Download EGYPT WEEKLY MARKET REVIEW 12-18 September, 2010 Highlight of the Week NOOZZ.COM

Powered by NOOZZ.COM
Volume II—Issue 30
12-18 September, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 16-09-2010
EGX 30 Index
8000
7000
Close
Open
6,530.47
6,519.28
6500
High
6,665.13
6000
Low
6,519.28
5500
Prev. Close
%Chg
Yr. H
6,499.63
0.17
7,693.46
Yr. L
5,814.24
7500
5000
4500
Egypt's Trade Ministry plans to tender 500 million square meters of land for specialized
trade zones next month, part of a plan to boost internal trade and lure more investment,
the state news agency reported. The eight zones, located in six governorates, are expected
to attract about 750 million Egyptian pounds ($132 million) worth of investments, the
agency MENA said on Saturday, citing Trade Minister Rachid Mohamed Rachid.
Egypt Central Bank holds rates despite inflation uptick
Egypt's central bank left its key overnight interest rates unchanged on Thursday, in line
with forecasts in a Reuters poll, despite this week's unexpected rise in core inflation. The
central bank maintained its lending rate at 9.75 percent and its borrowing rate at 8.25 percent, the bank said on its website. It also held its discount rate at 8.5 percent.
HC Research cuts Ezz Steel price target by 11 pct
HC Research cut Egypt's Ezz Steel's share-price target by 11 percent, citing lack of clarity
on iron ore prices and scrap price volatility. The brokerage, which cut its price target on the
stock to Egyptian pound 23.5, also lowered earnings estimates for Egypt's largest steelmaker.
Egyptian Pound (EGP) per:
Sector Indices
Construction
5.704
7.441
8.913
6.643
5.645
785.78
Interest Rates
5.8
5.7
USD/EGP 17-09-2010
5.6
5.5
5.4
5.3
5.2
0.66
Financial Serv.
Price US$
%Chg
1M
3M
6M
12M
7.07
1.45
LIBOR (USD)
0.257
0.291
0.473
0.793
10.40
-1.23
SAIBOR
0.374
0.720
0.841
1.022
Lecico (1:1)
3.00
0.00
AEIBOR
1.792
2.337
2.492
2.708
Palm Hills (1:5)
4.30
0.00
OCI (1:2)
45.37
2.02
OT (1:5)
4.69
0.21
Suez Cement (1:1)
7.35
2.08
Telecom Egypt (1:5)
15.15
0.79
Price EGP
% Chg
14.3
2.07
GDRs on LSE
Egypt plans to tender eight trade zones next month
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Foreign central banks' holdings of U.S. Treasuries and agency securities at the Federal Reserve fell in the
latest week, data from the U.S. central bank showed on Thursday. The Fed said its holdings of Treasury
and agency debt kept for overseas central banks fell $17.81 billion in the week ended Sept. 15, to stand at
$3.196 trillion. The breakdown of custody holdings showed overseas central banks' holdings of Treasury
debt rose, however, by $39.63 billion to stand at $2.444 trillion. The foreign institutions' holdings of securities issued or guaranteed by the biggest U.S. mortgage financing agencies, including Fannie Mae and
Freddie Mac, plunged by $57.44 billion to stand at $752.52 billion.
GDR/EDR Weekly Trading
Egypt Business Headlines
Exchange
Rates
Foreign central bank U.S. debt holdings fall
2,862.63
N/A
CIB (1:1)
EFG-Hermes (1:2)
EDR on CASE
Orascom DH (10:1)
KIBOR
0.625
0.875
1.125
1.375
CAIBOR
8.599
8.842
8.968
9.269
UPCOMING EVENTS
17th Asia Petrochemical Summit
Date: 20 – 21 September 2010
Venue: Singapore
Organizer: CMT
Money Market Statistics
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
9.442
15/09/10
9.646
15/09/10
364 day T-Bill Y
10.500
15/09/10
Overnight Interbank
8.261
14/09/10
CBE Disc Rate
8.263
24/08/10
World LNG: Asia Pacific Summit
Venue: Shangri-La Hotel, Singapore
Date: 20-22 September 2010
Organizer: The CWC Group
Manufacturing
1,734.41
1.29
Services
28.69
39.81
Retail/Wholesale
236.48
3.21
Powered by NOOZZ.COM
Volume II—Issue 30
12-18 September, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,443.20
Commodities
Buy/Bid
Sell/Ask
78.070
78.090
1,275.950
1,276.950
Brent Crude
Gold
20.760
20.840
Platinum
Silver
1,610.550
1,620.550
Palladium
539.880
546.880
Bullish
Stock
Last
TP
Arena Pharma.
1.99
6.84
Research In Mot.
Rubicon Minerals
46.72
4.01
70.24
6.00
Last
TP
27.48
29.39
Bearish
Stock
0.16
Kuwait
6,838.70
1.20
Oman
6,354.18
0.75
Saudi Arabia
6,354.18
0.75
Dubai
1,647.03
3.44
Qatar
7,554.32
0.58
Regional Business Headlines
Israel Q2 GDP revised down to +4.6 pct annualized
Israel's economy grew at a 4.6 percent annualized rate in the second quarter, slightly slower than its first estimate of 4.7 percent, the Central Bureau of Statistics said on Thursday. Gross domestic product for the first quarter was revised up to growth of 3.8 percent from 3.6 percent. Fueled by gains in exports
and consumer spending, the bureau estimates Israel's economy will grow 4.1 percent for all of 2010.
Kuwait Central Bank to sell $260.5 mln in 1-yr bonds
Kuwait's central bank will issue 75 million dinars ($260.5 million) in one-year treasury bonds with a coupon of 1.25 percent on Wednesday, its data
showed. Bids reached 367 million dinars, central bank data showed on Tuesday. The central bank sold a two-year paper worth 15 million dinars on Sept. 8.
Cyprus 2011 state budget sees 5.4 pct/GDP shortfall
Cyprus's 2011 state budget is expected to produce a deficit of 5.4 percent of GDP, though attempts are underway to reduce the shortfall to 4.5 percent.
Further consultations would be required for additional fiscal consolidation measures to pull the deficit down to 4.5 percent, the level required by the EU.
World Business Headlines
IMF seen hiking quotas for China, emerging nations
Cisco Systems
21.86
27.25
The International Monetary Fund will likely raise China's membership quota to as much as 6 percent from 3.9 percent now, putting it in line with Japan,
the Nikkei business daily reported on Saturday. The IMF is also set to raise quota subscriptions for other emerging nations such as India, South Korea,
Indonesia and Brazil to reflect their enhanced economic standing, while reducing that of some European nations.
Amazon.com
148.32
146.28
U.S. Fed's balance sheet shrinks in latest week
Oracle Corp.
The U.S. Federal Reserve's balance sheet shrank in the latest week, Fed data released on Thursday showed. The balance sheet -- a broad gauge of Fed lending to the financial system -- contracted to $2.279 trillion in the week ended Sept. 15 from $2.288 trillion the previous week.
CCFC Team
Director: Dr. Eskandar Tooma
Program Manager: Aliaa Bassiouny
Program Executive: Ghada El Eraqi
Research Associate: Diana George
Research Associate: Yasmin Aboul Dahab
For more Information regarding
CCFC Services contact us on:
+(202) 2615-3441/3469/3472 or
[email protected]
World Indices
DJIA
EU's Barnier: Basel can find covered bond solution
European banking regulators will seek a solution to allow banks in Denmark and other low-debt countries to include covered bonds in their liquidity reserves, the European Commissioner in charge of financial services reform said on Thursday. Danish policymakers and banks have feared that new international banking regulations known as Basel III could undermine Denmark's mortgage credit system.
China says pressure on yuan will not help
Pressure will not solve China's currency issue and could even have the opposite effect, the Chinese Foreign Ministry said on Thursday, pushing against a
tide of criticism from Washington on the yuan.. The comments were Beijing's first official statement on the yuan after sharpened criticism from U.S.
Treasury Secretary Timothy Geithner, who said on Wednesday that the appreciation of the Chinese currency has been too slow and limited.
10,607.85
1.38
Nasdaq
1,955.83
-12.78
S&P50
1,125.59
1.44
DAX
6,209.76
-0.08
CAC 40
3,722.02
-0.10
FTSE 100
5,508.45
0.12
Disclaimer: This newsletter has been prepared by Citadel Capital Financial Center staff and undergraduate students at the American University in Cairo. This review is based on information available to the public.
This review is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. The information and opinions in this review were prepared by Noozz from sources we believe to be reliable
and information available to the public. Noozz and CCFC makes no guarantee or warranty to the accuracy and thoroughness of the information mentioned in this review and accepts no responsibility or liability for
losses or damages incurred as a result of opinions formed and decisions made based on information presented in this review. Noozz and CCFC does not undertake to advise you of changes in opinion or information.