Download EGYPT WEEKLY MARKET REVIEW Market Performance 3-9 January, 2010 Powered by

Powered by NOOZZ.COM
Volume I—Issue 48
3-9 January, 2010
EGYPT WEEKLY MARKET REVIEW
Egypt Market Indices
Close
%Chg
EGX 30
6,436.87
3.67
Hermes
593.85
3.55
HC
Market Performance
EGX 30 Index 06-01-2010
289.80
0.00
6000
1,388.50
8.08
4000
Close
%Chg
863.85
3.98
Financial
2,688.26
3.37
Manufacturing
1,745.54
4.79
129.72
27.75
Prime General
Sector Indices
Construction
Services
Exchange Rates
Egyptian Pound (EGP) per:
U.S Dollar
5.452
Euro
7.852
Pound Sterling
8.733
Japanese Yen
5.882
Swiss Franc
5.322
Exchange Rate Watch
USD/EGP 08-01-2010
5.8
5.7
5.6
5.5
5.4
EGX 30 Index
8000
Close
Open
High
Low
Prev. Close
%Chg
Yr. H
Yr. L
2000
0
Egypt’s Top 5 Gainers%
Last
%Chg.
Egypt’s Top 5 Losers%
Last
6,436.87
6,411.13
6,451.92
6,407.23
6,420.49
3.67
6,430.47
6,208.34
%Chg.
TransOceans Tours
0.63
8.62
Saudi Egyptian Inv. & Fin.
87.83
-8.12
Cairo Educational Services
33.07
8.46
National Real Estate Bank for Dev.
25.11
-4.52
Assiut Islamic Trading
18.89
8.38
National Societe Gen. Bank
29.04
-3.10
GMC Group for Fin. Inv.
10.45
7.95
El Watany Bank of Egypt
49.8
-2.96
Moquette Mac
25.69
7.49
Egyptian International Pharma.
34.45
-2.77
Egypt’s Business Headlines
Egypt's EGPC seeks $2 billion financing
Egypt's state-owned Egyptian General Petroleum Corporation (EGPC) is looking to secure a $2
billion, 58-month debt financing that will be used for export finance, bankers close to the deal said
on Friday. The company invited banks in mid-December to pitch for a either a pre-export syndicated loan, a bond or a mix of the two, a banker at a European lender said. Pricing is expected to
be below 300 basis points (bps) over LIBOR, the banker added, which would be quite a step down
from EGPC's previous deal agreed only three months ago.
Egypt inflation seen creeping above 14 pct in December
5.3
CCFC Team
Director: Dr. Eskandar Tooma
Editor in Chief: Shaheen Pasha
Program Executive: Ghada El Eraqi
Research Associate: Diana George
For more Information regarding
CCFC Services contact us on:
+(202) 2615-3441/3469/3472 or
[email protected]
Urban inflation in Egypt is likely to creep above 14 percent year-on-year in December, the highest
level since January, driven by domestic food price rises and base effects, seven analysts said in a
Reuters survey. Urban inflation -- Egypt's most closely watched indicator of prices -- was forecast
at an average of 14.28 percent, with estimates ranging from 13.1 to 15.5 percent. Urban inflation
was 13.3 percent in the 12 months to November.
Egyptian court to rule in Mobinil bid on Wednesday
An Egyptian court will issue a verdict on Wednesday on Orascom Telecom's attempt to block an
offer by France Telecom to buy all of Egyptian telecom operator Mobinil's outstanding shares.
France Telecom offered to buy the shares at 245 Egyptian pounds ($44.87) apiece. The offer,
which ends Jan. 14, could cost the French telecoms company $2.9 billion if all shareholders agreed
to sell. Mobinil has been the subject of a long battle for control between its two main shareholders,
Orascom Telecom and France Telecom, neither of which has a majority stake.
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.
Powered by NOOZZ.COM
Volume I—Issue 48
3-9 January, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Market Indices
Close
%Chg
Bahrain
1,450.58
-0.52
Kuwait
7,011.60
0.08
Regional Business Headlines
Turkish November current account deficit seen at $1.6 bln
Saudi Arabia
6,321.73
3.26
Dubai
1,837.14
1.86
Forecasts range from a deficit of $1 billion to $2 billion. Current account forecast for 2009 is for a
deficit of $12 billion. The current account posted a surprise surplus of $671 million in October, the
first surplus of the year, as weak domestic demand and lower oil prices reduced the import bill.
However, most analysts believe this was an anomaly, and a slight deficit will be seen again in November. Turkey's trade deficit fell 75 percent in October. The country, which imports most of its
energy needs, used to suffer from a chronic current account deficit but has been able to sharply
reduce this during the global economic crisis.
Abu Dhabi
2,775.50
1.16
IMF experts in UAE to review shape of economy
Oman
6,564.54
3.07
Qatar
7,037.22
1.12
Commodities
Buy/Bid
Brent Crude
Sell/Ask
80.400
80.420
Gold
Silver
1,136.400
18.440
1,137.400
18.500
Platinum
1,574.500
1,579.500
Palladium
425.500
430.500
World Indices
Close
%Chg.
DJIA
10,618.19
1.82
Nasdaq
1,892.59
1.73
S&P500
1,144.98
2.67
DAX Index
6,037.61
1.34
FTSE 100
5,534.24
2.24
Nikkei 225
10,798.32
2.38
CAC 40 Index
4,012.91
1.94
Hang Seng
22,296.75
1.93
For more Information regarding
Noozz. Services contact us on:
+791 4 363 0479
or
[email protected]
The International Monetary Fund is visiting United Arab Emirates to review the shape of the
economy and conclude regular 2009 consultations, the IMF said in a statement on Thursday. IMF
experts were in the UAE already in October, before Dubai's debt crisis came to the fore, for routine "Article IV" consultations about the state of the economy.
Dubai ruler clears 2010 budget with 2 pct/GDP gap
Dubai's ruler approved the Gulf emirate's 2010 budget with a deficit of 2 percent of gross domestic product, in line with a budget committee's proposal, according to a government statement issued on Thursday. "The government revenues are projected to reach 29.4 billion dirhams ($8 billion) and the government expenditure is projected to reach 35.4 billion dirhams, accordingly the
budget deficit is 6 billion dirhams," Dubai finance department chief Abdulrahman al-Saleh stated.
World Business Headlines
Danish CPI seen rising 1.6 pct y/y in December
Denmark's consumer price index (CPI) was estimated to have risen to 1.6 percent year-on-year in
December, accelerating from a rate of 1.3 percent in November, a Reuters survey of five economists showed on Friday. No polling data were available for the consumer price inflation calculated
according the European method (HICP). The national statistics office will release the inflation data
on Monday, Jan. 11.
German 2009 GDP seen contracting 4.8 percent y/y
German GDP should post a 4.8 percent fall for 2009 compared to the previous year, a poll of
economists showed. The mid-range forecast in a Reuters survey of 31 economists was a tad
brighter than that made an October survey, which expected GDP to contract by 5 percent for the
year. Forecasts for the decline ranged between 4.2 and 5 percent. Europe's largest economy
emerged from its deepest post-war recession in the second quarter of this year and growth picked
up speed in the July-September period, boosted by exports and investment.
U.S. consumer credit plunges in November
Total U.S. consumer credit plummeted a record $17.5 billion in November after an upwardly revised drop of $4.2 billion in October, according to Federal Reserve data on Friday. Analysts polled
by Reuters had forecast a $5 billion decline in consumer credit, less than a third of what actually
occurred. Overall consumer credit in November dropped at an 8.5 percent annual rate -- the sharpest rate of decline since a 9 percent drop in May 1980 -- following a 2 percent decline in October. It
marked a record 10th straight month in which consumer credit has contracted.
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.