EGX30 reverses downside trend, advances by 1.34 % on Wednesday [Arab Finance (Egypt)]
(Arab Finance (Egypt) Via Acquire Media NewsEdge) Arab Finance : Egyptian stock exchange main index EGX30 reversed downside trend and advanced by 1.34 % to close at 5,482.13 points on Wednesday, compared to 5,409.89 points on Tuesday. Market trade volume reached 97,620,862 shares amounted to LE 523,043,506. Orascom Telecom advanced by 2.27 % to close at LE 3.61. Audi Bank downgraded OT fair value by 10% from EGP 5.00/share to EGP 4.49/share and adjusted rating from BUY to ACCUMULATE as a reflection of the 26% upside potential from the current price.
Audi stated that, this lower fair value is the direct result of two main reasons, the first is lower EBITDA margins for DJEZZY and further overhang regarding the resolution, and the second is due to higher net debt position at the firm level (USD 2.98 bn as of Q3-12 vs. USD 2.67 bn as of Q3-11 utilized in our initial valuation. Telecom Egypt advanced by 2.38 % to close at LE 13.36. Telecom Egypt announced that it is close to obtain an integrated telecom license which will benefit Egyptian telecom sector and the whole economy in general.
The company confirmed, in a release responding to EGX inquiries, its readiness to implement its strategy, which is coherent with its large base of subscribers, to transform to an integrated telecom provider Regarding Today Company's performance, market's top 5 gainers in terms of turnover respectively were: Palm Hills closed unchanged at LE 2.37, CIB advanced by 2.71 % to close at LE 37.9, TMG also advanced by 2.29 % to close at LE 4.47, Hermes closed flat at LE 10.79 and Orascom Telecom advanced by 2.27 % to close at LE 3.61. Regarding market players' performance: Local Investors' transactions were extremely prevailing as they made 81.32 % of total market deals. Foreign investors ranked in second place with 15.03 %, while the Arab made the remaining 3.66 %. Foreign Investors' purchasing power was clearly proven during Wednesday session by its value amounted to L.E 11,697,980. Arab Investors were also net buyers by the value of LE 3,869,318. On the other hand, Local investors chose to heavily sell their stocks to yield L.E 15,567,298. Institutions' activity dominated the market by an average of 54.57 %, compared to 45.42 %, which represented the Individuals' activity.
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