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Volume II—Issue 14
23-29 May, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 27-03-2010
EGX 30 Index
8000
Close
Open
6,337.51
6,424.00
High
Low
6,437.83
5,936.49
3000
Prev. Close
6,421.58
2000
%Chg
Yr. H
-1.31
7,693.46
Yr. L
6,208.34
7000
6000
5000
4000
1000
Middle East growth seen gaining momentum in 2010-IMF
Economic growth in the Middle East and North Africa will gain momentum in 2010 along with global
recovery, but challenges to some banking systems weigh on the outlook, the International Monetary Fund
said on Tuesday. A potential re-pricing of sovereign debt due to the Dubai and Greek debt crises was
adding uncertainty to the outlook for the MENAP region, which also includes Afghanistan and Pakistan,
the IMF said in its regional economic report. The region's gross domestic product should expand by 4.2
percent this year after 2.3 percent growth in 2009, but still short of 5.7 percent seen ahead of the 2008
global credit crunch.
GDR/EDR Weekly Trading
Egypt Business Headlines
Interest Rates
1M
3M
6M
12M
LIBOR (USD)
SAIBOR
0.351
0.328
0.538
0.726
0.758
0.850
1.212
1.015
-25.00
AEIBOR
1.800
2.335
2.471
2.713
4.10
-9.89
KIBOR
0.625
0.875
1.125
1.375
OCI (1:2)
42.38
0.42
CAIBOR
8.603
8.847
8.992
9.288
OT (1:5)
5.22
8.07
Suez Cement (1:1)
6.13
18.79
Telecom Egypt (1:5)
15.51
6.89
Price EGP
% Chg
14.23
-5.64
Price US$
%Chg
Egypt aims to cut its budget deficit to 3.5 percent of gross domestic product in 2015 and
raise the growth rate by that time to 8.5 percent, the finance minister said in remarks published by newspapers on Sunday.
CIB (1:1)
EFG-Hermes (1:2)
12.97
2.36
10.50
1.44
Lecico (1:1)
3.00
Trading to begin on Egypt's new SME exchange June 3
Palm Hills (1:5)
Egypt's small and medium-size enterprises (SME) stock exchange Nilex will open for trade
on June 3, with at least one of its 10 listed companies planning an immediate public share
offering. "The Nile Exchange was launched ... with the goal of helping promising small
and medium-sized companies obtain the finance necessary to expand and grow, which
should increase their ability to compete and provide more jobs," Egypt's main stock exchange said in statement.
Egypt backs $5.7 bln more in budget for subsidies
Orascom DH (10:1)
GDRs on LSE
Egypt to cut deficit to 3.5 pct of GDP in 2015
Egypt has approved a 32 billion Egyptian pound supplemental budget for the coming financial year to cover subsidy costs, which will be financed through an increase in the
amount of petroleum and gas that Egypt exports.
Egyptian Pound (EGP) per:
Exchange
Rates
Sector Indices
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Construction
5.666
6.944
8.186
6.208
4.880
843.43
-5.89
5.7
5.65
5.6
5.55
5.5
5.45
5.4
5.35
5.3
5.25
Financial Serv.
USD/EGP 28-03-2010
2,913.22
1.44
EDR on CASE
Money Market Statistics
Latest
10.359
Date
24/05/10
10.453
24/05/10
364 day T-Bill Y
10.513
24/05/10
Overnight Interbank
CBE Disc Rate
8.273
8.500
25/05/10
02/08/09
91 day T-Bill Y
182 day T-Bill Y
Manufacturing
1,668.15
-2.78
Services
UPCOMING EVENTS
Explore Business Propects in Egypt - LCCI Seminar
Venue: London Chamber of Commerce,
Date: 1 July 2010
Organiser: LCCI
The Emerging Markets Summit 2010
Venue: Grand Connaught Rooms, London
Date: September 15th-16th 2010
Organiser: Economist Conferences
88.52
-1.78
Retail/Wholesale
229.34
2.93
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Volume II—Issue 14
23-29 May, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,453.82
Commodities
Buy/Bid
Brent Crude
Sell/Ask
76.380
76.400
Gold
1,214.050
1,215.050
Silver
18.350
18.450
Platinum
1,543.500
1,548.500
Palladium
456.250
461.250
Bullish
Stock
Last
TP
ATP Oil & Gas Co.
10.64
21.70
Noble Corp.
Comp. Tech. Inc.
29.07
3.17
52.45
N/A
-2.99
Kuwait
6,810.30
-3.57
Oman
6,307.21
-2.72
Saudi Arabia
6,175.96
-2.20
Dubai
1,605.22
-5.11
Qatar
6,683.02
-5.64
Regional Business Headlines
Turkish April trade deficit seen up 135 pct y/y
A trade deficit of $5.3 billion would be the highest since the global economic crisis battered Turkey's export markets and slashed domestic demand. A high
trade deficit would show increasing recovery in domestic demand. Turkey usually runs a deficit as it imports raw materials to process primarily for European markets. The deficit has been rising steadily since the end of 2009 when Turkey's economy returned to growth.
Kuwait M3 growth slows to 7-yr low in April
Kuwait's money supply growth slowed to a seven-year low of 1.6 percent at the end of April, from 3.1 percent in the previous month. M3 growth is
watched closely in the oil producing country, where soaring price pressures and average money supply growth of around 19 percent in an oil-boom led
Kuwait to abandon its dollar peg in 2007. The global downturn cut inflation rates across the Gulf last year from record, double-digit peaks in 2008 doubledigit peaks in 2008 but economic recovery is expected to push consumer prices higher again this year.
UAE expects oil at $75-$85 in 2010-11
The United Arab Emirates expects oil prices to be in the range of $75 to $85 per barrel in 2010-2011, a government report said. The UAE economy is
expected to grow 3.2 percent in real terms in 2010, with annual at inflation of 1.1 percent, the report said .
Bearish
Stock
Deckers Outdoor
Last
TP
144.72
158.33
Novell Inc.
5.83
5.94
BP plc
42.95
52.83
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
World Business Headlines
Euro zone inflation seen at 1.6 pct in May
Euro zone inflation likely crept up in May on higher oil prices but remained well below the European Central Bank's 2 percent target ceiling, a Reuters poll
showed. The 1.6 percent median forecast from 37 analysts is just up from the 1.5 percent seen in April. Forecasts ranged from 1.5 percent to 1.7 percent.
The slight increase is expected to be driven by modest upward pressure from energy and food prices but these are seen tailing off in June, giving the ECB
scant reason to move interest rates anytime soon.
IMF says advanced economies need time to normalize
The world's advanced economies will require more time to return to normalcy following the global crisis, IMF Managing Director said on Thursday. He
said much of Asia and Latin America were growing well and had largely moved past the crisis, but that traditional markets were still lagging a bit.
Spain central government deficit 5.66 bn Euro to April
Spain's central government budget deficit totaled 5.66 billion Euros ($6.90 billion) in the period from January until April, the economy ministry said on
Tuesday. The shortfall, which does not include the balances of the social security system or provincial governments, is equivalent to 0.54 percent of GDP.
The central government deficit stood at 99.785 billion Euros, or 9.49 percent of GDP in 2009, and swelled from a deficit of 30.572 billion Euros or 2.81
percent of GDP in 2008.
10,136.63
-0.55
Nasdaq
1,852.39
1.62
S&P50
1,089.41
0.15
DAX
5,946.18
2.00
CAC 40
3,515.06
2.45
FTSE 100
5,188.43
2.47
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.