During Sunday opening session, the Egyptian Exchange (EGX) has posted early gains EGP 4.51 billion as the capital market has amounted to EGP 349.808 billion, according to data compiled by Amwal Al Ghad at 11:05 a.m. (09:05 GMT).

The new cabinet  had been sworn in last Thursday - replaces one led by Prime Minister Kamal Al-Ganzouri, a premier under Mubarak and appointed by the military council late last year.

Incumbents who keep their jobs include defense minister Field Marshal Hussein Tantawi, Foreign Minister Mohamed Kamel Amr and Finance Minister Momtaz al-Saeed.

The main index, EGX30 jumped 1.08% to hit 5043.56 p.  EGX20 climbed 1.22% to reach 5761.69 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged up 0.84% to hit 456.27 p.  Price index EGX100 surged 0.72% to reach 781.63 p.

Traded volume reached 3.807 million securities worth EGP 14.132 million, exchanged through 1.020 transactions.

This was after trading in 74 listed securities; 5 declined 59 advanced while 10 keeping their previous levels.

Egyptians and Arabs  were net sellers seizing 83.23% and 11.07% respectively, of the total markets, with a net equity of EGP 107.712 thousand and EGP 1.080 million excluding the deals.

On the other hand, non-Arab Foreigners were net buyers seizing  5.7% of the total markets, with a net equity of EGP 1.188 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed collective upwards except for the shares of Orascom Construction Industries (OCIC.CA) which slumped by 0.05% to hit EGP 276.01.

Orascom Telecom Media & Technology:

The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) led EGX upwards as they soared by 8.93% to reach EGP 0.61.

Orascom Telecom Holding:

The shares of Orascom Telecom Holding (OTH) (ORTE.CA) climbed by 2.11% to reach EGP 3.38.

Deutsche Bank (DB) raised Wednesday Orascom Telecom's price estimate to $3.20 from $3, recommending 'Hold'.

Citadel Capital:

Shares of Citadel Capital (CCAP.CA) surged 1.67% to hit EGP 3.04.

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.

Talaat Moustafa Group:

The shares of Talaat Moustafa Group (TMGH.CA) inched higher 1.47% to hit EGP 4.14.

Commercial International Bank:

The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went up by 0.89% to reach EGP 28.21.

EFG-Hermes Holding:

The shares of EFG-Hermes Holding (HRHO.CA) edged up 0.56% to reach EGP 10.85.

EFG-Hermes shareholders meeting is excepted to be reconvened within this week upon the Egyptian Financial Supervisory Authority (EFSA)’s request so as to conclude its deal with QInvest.

Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced last Tuesday that upon 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.

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