HC Funds 30-10-2008

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Hermes Funds 16-10-2008

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CASE 30 driven 3.02% down by Arab & foreign sells, traded value below EGP 1 bln

CASE 30 ended today’s session 3.02% lower, shedding more than 180 pts to close at 5792.01. It opened at 5972.59 pts, sliding in the last minutes to 5713.40, then rebounded to 5776.55, to move sideways till session-close. Trading valued amounted to EGP 790.9 million, not exceeding EGP 1 billion, after trading above 56.01 million shares in 39982 transactions. 171 stocks changed hands, 26 of which rose and 138 declined, while 7 stocks remained flat. Foreign and Arab investors headed for selling, as foreign sells amounted to EGP 161.1 million, compared to EGP 133.8 million buys, netting EGP 27.3 million sells. Arabs sold EGP 49.6 million worth of shares, compared to EGP 39.1 million buys, netting EGP 10.6 million as sell turnover. Meanwhile, nationals tended to buy, recording EGP 618.1 million purchases and EGP 580.2 million sells, netting EGP 37.9 million buys. Retail investors accounted for 54.5% of total trading, flocking to buy, while institutions dominated 45.5%, tending to sell. All leading stocks declined today, led by Orascom Telecom that closed 5.47% down at EGP 35.93. CIB followed, retreating 5.35% to shut at EGP 34.17, EFG-Hermes (3.87% to EGP 27.54), and OCI (3.21% to EGP 246.10). Misr Hotels led today’s decliners, shedding 15.56% to end at EGP 85, followed by Egyptian Starch and Glucose that closed 13.34% down at EGP 23.77. On the upward front, Egyptian Satellite was the best performer for today, finishing 8.08% up at $4.95, followed by Sinai Cement (7.43% at EGP 40.06), then Prime Holding (4.8% at EGP 8.30). Rounding up sectors, Construction and Building Materials was the best performer, accounting for 20.27%, or above EGP 147.8 billion of total trading, backed by intensive trading on OCI that traded 491.4 thousand shares, at a total value of more than EGP 120.9 million. Real Estate came second, controlling 17.39%, or over EGP 126.8 million of trading, then Financial Services excluding Banks, accounting for14.11%, or more than EGP 102.9 million.

CASE 30 closes 2.7% lower, snapping winning streak

CASE 30 snapped its 2-session winning streak, losing 2.7%, or 165 pts to close at 5972.59. The Index declined sharply at session-start, as it dropped more than 300 pts to hit its intraday low of 5939, after breaking through the 6000 level in the first minutes. However, it managed to trim losses and move sideways to end in the negative territory hurt by the decline of US markets that closed lower. National and foreign buys helped the Index trim morning losses spurred by active trading of institutions that accounted for 50.1% of total trading, tending to buy contrary to retail investors that headed for selling. Trading value neared EGP 1.05 billion, after trading 69 million shares in 40345 transactions. Out of 175 traded securities, 140 ended in the red, 31 in the green and 4 stocks remained flat. Arab Investors tended to sell, recording EGP 90 million sell transactions, compared to EGP 30.3 million buys, netting EGP 60 million as a sell turnover. Conversely, nationals and foreigners headed for purchasing, as foreigners’ buys reached EGP 263.1 million, while sells amounted to EGP 251.1 million, with a buy/sell difference of EGP12 million. Nationals’ buys and sells reached EGP 764.8 million and EGP 716.8 million respectively, with an EGP 48 million buy/sell turnover. All leading stocks retreated today hurt by their GDRs listed on the London Stock Exchange (LSE), which pressured down the Index. Orascom Telecom led decliners, dropping 4.5% to finish at EGP 38.01. Commercial International Bank (CIB) fell 3.91% to end at EGP 36.10, followed by EFG-Hermes that closed 2.62% lower at EGP 28.65. Orascom Construction Industries (OCI) declined 2.45% to shut at EGP 254.27. Canal Shipping Agencies was the biggest loser, shedding 18.34% to close at EGP 13.49, followed by Memphis Co. for Pharmaceuticals & Chemical Industries that ended 15.37% down at EGP 61.21. Saudi Egyptian Investment and Finance spearheaded advancers, jumping 16.45% to finish at EGP 70, followed by Pioneers Holding that ended 15.41% higher at EGP 8.69, after trading more than 3.9 million shares through 3132 transactions, totaling over EGP 34.5 million. Construction and Materials topped most active sectors, dominating 22.35% of total trading value, or over EGP 217.8 million, driven by OCI that traded more than 700.4 thousand shares at a total value exceeding EGP 178.1 million. Real Estate came second, accounting for 16.89%, or over EGP 164.7 million, followed by Chemicals that controlled 14.32%, or over EGP 139.6 million.

CASE 30 surges 6.5%, backed by national buys

CASE 30 finished today’s trading in the green for the 2nd day in a row, adding 6.5%, or around 377 pts to end above the 6000 barrier at 6138.19 pts. Accordingly, the Index gained approx. 650 pts in 2 straight sessions. The Index opened the session at 5760 pts, rising more than 300 pts in the first minute of trading; however, it shrank gains after 60 minutes, moving sideways till session-end to close at its intraday high of 6138 pts. This increase came amid a collective rise in global stock markets, after the governments’ initiatives to inject funds in the banking sector, soothing investor worries. Trading value exceeded EGP 1 billion, nearing EGP 1.197 billion compared to EGP 1.42 billion yesterday, after trading 102.76 million shares though 48699 trades. National investors tended to buy, recording EGP 817.1 million purchases compared to EGP 755.6 million sells, with EGP 61.4 million buy/sell difference. Conversely, foreign and Arab traders headed for selling, as foreigners sold shares at a net value of EGP 363.9 million, compared to EGP 319.3 buy transactions, netting EGP 44.6 million as a sell turnover. Arabs’ sells amounted to EGP 77.6 million, compared to EGP 60.9 million buy transactions, with EGP 16.8 million sell/buy turnover. Retail investors dominated 54.2% of total trading, flocking to buy, while institutions accounted for 45.8%, heading for selling. All leading stocks advanced significantly today, spearheaded by EFG-Hermes that closed 9.29% higher at EGP 29.42, followed by Orascom Telecom that ended 9.22% up at EGP 39.80, Orascom Construction Industries (OCI) 8.88% (EGP 260.65) and Commercial International Bank (CIB) 6.1% (EGP 37.57). Rounding up stocks, Egyptian Satellite rose 18.25% to finish at $4.73, followed by Al Arafa Investment and Consulting that grew 17.91% to shut at $0.79 and Shorouk Printing & Packaging that rose 17.69% to end at EGP 18.36. Pioneers Holding was among most prominent advancers, jumping 10.25% to close at EGP 7.53, after trading more than 4.01 million shares through 2455 transactions, totaling over EGP 30.3 million. On the other hand, Zahraa El-Maadi Investment & Development led decliners, dropping 9.26% to shut at EGP 99.42, followed by Piraeus-Egypt that finished 8.46% lower at EGP 16.44 and Egyptian Real Estate Group that added 5.56% to end at EGP 13.77. Real Estate topped most active sectors, dominating 17.9% of total trading value, or over EGP 209.4 million, backed mainly by TMG Holing that traded more than 22.1 million shares at a total value of EGP 103.8 million. Financial Services except Banks came second, controlling 16.28%, or over EGP 190.5 million, followed by Construction and Materials that accounted for 15.81%, or above EGP 184.9 million.

Orascom Construction finalizes repurchasing 2.56 mln treasury shares

Orascom Construction Industries (OCI)
According to Commercial International Brokerage Co. (CIBC), accumulative number of local shares and GDRs repurchased by Orascom Construction Industries (OCI) reached 729.395 and 913.981 respectively, totaling 2.557.357 local shares. The following table shows repurchase transactions since announcing buyback program on September 18, till October 10, 2008 for 6-9 months, to be renewed monthly. Accordingly, 8.1 million shares will be bought back to complete repurchasing 10.7 million shares. In its meeting held September 18th, the board had approved repurchasing approx. 10.7 million treasury shares maximum, accounting for 5% of total issued shares. Nassif Sawiris said that the program is aimed at raising EPS and boosting company’s financial structure. Q2-08 consolidated financial results reflected a 57.5% jump in revenues to EGP 5.542 billion ($1.013 billion), compared to around EGP 3.670 billion ($643.5 million) in year-earlier period. H1-08 non-consolidated financial results showed that earnings netted EGP 2.067 billion, compared to EGP 119.337 thousand in prior-year period.

Youssef Boutros Ghali: Stock markets rebound mirrors fruitful cooperation

Egyptian Finance Minister and Chairman of International Monetary and Financial Committee (IMFC), Youssef Boutros Ghali, said yesterday that global stock markets rebound reflect the successful coordinated actions among global economies earlier this week. US stocks rallied and Dow Jones Industrial Average (DJIA) hit its biggest point gain ever on Monday, rising over 900 pts on Monday, backed by resolutions taken by the European countries and the Group of Seven (G-7) to shore up global economy and rescue a distressed financial system.In a statement issued Saturday, Ghali said he had no doubts that markets would rebound, adding “but the only thing that worried me is that the proceedings of the IMFC would not have enough exposure so people would know what we did,".The urgency for purging the global squeeze pushed the members of the IMFC, the policy steering committee of the International Monetary Fund (IMF), to select Dr. Youssef Boutros-Ghali, as Chairman of the Committee. This is the first time to appoint a Committee Chairman from among the emerging market and developing countries, after years of European monopoly for this post. Ghali pointed out that IMFC meeting last Saturday did not lay out a plan to save a certain country instead of another; however, there was an unanimous agreement to bolster the G7 package to dampen global negative sentiment and calm panic in global markets.

Reuters Translated by Mubasher.info

Hermes Funds 9-10-2008

HC Funds9-10-2008

HC Funds 29-9-2008