Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” reversed early gains and declined sharply for the fifth day by 1.90 % on Tuesday to close at 6,702.14 points, compared to 6,702.14 points in Monday session.
Market trade volume reached 137,882,282 shares amounted to L.E 903,937,785.
Six of October Development & Investment ended lower today by 1.02 % to conclude Tuesday session at L.E 88.29. Misr Banque approved last week to provide L.E 350 million to SODIC. SODIC explained in a statement sent to Egyptian Stock Exchange that it did not get approval from any bank yet and negotiation is still ongoing.
This came after a newspaper announced Misr Banque approval to provide SODIC with L.E 350 million to finance its project “Algorraia”, said a close source.
It added that, Misr Banque is preparing financing note to be presented to MB loan committees before concluding the final agreement with SODIC which expected to be made in the last of next March.
It is worth mentioning that, SODIC had submitted a request to Banque Misr to get a loan to finance its projects in Cairo in the next two years.
Meanwhile, Algorria project sales hit L.E 2.8 billion amid expectation to reach L.E 1 billion after completing selling of remaining units.
National Societe Generale Bank also edged down today by only 0.12 % to close session at L.E 32.028. CI Capital increased target price of NSGB by 5.2% to L.E 36.16/share from L.E 34.35 but it cut recommendation from Buy to Hold with Moderate Risk Rating.
The brokerage stated that NSGB shares have outperformed those of Credit Agricole Egypt (EGP10.91, Buy). They have also outperformed the EGX 30 since June 2009.
CI Capital continued to perceive long-term potential in the bank and the sector with the huge under-penetration and the bank’s relatively good potential and strong capitalization with CAR reaching 14.7% in 2009, and NPLs/Gross loans improving from 7% in 2008 to 4.9% in 2009 (down from c.16% post the MIBank acquisition in 2006.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: Orascom Construction retreated by 2.40 % to close at LE 241.25, Orascom Telecom retreated by 1.64 % to close at LE 5.98, Egyptian for Tourism Resorts ended higher by 1.43 % to close at LE 2.13, Oriental Weaver rose by 2.27 % to close at LE 34.73 and EFG-Hermes dipped by 3.87 % to close at LE 28.60.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 74.45 % of total market deals. Foreign investors ranked in second place with 19.78 %, while Arab made the remaining 5.77 %.
Foreign Investors’ purchasing power was clearly proven during Tuesday session by its value amounted to L.E 15,990,622.
Local Investors were also net buyers by the value of LE 8,373,938.
On the other hand, Arab Investors chose to heavily sell their stocks to yield L.E 24,364,560.
Individuals’ activity dominated the market by an average of 58.06 %, compared to 41.93%, which represented the Institutions’ activity.
No comments:
Post a Comment