Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
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.