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EGX30 ends 4-session of decline, up by 0.95% on Monday
Released on - Monday,02 November , 2009 -16:47 58
Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” ended four sessions of sharp declines and rose by 0.95 % on Monday to close at 6,849.06 points; compared to 6,784.89 points in Sunday session.
Market trade volume reached 99,613 transactions amounted to L.E 1,415,705.
Orascom Telecom gained 1.83% to close Monday session at L.E 36.78. Tamer El Mahdy, OT subsidiary (Djezzy) stated that Algerian Tax Authority is still examining company books over the past five years.
El Mahdy expected that Algerian Authorities procedures will end soon to allow Djezzy to add profits to its parent OT.
He added that Tax regulations in Algeria have been amended in 2008 to stipulate that all companies must get Tax Authority approval on profit transfer and consequently books of that companies shall be audited, noting that Djezzy has tax exemption (from 2002 to 2007) and Algerian government has permitted Djezzy to transfer 50% of profits to OT.
Mobinil gained 1.86 % to conclude session at L.E 209.97. Company chairman, Iskandar Shalaby excluded capital increase option, as it is not important in the time being but said that Mobinil is still eying foreign loans.
Shalaby highlighted that value of Mobinil 11%-interest bonds might hit less or more than L.E 1 billion, adding that company general assembly will say the final word.
Al Arafa Investment and Consulting decreased today to end session at $0.75, representing 1.32 % drop. CI Capital saw Al Arafa expansion agreement with FORALL Group in Europe as positive for company and will support company vertically integrated strategy
The brokerage believed that suits manufacturing within Al Arafa production lines will enhance its margins given that the EBITDA margin of the manufacturing line of business is higher than that of the retail segment.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 83.54 % of total market deals. Foreign investors ranked in second place with 12.31 %, while Arab made the remaining 4.15%.
Foreign Investors’ purchasing power was clearly proven during Monday’s session by its value amounted to L.E 82,019,549.
On the other hand, Local and Arab Investors chose to heavily sell their stocks to yield L.E 68,514,206 and L.E 13,505,343 respectively.
Institutions’ activity dominated the market by an average of 54.46%, compared to 45.53%, which represented the Individuals’ activity.