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EGX30 revives slightly, up by 0.53% on Wednesday
Released on - Wednesday,04 November , 2009 -17:14 49
Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” suffered the biggest one-day decline since 17 August (lost 3.47 %) and rose by 0.53 % on Wednesday to close at 6,652.58 points; compared to 6,617.55 points in Tuesday session.
Market trade volume reached 92,436 transactions amounted to L.E 1,915,967.
Mobinil has dipped 1.52% on Wednesday to end session at L.E 201.23. Company CFO, Khalid Ellaicy said that Mobinil will see slowing subscriber growth in the fourth quarter, with ARPU declining "for the foreseeable future.
"We are talking about ending the year a little bit over the 25 million subscriber mark," Khalid Ellaicy said after the firm posted an 8% decline in third quarter profit, towards the lower end of expectations.
Promotions offered over the summer period and during the Muslim holy month of Ramadan hit the firm's third quarter numbers. Pricing has returned to pre-Ramadan levels, but Ellaicy said average customer spending would likely keep falling.
Pioneers Holding surged 4.70% on today session to close at L.E 6.68. . The company sent a release to EGX announcing initial negotiation with Beltone Company to acquire capital stake but no agreement has been concluded yet.
Olympic Group has gained 1.25% today to conclude session at L.E 29.99. CI Capital cut company target price LE 34.5/share while it raised company LTFV 5% to LE 38.5/share. It maintained previous Hold recommendation, given the 15% upside potential.
CI Capital expressed optimism over company performance in 2H/09 due to recent evidence of a recovery in the British economy as well as the appreciating value of the GBP.
Egyptian Contracting (Mokhtar Ibrahim) has gained 0.60% to end at L.E 92.58. Mohamed Ibrahim, company IRM stated that the company approved to sell 12,700 treasury stocks, which were bought previously.
Ibrahim asserted that his company would send conciliation documents to EGX within days after getting National Company for Building and Construction’s approval to offer 1.5 % of company’s total shares in the markets to comply with EGX new listing rules and to avoid delisting.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: TMG Holding ended higher by 1 % to close at LE 7.06, Pioneers Holding rose by 4.70 % to close at LE 6.68, Orascom Telecom also rose by 0.87 % to close at LE 35.88, Nile Cotton Ginning ended higher by 0.58 % to close at LE 15.73 and Orascom Constructions Industries gained 0.49 % to close at LE 247.34.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 84.03 % of total market deals. Foreign investors ranked in second place with 11.63%, while Arab made the remaining 4.34 %.
Foreign Investors’ purchasing power was clearly proven during Wednesday’s session by its value amounted to L.E 50,218,295.
Arab Investors were also net buyers by the value of LE 12,556,323.