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Volume II—Issue 7
4 - 10 April, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 08-04-2010
EGX 30 Index
8000
7000
6000
5000
4000
3000
2000
1000
Foreign Central Banks U.S. Debt Holdings Grow
Close
Open
7,248.61
7,230.72
High
7,249.06
Low
6,906.51
Prev. Close
6,783.83
%Chg
Yr. H
5.61
7,142.43
Yr. L
6,208.34
Foreign central banks' ownership of U.S. Treasuries and agency securities at the Federal Reserve rose for a
ninth straight week, data from the U.S. central bank showed on Thursday. The combined holdings of
Treasuries and agency securities by foreign central banks at the Fed rose $5.828 billion to $3.031 trillion in
the week ended April 7. Treasuries held by overseas central banks at the Fed rose $7.375 billion to $2.252
trillion. Foreign central banks' holdings of securities issued or guaranteed by the two biggest U.S. mortgage
financing agencies, Fannie Mae and Freddie Mac, fell by $1.546 billion to $779.3 billion in the latest week.
GDR/EDR Weekly Trading
Technical Analysis
Price US$
%Chg
CIB (1:1)
EFG-Hermes (1:2)
13.10
13.91
12.10
5.03
Lecico (1:1)
3.47
0.00
Palm Hills (1:5)
6.00
0.00
Egyptian Resorts
2.28
OCI (1:2)
51.40
7.60
EFG Hermes
33.25
OT (1:5)
6.11
17.76
GB Auto
37.22
33.26
Suez Cement (1:1)
8.25
0.00
Egypt's net foreign reserves were $34.51 billion in March, up from $34.32 billion a month
earlier, the Central Bank of Egypt said on Wednesday.
Telecom Egypt (1:5)
16.00
0.96
Price EGP
% Chg
Egypt's Sewedy Cables sees 2010 profit rising 25 pct
Orascom DH (10:1)
19.47
-3.13
GDRs on LSE
Egypt Business Headlines
Egypt inflation at 12.2 pct yr/yr in March
Egypt's annual urban inflation rate was 12.2 percent in March, an expectedly slower rate
than in February, giving the central bank more latitude to keep key interest rates steady.
The March urban consumer price index was 145.1 versus 129.3 a year ago. Inflation was
12.8 percent in February. Five analysts cited forecasts for urban inflation -- the most
closely watched indicator of prices -- that ranged from 11.7 to 13 percent.
Egypt's foreign reserves rise to $34.51 billion in March
Egypt's El Sewedy Cables expects net profit to rise 25 percent to around 800 million Egyptian pounds ($145 million) in 2010. Net profit at Sewedy, the largest Arab cable maker by
market value, declined 23 percent in 2009 to 633.6 million pounds.
Egyptian Pound (EGP) per:
Exchange
Rates
Sector Indices
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Construction
5.517
7.429
8.478
5.913
5.167
933.41
4.68
6
USD/EGP 09-04-2010
EDR on CASE
Money Market Statistics
Latest
9.494
Date
07/04/10
5.5
91 day T-Bill Y
182 day T-Bill Y
9.781
07/04/10
5
364 day T-Bill Y
10.286
07/04/10
Overnight Interbank
CBE Disc Rate
8.267
06/04/10
8.500
02/08/09
Financial Services
3,159.60
8.72
Manufacturing
1,931.12
5.60
Services
Last
Support
Resistance
Recom.
EGX30
7,142
6,800
7,060
Buy
Orascom Construction
274.0
266.1
273.9
Buy
Canal Shipping Ag.
10.17
8.20
9.80
Hold
2.10
2.16
Hold
30.50
34.50
Buy
36.00
Buy
UPCOMING EVENTS
7th Annual Emerging Markets Trade & Political
Risk Conference
Venue: The Willis Building, London, United Kingdom
Date: May 12, 2010
Organizer: exporta
The International Islamic Finance Forum
Venue: The Monarch, Dubai, UAE
Date: 16 – 19 May 2010
Organizer: IIR Middle East
144.04
10.58
Retail/Wholesale
251.42
5.69
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Volume II—Issue 7
4 - 10 April, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,573.61
Commodities
Buy/Bid
Brent Crude
Sell/Ask
82.810
82.830
Gold
1,160.200
1,161.000
Silver
18.350
18.400
Platinum
1,719.000
1,729.000
Palladium
509.500
514.500
Bullish
Stock
Ambac Fin. Group,
Inc.
MGM Mirage
Valence Tech. Inc
Last
TP
1.10
1.00
14.80
1.35
11.43
3.13
Bearish
Stock
-0.96
Kuwait
7,569.50
0.77
Oman
6,852.27
-0.76
Saudi Arabia
6,774.98
0.19
Dubai
1,765.23
0.18
Qatar
7,635.45
-1.71
Regional Business Headlines
Jordan's inflation rate rises 4.6 pct y/y in Q1
Jordan's inflation rate rose to 4.6 percent year-on-year in the first quarter of the year, according to figures released by the Department of Statistics on Saturday. They rose 5.1 percent year-on-year in March primarily due to lower energy and transport costs in the oil importing kingdom.
Turkish Feb c/a deficit seen at $2.6 billion
The current account deficit is seen at $2.6 billion in February according to the median forecast in a Reuters poll of 13 banks, decreasing slightly from January's deficit of $2.959 billion. Forecasts were in the range of $2.3 billion to $3.25 billion. The median forecast for the current account deficit by the end of
2010 was $26.5 billion. Turkey's current account deficit is seen rising sharply this year as domestic demand picks up and energy costs rise
UAE Government deposits lowest since late 2008
Government deposits held in United Arab Emirates' banks fell 13 percent in the first two months of 2010 to their lowest level since late 2008, indicating
policymakers are more comfortable with liquidity in the system now the worst of the financial crisis is over. Gulf governments boosted their deposit levels
at the height of the global financial crisis to help banks weather the downturn. Government deposits at UAE banks fell to 179.4 billion dirhams ($48.86
billion) at the end of February, the lowest level since the third quarter of 2008, from 206.2 billion in December, central bank data showed.
World Business Headlines
Last
TP
Celgene Corporation
Dynegy Inc.
61.89
68.74
Irish Central Bank sees 2.8 pct GDP growth in 2011
1.20
1.79
Sulphco Inc.
0.36
7.59
Rising exports should drive a return to modest growth in the second half of this year, followed by GDP growth of 2.8 percent next year, Ireland's Central
Bank said in its quarterly bulletin on Friday. For 2010 as a whole, it said gross domestic product would contract 0.5 percent, compared with a forecast of -1
percent in its previous bulletin in January, while gross national product would fall 1.5 percent, less than the 2 percent fall in its January prediction.
Estonia to hike 2010 GDP growth view to 1 pct level
CCFC Team
Director: Dr. Eskandar Tooma
Program Manager: Aliaa Bassiouny
Program Executive: Ghada El Eraqi
Research Associate: Diana George
Research Associate: Jasmin Aboul Dahab
For more Information regarding
CCFC Services contact us on:
+(202) 2615-3441/3469/3472 or
[email protected]
World Indices
DJIA
Estonia's Finance Ministry will increase its GDP growth forecast for the country to around one percent from zero when it unveils its economic forecasts
next week, Andres Kuningas, a ministry official, said on Friday. Estonia has suffered one of the European Union's worst recessions, but hopes that growth
will gradually pick up in the years ahead.
Finland posts 40 million euro trade deficit in Feb
Finland fell into a trade deficit of 40 million Euros ($53.25 million) in February from a surplus in the same month a year ago, according to preliminary data,
National Customs Board (NCB) said on Friday. The value of exports slid 3.3 percent year-on-year to 3.48 billion Euros while the value of imports decreased 1.7 percent to 3.52 billion.
10,997.35
1.35
Nasdaq
2,454.05
2.45
S&P50
1,194.37
2.38
DAX
6,249.70
2.11
CAC 40
4,050.54
1.54
FTSE 100
5,770.98
1.19
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.