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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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.