During Wednesday closing session, the Egyptian Exchange (EGX) has posted gains EGP 4.3 billion as the capital market has amounted to EGP 344.199 billion.

The new cabinet appointed by PM Hisham Kandil is to be both announced and sworn in on Thursday before President Mohamed Morsi, says the presidential spokesperson, Yasser Ali.

The spokesman also revealed that the members of the presidential team - a consultative body that is intended to be politically and socially inclusive - will also be announced on Thursday.

Ali confirmed that President Morsi and PM Kandil had agreed to make both announcements on the same day.

Kandil had declared on Monday that he had formed over 70% of the new government. He added that he had not yet settled on a deputy prime minister for economic affairs.

Kandil announced that his government will be technocratic, rather than political and that he will base his choices on merit. His statement again raised skepticism as expectations were that the new government will be a coalition government, representing the different political parties.

The main index, EGX30 soared 1.50% to finish at 4935.59 p.  EGX20 climbed 1.10% to close at 5650.56 p.

Meanwhile, the mid- and small-cap index, the EGX70 jumped by 2.08% to conclude at 445.65 p.  Price index EGX100 soared 2.01% to end at 765.88 p.

Traded volume reached 192.723 million securities worth EGP 348.945 million, exchanged through 18.803 transactions.

This was after trading in 168 listed securities; 65 declined 79 advanced while 24 keeping their previous levels.

Egyptians and Arabs  were net sellers seizing 69.53% and 8.2% respectively, of the total markets, with a net equity of EGP 7.351 million and EGP 32.887 million excluding the deals.

On the other hand, non-Arab Foreigners were net buyers seizing  22.27% of the total markets, with a net equity of EGP 40.238 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed collective upwards except for the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which tumbled by 5.17% to finish at EGP 0.55 and of Citadel Capital which maintained Tuesday levels at EGP 3.01.

Orascom Construction Industries:

Shares of Orascom Construction Industries (OCIC.CA) led EGX upwards as they climbed by 3.17% to conclude at EGP 269.93.

Commercial International Bank:

The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) hiked 1.61% to end at EGP 27.82.

EFG-Hermes Holding:

The shares of EFG-Hermes Holding (HRHO.CA) soared 0.65% to conclude at EGP 10.81.

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.

Talaat Moustafa Group:

The shares of Talaat Moustafa Group (TMGH.CA) surged 0.50% to close at EGP 4.05.

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.

Orascom Telecom Holding:

The shares of Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.31% to finish at EGP 3.23.

Deutsche Bank (DB) raised 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.

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