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Volume II—Issue 26
15-21 August, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 19-08-2010
EGX 30 Index
8000
7000
Close
Open
6,388.88
6,322.22
6500
High
6,406.56
6000
Low
6,277.23
5500
Prev. Close
6,333.14
%Chg
Yr. H
0.88
7,693.46
Yr. L
5,814.24
7500
5000
4500
Egypt stocks set for limited gains for rest of 2010
Egyptian stocks are set for only modest gains for the rest of 2010, led by telecoms, real estate and banks,
as an uncertain political outlook overshadows accelerating economic growth, analysts and traders said. The
numbers have failed to set the benchmark EGX30 index alight and have not prompted investors to abandon a shift in focus from Middle Eastern equities towards the United States and Eastern Europe. Egypt's
government has raised its target for economic growth to 6.5 percent in the 2010-2011 fiscal year but the
index has gained only 2.5 percent this year as foreign investors pulled money out of the region.
Egypt Business Headlines
GDRs on LSE
Egypt's Citadel Capital reports Q2 net loss
Citadel Capital reported on Saturday a consolidated net loss in the second quarter of 95.0
million Egyptian pounds ($16.7 million), compared with a net profit of 11.9 million pounds
a year earlier. The Egypt-based private equity firm's total operating loss in the three-month
period was 12.2 million pounds, compared with a profit 98.9 million pounds a year earlier.
Egypt's non-oil exports rise 20 pct y/y in Q2
Egypt's non-oil exports rose 20 percent to 29 billion Egyptian pounds ($5.1 billion) in the
second quarter of 2010 compared to a year earlier, the trade ministry said on Thursday.
Egypt's exports have been growing as the global economy recovers and the government
says economic growth is likely to accelerate to 6.5 percent in the 2010-2011 fiscal year.
EFG-Hermes buying 65 percent of Credit Libanais
Egyptian Pound (EGP) per:
Exchange
Rates
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Sector Indices
Construction
5.693
7.237
8.848
6.649
5.500
788.73
5.8
5.7
USD/EGP 20-08-2010
5.6
5.5
5.4
5.3
5.2
-0.44
Financial Serv.
2,803.92
0.36
1M
3M
6M
12M
0.27
0.35
0.57
0.93
Price US$
%Chg
CIB (1:1)
EFG-Hermes (1:2)
6.68
-0.74
LIBOR (USD)
9.83
2.39
SAIBOR
0.34
0.72
0.85
1.02
Lecico (1:1)
3.00
0.00
AEIBOR
0.88
1.13
1.38
1.63
Palm Hills (1:5)
4.30
0.00
OCI (1:2)
43.81
-1.35
OT (1:5)
4.72
3.96
Suez Cement (1:1)
5.80
-14.07
Telecom Egypt (1:5)
15.25
-2.18
Price EGP
% Chg
15.00
-0.33
EDR on CASE
Orascom DH (10:1)
Egypt's EFG Hermes says entered into an agreement with majority shareholders to buy 65
percent of Credit Libanais. EFG will pay cash consideration of $542 million for 65 percent
interest in the Lebanese bank. EFG will finance the acquisition from its own cash resources, and will not need external funding.
Interest Rates
GDR/EDR Weekly Trading
Money Market Statistics
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
9.628
18/08/10
9.807
18/08/10
364 day T-Bill Y
10.317
18/08/10
Overnight Interbank
8.265
11/08/10
CBE Disc Rate
8.500
02/08/09
Manufacturing
1,721.84
-0.09
Services
KIBOR
1.79
2.34
2.48
2.70
CAIBOR
8.60
8.84
8.99
9.29
UPCOMING EVENTS
Carbon Capture and Storage World
MENA 2010
Venue: Doha, Qatar
Date: 13 - 15 December 2010
Organiser: Terrapinn
33.55
20.42
Retail/Wholesale
233.90
-2.34
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Volume II—Issue 26
15-21 August, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,409.12
Commodities
Buy/Bid
Brent Crude
Sell/Ask
74.220
74.240
Gold
1,226.950
1,227.700
Silver
17.980
18.040
Platinum
1,506.500
1,516.500
Palladium
473.000
478.000
Bullish
Stock
Last
TP
Wave Systems
2.32
6.00
Corinthian Colleges Inc.
Repros Therap.
4.49
13.00
0.42
5.25
Bearish
Stock
Last
TP
Salesforce. com
112.75
98.11
Marvell Tech. Gp.
16.16
23.03
CVS Caremark
Corp.
27.99
39.67
-0.01
Kuwait
6,682.00
0.16
Oman
6,328.04
0.19
Saudi Arabia
6,079.34
-0.70
Dubai
1,492.16
1.36
Qatar
7,114.80
0.71
Regional Business Headlines
Bahrain July CPI edges down, grain shortage may hit
Consumer prices in Bahrain edged down slightly in July, but economists said drought in Russia and the floods in Pakistan would put pressure on food
prices in the Gulf Arab region that depends on imports for much of its supply. Annual inflation in the kingdom slowed to 2.1 percent, the lowest level in
four months, from 2.3 percent in June, data from the Central Informatics Organization showed on Thursday.
Jordan's H1 trade deficit widens to $3.9 bln
Jordan's trade deficit widened 18 percent to 2.792 billion dinars ($3.9 bln) from January to June, against the same period in 2009, due to a higher bill for
imported Saudi oil, official data showed on Monday. Imports rose 11.7 percent in January-June from a year earlier to 5.233 billion dinars due to rises in oil
prices and consumption, data from the Department of Statistics showed.
Israel Q2 GDP +4.7 pct annualized vs +3.6 pct in Q1
Israel's economy grew at an faster than expected 4.7 percent annualized pace in the second quarter of 2010 after gross domestic product rose a revised 3.6
percent in the first three months of the year. The economy grew 0.7 percent in 2009 and the Bank of Israel projects growth of 3.7 percent this year.
Growth in the first quarter was spurred by consumer spending, which climbed 8.7 percent, and exports, which jumped 15.8 percent.
World Business Headlines
Employment varies widely state to state in U.S.
U.S. government data released on Friday showed employment conditions varied widely from state to state in July, indicating that the economic recovery
may not be consistent across the country. The jobless rate fell in 18 states and the District of Columbia in July from June, while it rose in 14 states and was
unchanged in 18 states, the Labor Department said. Compared to a year earlier, the jobless rate fell in 27 states and rose in 20.
France cuts 2011 growth target to 2 percent
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
The French government cut on Friday its growth forecast for 2011 to 2 percent from 2.5 percent. "Growth of 1.4 percent will be achieved or exceeded in
2010. This will allow, in line with OECD forecasts, a growth forecast of 2 percent for 2011," the Elysee Palace said in a statement following a meeting between President Nicolas Sarkozy and senior ministers.
UK July gross mortgage lending down 3 pct yr-on-yr
Gross mortgage lending in Britain fell three percent year-on-year in July to 13.6 billion pounds, the Council of Mortgage Lenders (CML) said on Thursday.
The CML said the data suggested that lending remained on track to meet its revised forecast published this month of 140 billion pounds for the year as a
whole. "It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued. The rest of 2010 is likely to
see rather lower lending and transaction numbers compared to the same period last year," said CML economist Paul Samter.
10,213.62
-0.86
Nasdaq
1,825.75
0.38
S&P50
1,071.69
-0.70
DAX
6,005.16
-1.72
CAC 40
3,526.12
-2.34
FTSE 100
5,195.28
-1.51
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.