Cairo – Mubasher: The Egyptian Exchange started Thursday’s trading session on a positive note as the benchmark rose 0.24% to 7,439 points at 10:30am Cairo time.
OTMT topped the list of trading values at 10:30am Cairo time, registering EGP56.5 million after 78 million shares were traded. However, its stock declined by 5.26%.
Meanwhile, CIB, the largest EGX30 constituent, increased by 0.43% after 71,000 were traded over 41,000 transactions at a turnover exceeding EGP2.8 million.
Yesterday, the Egyptian Financial Supervisory Authority (EFSA) justified delaying the acquisition bid anew as a result of violations related to commitments made by Naguib Sawiris, the major shareholder in Orascom Telecom Media and Technology (OTMT) following the split-up in 2012.
The equal-weighted EGX50 opened 1.18% higher to 1,442 points. The small and mid-cap EGX70 rose 0.44% to 370 points. The broader index EGX100 increased by 0.38% to 788 points.
With 108 million shares changing hands over 4,800 transactions, trading value reached EGP108 million.
Foreign and Arab investors were net buyers by EGP5 million and EGP4.8 million respectively, while Nationals were net sellers by EGP9.8 million.
The top losers were headed by OTMT (-5.26%), Cairo Development and Investment (-3.99%), and Prime Holding (-2.01%).
Meanwhile, the top gainers were Beltone Financial, OHD, and Sharm Dreams by 9.78%, 9.65%, and 3.17% respectively.
Earlier, analysts expected Cairo bourse to be negatively affected by EFSA decision on the acquisition bid made by Beltone Financial Holding for CIB's investment banking arm CI Capital.
