Market Report: EFG-Hermes Egypt maintains market in green

  Egypt shares ended Thursday, supported by more than LE400 million transactions valued at more than EFG-Hermes, Egypt's largest financial services companies.

The benchmark index rose 1.7 percent EGX30 for the day to go up to 4.708 points.

The good performance of the day refuted the forecast by most analysts, the investors profit on Thursday due to the large profits this week on the back of the presidential election victory of the Muslim Brotherhood Mohamed Morsi expected candidate.

Mostafa Badra market expert said on Thursday that was considered the last day of the year 2011/12 financial year, which is usually marked by slow trading as most publicly traded company has revised its fiscal situations.

The broader index EGX70 meanwhile, also by 0.9 percent.

EFG-Hermes led the blue chip stocks, up close to 0.3 percent in LE10.15 per share and record the highest sales of the day (LE407.5 million), representing an increase of 52.6 percent of the total market daily turnover (LE774 0.4 million euros).

"It was a transaction, even though about 8 percent of the shares of Hermes, Arab investors and foreign institutions will be kept," says Badra Ahram online.

He added that according to the rules of the market in Egypt, listed companies, any transaction that exceeds 5 percent of the total share capital volume, must be disclosed.

Egyptian and Arab investors were net buyers of the day, in the meantime do some LE50.7 millions upon millions of dollars in purchasing LE322.7. Foreign investors have already bought more than they sold, up to LE373.5 million.

High Caps Commercial International Bank and Orascom Construction Industries rose by 0.6 and 1.4 percent for the day, respectively.

Orascom Telecom and Orascom Telecom split of Media and Technology (OTMT) also saw gains of 1 and 2 percent.

"OTMT is announced stock dividends as the coupon LE1.05 per share," said Badra.

OTMT Chairman Naguib Sawiris tweeted Thursday that he "felt the joy of the shareholders," according to the announcement of the gift certificate to a business meeting.

Talaat Mostafa Group, owned by and Palm Hills, now even done well, gaining 4.2 and 2.6 percent.

Private equity firm Citadel Capital was the only loser of the day under EGX30 listed shares, down 0.6 percent.

Of the 181 listed shares on the stock market has gained in 35 130 losses.