in EGX-listed companies by current or former Palestinian officials. Omran added that the share freeze decisions must be issued by competent authorities such as Egypt's Public Prosecutor, the Illicit Gains Authority, the Egyptian Financial Supervisory Authority (EFSA), or sovereign entities. Orascom Construction Industries: Orascom Construction Industries (OCIC.CA) jumped 2.30% to finish at EGP 276.15. The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) and of which maintained Tuesday levels at EGP 27.82 and EGP 3.01, respectively. Orascom Telecom Media & Technology Holding: The shares Orascom Telecom Media & Technology Holding (OTMT.CA) climbed 1.82% to conclude at EGP 0.56. Talaat Moustafa Group: The shares of Talaat Moustafa Group (TMGH.CA) inched higher 0.74% to end at EGP 4.08. The court considered Monday, July 30th, the appeal filed by Chairman Tarek Talaat Moustafa to the six-month imprisonment sentence issued in a case lodged by a buyer who accused him of selling a residential unit to several parties at the same time. Talaat Moustafa Group (TMG) had earlier commented on this sentence, stating that the ruling is 'unenforceable' and will be challenged. The realty developer added that Moustafa is not criminally responsible either personally or in his capacity as the group's chairman. Commercial International Bank: The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went up by 0.50% to end at EGP 27.96. New Cabinet Formation: On Wednesday, state media reported that the prime minister-designate had told Foreign Minister Mohammed Kamal Amr and Finance Minister Momtaz al-Said that they would keep their posts. Maj-Gen Ahmed Jamal al-Din, the current assistant interior minister for security, was meanwhile asked to be interior minister, Mena said. "Given the circumstances that have been taking place in the country the coming period will need us all - the government and the people - to work together to maintain stability," the general told reporters in Cairo. Of the 18 ministers named so far by state media, two are members of the Muslim Brotherhood's Freedom and Justice Party (FJP), which Morsi used to lead. Mustafa Musaad, who was responsible for educational policies during the president's election campaign, will become education minister, while Tariq Wafiq, head of the FJP's housing committee, will be housing minister. Another key post, the minister of religious endowments (Awqaf), went Osama al-Abd, the president of al-Azhar University. There had been speculation that an ultraconservative Salafist cleric, Mohammed Yosri Ibrahim, would be appointed. The new information minister will be Salah Abd-al-Maqsud, Kandil told a press conference, according to Egypt's Mena news agency.
