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TMCNet:  EGX30 extends positive perf0ormance, advances by 1.4 % on Wednesday [Arab Finance (Egypt)]

[December 25, 2013]

EGX30 extends positive perf0ormance, advances by 1.4 % on Wednesday [Arab Finance (Egypt)]

(Arab Finance (Egypt) Via Acquire Media NewsEdge) Arab Finance : Egyptian stock exchange main index EGX30 extended green performance and advanced by 1.4 % on Wednesday to close at 6,870.07 points, compared to 6,775.47 points on Tuesday. Market trade volume reached 199,639,228 shares amounted to 947,849,701. Telecom Egypt jumped by 3.96 % to close at LE 14.43. An official source in Telecom Egypt TE announced that the company is intending to conduct talks with Mobinil and Vodafone to renew international gate license next year-end, Alaml newspaper. He expected that, the company reached a mutual deal with a Chinese operator to extend marine cable linking China and Europe in the first quarter of 2014 with expected investments of LE 600 million. Separately, Mohamed El-Nawawy , CEO of TE, stated that Saudi Telecom Company didn't submit bid to acquire TE stake in Vodafone Egypt, Anadolu Agency reported. Telecom Egypt owns about 45 % in Vodafone, while the remaining 55 % owned by Vodafone International. He added that, the company didn't receive bids to sell stake in Vodafone so far. According to an official in Vodafone, STC entered talks with TE to acquire its stake in Vodafone. Regarding Today Company's performance, market's top 5 gainers in terms of turnover respectively were: Hermes advanced by 1.7 % to close at LE 8.98, Telecom Egypt jumped by 3.96 % to close at LE 14.43, Palm Hills advanced by 1.87 % to close at LE 2.72, Amer Group jumped by 2.78 % to close at LE 0.74 and OTMT advanced by 1.3 % to close at LE 0.78. Regarding market players' performance: Local Investors' transactions were extremely prevailing as they made 87.71 % of total market deals. Arab investors ranked in second place with 10.8 %, while the Foreign made the remaining 1.5 %. Arab Investors' purchasing power was clearly proven during Wednesday session by its value amounted to L.E 61,563,617. On the other hand, Local investors chose to heavily sell their stocks to yield L.E 56,652,757. Foreign Investors were also net sellers by the value of LE 4,910,860. Institutions' activity dominated the market by an average of 58.89 %, compared to 41.10 %, which represented the Individuals' activity.


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