Egyptian Stock Exchange News
The Egyptian Stock Exchange (EGX) diversified during the trading session on Thursday, 30-5-2019. The most important of these was the end of the Egyptian Stock Exchange, Thursday's session, the end of the week sessions, the collective decline of all indicators, the pressure of sales of foreign dealers, and the capital market declined by 8.8 billion pounds to close At the level of 745.013 billion pounds.
Suez Bags
The Securities Listing Committee decided on Wednesday to submit to the Egyptian Stock Exchange a timetable for ending the write-off procedures from the legal representative of the company, and that all the procedures for delisting the company's shares from the Egyptian Stock Exchange tables will be completed by July 31, Next.
The committee stipulated that Suez Bags Company be committed to buy free shares at a price not less than the price determined by studying the fair value of the shares prepared by a financial consultant independent of those registered in the Authority's register or at the offer price executed on the Egyptian Stock Exchange on August 2, whichever is higher.
El Sewedy Electric
Investment Bank Faros reiterated its recommendation to increase the relative weight of El Sewedy Electric Co. at a fair value of LE 18.94 per share.
In a research report, Faros attributed the reasons for his recommendation to first achieve 2019 revenue of LE 48.5 billion, secondly to achieve gross profit margin of 16.8%, EBITDA of 13.0% and net shareholders' income of LE 4743 million.
El Sewedy Electric is trading 6.6 times as a profit multiplier and 5.1 times its value to EBITDA in 2019.
Professors Farourous explained that the revenue of El Sewedy Electric Company fell by 11.224 million pounds in the first quarter of 2019, rising by 12.4 percent year-on-year and 7.8 percent on a quarterly basis to operating operations because revenues declined 30.9 percent. Gross profit on a quarterly basis was 16.1%, up from 16.6% in the fourth quarter of 2018.
The net income of the company's shareholders reached LE 957 million, down 31.7% year on year and 35.7% in quarter, due to lower net income first, higher operating expenses, second lower net interest income, third, lower income from other investments, Tax expenses (the actual tax rate is 33.3%).
According to Pharos, wire and cable revenues for El Sewedy amounted to LE 6,519 million, up 6.6% year on year, 7.0% quarter on year. The company's sales volumes fell 1.9% YoY and 2.3% respectively. The pound will slow the growth of this activity and weaken the company's overall competitiveness.
Pharos predicted that the contracting sector will become the main catalyst for the growth process. Local operations account for 91% of its revenues, while the percentage of unfinished projects in Egypt is 34%.
He pointed out that the increase in the value of the pound may negatively affect the margins of the sector at the level of operations in the African countries and the Arabian Gulf, the approval of the Board of Directors of a credit facility of 42 million euros from the Greek Bank, 350 million dollars from the African Bank for import and export, and a financing of $ 100 million Thirdly, the establishment or acquisition of a company in the UAE.
Stop trading of 7 companies
Egyptian Stock Exchange (EGX) decided to suspend trading on 7 companies for 10 minutes to surpass 5% during today's trading session.
The companies that have been suspended are Cairo Real Estate Investment & Development, Modern Insulation Materials – Modern Bitumod, Egyptian Poultry, Fertilizer Egypt, Arab Food Industries – Domte, Global Telecom Holding, MENA Travel & Real Estate Investment.
Bourse loses 8.8 billion pounds
The Egyptian Stock Exchange ended Thursday's trading session with a collective decline of all indicators, under the pressure of sales of foreign dealers. The market capitalization declined by 8.8 billion pounds to close at 745.013 billion pounds.
The volume of trading on the shares amounted to 109.2 million securities worth 443.9 million pounds, through the implementation of 13.5 thousand transactions for 158 companies, the Egyptians accounted for 60.47% of the total transactions, while foreigners accounted for 37.29% and Arabs at 2.24% during today's trading session, Institutions accounted for 51.03% of transactions in the stock exchange. The rest of the transactions were for individuals at 48.96%.
The net transactions of Arab and foreign individuals and institutions for sale amounted to LE 81 million, EGP 1.5 million and EGP 30.1 million respectively. The net transactions of Egyptian and Egyptian and Arab companies were EGP 25.7 million, EGP 3 million and EGP 3 million, respectively. .
The EGX30 index fell 1.45% to close at 13771 points. The EGX 50 index fell 2% to close at 2067 points. The EGX30 index of weights dropped 1.98% to close at 17002 points.
On the other hand, the index of EGX70 declined by 0.91% to close at 597 points. The EGX 100 index decreased by 1.01% to close at 1521 points. The Nile index closed 0.34% to close at 450 points.
The shares of 20 companies listed on the bourse closed at the close of trading, and 101 companies fell, and the levels of 37 companies did not change.
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(tagsToTranslate) Egyptian Stock Exchange (t) Egyptian Stock Exchange (t) Stock Exchange (t) Economic News
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