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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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.