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EGX30 reverses early gains, down by 1.07% on Wednesday
Released on - Wednesday,28 October , 2009 -16:00 47
Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” reversed early gains and retreated by 1.07 % on Wednesday to close at 7,121.16 points; compared to 7,198.16 points in Tuesday session.
Market trade volume reached 113,657transactions amounted to L.E 1,592,542.
Mobinil has dropped slightly by 1.73% on Wednesday session to conclude at L.E 213.85. Iskandar Shalaby, Company Chairman stated that Mobinil had teamed up with an unnamed European bank to apply for a mobile banking license.
"It is just (waiting for) a green light from the central bank to proceed," he said, adding that Mobinil expected a decision by the end of the year. "Certainly that is our expectation and our hope."
Separately, Hassan Kabbani CEO at Mobinil reported that his company is seeking is seeking to raise at least 1 billion Egyptian pounds ($183 million) in bonds to fund expansion and acquisitions
Kabbani added that his company aims to finance the purchase of LINKdotNET (Orascom Telecom technological unit) and Link Egypt from one of its main shareholders, Orascom Telecom.
"We are in a very advanced stage of our talks and negotiation with Orascom on that," Kabbani said.
Naeem Holding dipped 2.94% on today session to close session at L.E 0.66. The company is about to submit a new request to Financial Supervisory Authority to approve the launch of indicators fund for goods derived from metals (gold).
Such a step came as a second attempt by Naeem after FSA suspended its approval on company gold investment fund pending the activation of Beltone financial indicators fund.
Hany Tawfik, board member at Naeem Holding, said that his company is seeking FSA approval in the light of new market changes.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: TMG Holding ended lower by 0.66 % to close at LE 7.53, AJWA for Food Industries Company retreated by 2.12 % to close at LE 75.83, Nile Cotton Ginning retreated by 2.40% to close at LE 19.11, El Arabia for Investment and Development retreated by 4.44 % to close at LE 1.72 and EL Ezz Steel Rebars also retreated by 2.05 % to close at LE 16.27.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 85.94 % of total market deals. Arab investors ranked in second place with 7.91%, while Foreigners made the remaining 6.15%.
Local Investors’ purchasing power was clearly proven during Wednesday’s session by its value amounted to L.E 65,142,555.
Foreign Investors also were net buyers by the value of LE 23,289,852.
On the other hand, Arab Investors chose to heavily sell their stocks to yield L.E 88,432,407.
Individuals’ activity dominated the market by an average of 51.96 %, compared to 48.03%, which represented the Institutions’ activity.