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EGX30 continues sharp declines, down by 2.60% on Sunday
Released on - Sunday,01 November , 2009 -16:36 59
Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” started the week on sharp declines and retreated by 2.6% on Sunday to close at 6,784.89 points; compared to 6,966.25 points in Thursday session.
Market trade volume reached 106,358 transactions amounted to L.E 1,230,477.
El Swedy Cables decreased in Sunday session this week by 1.80% to close at L.E 71.63. Waleed Raouf, company project manager revealed company intentions to buy compound telecom license documents to establish optical fibre infrastructure network.
Separately, El Swedy Cables requested land areas from Ethiopian trade and industry ministry to establish industrial zone, Ethiopian minister of trade and industry, Girma Birru said.
Additionally, CI Capital downgraded El Swedy stock target price to LE 97.5/share offering 1% downside from LE 98.5/share and LTFV to LE 90.1/ share from LE 101.1/share with Strong Buy recommendation.
CI Capital stated that, this valuation is based mainly on a sum-of-the parts (SOTP) basis, using the DCF model for the four main lines of business, adding that it implies an upside potential of 34% from recent market price.
Arab Cotton Ginning also dropped by 2.67% to end at L.E 5.10. Company subsidiary, Arab Real Estate Investment Company, is starting its activities by dividing and selling Zefta land area after transferring gins to the industrial zone.
The 60.000 SQM land will be divided into 100 land areas (600 SQM per area) at investment cost of L.E 650 million.
Mobinil dipped in first session this week by 1.67% to conclude at L.E 206.14. Iskandar Shalaby, company Chairman reported that the Mobinil will submit a request to NTRA to get a license of Internet Service Provider (ISP) if it fails to acquire LINKdotNET deal.
Separately, Mobinil submitted a request to CBE to link between the company and its France Telecom regarding the value of loans, which it is allowed to borrow from banks, as it is considered one of its main shareholders as the bank did with Orascom Telecom.
Hassan Kabbani, Managing Director of Mobinil, asserted that his company is linked with FT as one of its main shareholders, so CBE should link loan ceiling of Mobinil and the French Company as it did with OT.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: TMG Holding also ended lower by 3.55 % to close at LE 7.06, Orascom Constructions Industries retreated by 3.11 % to close at LE 253.69, Orascom Telecom retreated by 2.59 % to close at LE 36.12, EL Ezz Steel Rebars declined by 4.87 % to close at LE 15.24 and Commercial International Bank ended lower by 0.88 % to close at LE 56.17.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 79.2 % of total market deals. Foreign investors ranked in second place with 16.33 %, while Arab made the remaining 4.47 %.
Local Investors’ purchasing power was clearly proven during Sunday’s session by its value amounted to L.E 62,018,089.
Arab Investors also were net buyers by the value of LE 1,172,290.
On the other hand, Foreign Investors chose to heavily sell their stocks to yield L.E 63,190,379.
Individuals’ activity dominated the market by an average of 52.51%, compared to 47.48%, which represented the Institutions’ activity.