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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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.