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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.