During Sunday closing session, the Egyptian Exchange (EGX) has posted gains EGP 1.88 billion as the capital market has amounted to EGP 349.158 billion.

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 0.91% to end at 5034.77 p.  EGX20 climbed 1.27% to finish at 5764.59 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged up 0.14% to close at 453.13 p.  Price index EGX100 surged 019% to conclude at 777.54 p.

Traded volume reached 148.359 million securities worth EGP 287.650 million, exchanged through 18.583 transactions.

This was after trading in 162 listed securities; 42 declined 98 advanced while 22 keeping their previous levels.

Egyptians and non-Arab Foreigners were net buyers seizing 95.44% and 1.81% respectively, of the total markets, with a net equity of EGP 9.551 million thousand and EGP 3.523 million excluding the deals.

On the other hand, Arabs  were net sellers seizing  2.76% of the total markets, with a net equity of EGP 13.074 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 0.37% to close at EGP 275.12.

Orascom Construction Industries:

Orascom Construction Industries - OCI (OCIC.CA) announced Sunday that it has completed selling 153.075 thousand of its Global Depositary Receipts, noting that the company started selling its GDRs from July 26.

This comes after the OCI board of directors approved in its meeting to sell 153.075 GDRs, representing 100 % of its treasury stocks, through the open market in London Stock Exchange (LSE).

Citadel Capital:

Shares of Citadel Capital (CCAP.CA) led EGX upwards as they surged by 3.34% to conclude at EGP 3.09.

Talaat Moustafa Group:

The shares of Talaat Moustafa Group (TMGH.CA) soared by 3.19% to finish at EGP 4.21.

Orascom Telecom Holding:

The shares of Orascom Telecom Holding (OTH) (ORTE.CA) climbed by 3.02% to finish at EGP 3.41.

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

Orascom Telecom Media & Technology:

The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) jumped by1.79% to end at EGP 0.57.

Commercial International Bank:

The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went up by 1.25% to close at EGP 28.31.

EFG-Hermes Holding:

The shares of EFG-Hermes Holding (HRHO.CA) edged up 0.37% to end at EGP 10.83.

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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