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Volume II—Issue 18
20 – 26 June, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 24-06-2010
EGX 30 Index
8500
7500
Close
Open
6,307.27
6,435.52
6500
High
6,600.68
5500
Low
6,218.00
4500
Prev. Close
6,418.39
%Chg
Yr. H
-1.73
7,693.46
Yr. L
5,936.49
Egypt leads regional drop; markets snap rally
Egypt's main index dropped the most in nearly a month on Tuesday, led by developer Talaat
Moustafa, while most Middle East markets fell as investors booked profits after a two-day rally. An
Egyptian court ruled on Tuesday to nullify the sale of government land to Egypt's biggest listed
property developer, for its mixed-use Medinaty project on the outskirts of Cairo. The exchange suspended trade on Talaat Moustafa and cancelled all earlier trades after the stock lost 6 percent, but it
later ended 8.4 percent lower than Monday's close after the suspension was lifted. The index fell 2.9
percent to 6,355 points.
GDR/EDR Weekly Trading
Egypt Business Headlines
GDRs on LSE
Egypt sees economic growth, FDI rising in 2010/11
CIB (1:1)
EFG-Hermes (1:2)
Lecico (1:1)
Egypt aims to attract about $8 billion in foreign direct investment and boost economic
growth to 5.8 percent in the fiscal year that begins July 2010. Figures projected foreign
direct investment would reach $5.5 billion this fiscal year, which ends June 30, and gross
domestic product would grow by 5.2 percent.
TE Announces Its Share of Vodafone Egypt Dividend
Technical Analysis
Price US$
%Chg
Last
Support
Resistance
Recom.
11.90
-3.17
EGX30
6,318
5,936
6,610
Hold
10.95
3.00
0.92
0.00
Citadel
7.00
6.00
6.81
Hold
Rubex
11.82
11.50
12.75
Hold
Hold
Palm Hills (1:5)
6.00
0.00
Egypt Gas
68.26
62.10
68.00
OCI (1:2)
41.23
-3.60
Maridive
3.64
3.56
3.75
Sell
Egypt Poultry
3.60
3.46
4.02
Hold
Telecom Egypt announces that Vodafone Egypt's General Assembly Meeting approved
the distribution of EGP 12.50 per share, to be paid to shareholders in cash on 7/7/2010.
Accordingly, TE's share of VFE dividends will totally amount EGP 1.35 billion
OT (1:5)
4.74
-2.47
Suez Cement (1:1)
5.90
0.00
4.24
Egypt's Amer Group IPO possible this year
Telecom Egypt (1:5)
15.50
EDR on CASE
Price EGP
% Chg
15.51
2.78
Egyptian real estate firm Amer Group may do an initial public offering this year, which
would make it only the country's second since the global financial crisis struck. Amer
Group has developments in Cairo and on Egypt's Red Sea and Mediterranean coasts.
Egyptian Pound (EGP) per:
Exchange
Rates
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Sector Indices
Construction
5.680
7.031
8.562
6.361
5.193
816.63
-0.59
5.7
5.65
5.6
5.55
5.5
5.45
5.4
5.35
5.3
5.25
Financial Services
Orascom DH (10:1)
Money Market Statistics
USD/EGP 25-06-2010
2,807.28
-2.46
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
10.104
23/06/10
10.285
23/06/10
364 day T-Bill Y
Overnight Interbank
CBE Disc Rate
10.750
8.263
8.500
23/06/10
21/06/10
02/08/09
Manufacturing
1,704.04
-0.03
Services
UPCOMING EVENTS
Global Petrochemical Technology Conference
Venue: Doha, Qatar
Date: 04 - 06 October 2010
Organiser: Fleming Golf
2nd Middle East & North Africa Refining
Venue: Manama, Bahrain
Date: 12– 13 October 2010
Organiser: CMT
73.56
-11.5
Retail/Wholesale
231.66
1.53
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Volume II—Issue 18
20 – 26 June, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,411.09
Commodities
Buy/Bid
Brent Crude
Sell/Ask
76.650
76.670
Gold
1255.950
1256.950
Silver
19.010
19.060
Platinum
1568.000
1573.000
Palladium
476.000
481.000
Bullish
Stock
AirTran Holdings
Inc
Coca-Cola Co.
Exact Sciences
Corporation
Last
TP
5.11
8.48
50.26
4.83
1.80
6.70
Bearish
Stock
The St. Joe Company
Bovie Medical
Corp
CME Group Inc
TP
22.87
40.00
3.00
N/A
297.2
352.00
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
Kuwait
6,625.10
0.64
Oman
6,179.97
1.13
Saudi Arabia
6,352.89
0.11
Dubai
1,538.98
2.58
Qatar
7,082.91
1.07
Regional Business Headlines
UAE May CPI at 1-yr peak y/y, keeps falling on month
Inflation in the United Arab Emirates hit a one-year high of 0.88 percent on an annual basis in May but edged down slightly on the month on lower housing costs. The OPEC member saw months of deflation over the past year but analysts expected prices in the world's third largest oil exporter to rise
slightly in 2010 helped by economic recovery. Consumer prices started to rise again in March to reach 0.79 percent year-on-year in April, after three
months of declines.
Jordan's economy grows in Q1, up 2.03 yr/yr 2010
Jordan's economy grew 2.03 percent in Q1 2010 from a year earlier as the impact of the global economic downturn eased. The economy expanded 2.8
percent in 2009 as a whole, slowing from 7.8 percent growth in 2008 and its worst performance since an economic crisis in 1989 when the country was
forced to seek help from the International Monetary Fund. The government forecasts growth of 4 to 4.5 percent this year
Turkey Central Bank to hold 2 bln lira repo auction
Turkey's Central Bank will hold a one-week repo auction on Monday with a volume of 2 billion lira, bank data showed. The repo will mature on June 28.
World Business Headlines
U.S. first-quarter growth revised down to 2.7 pct
Last
CCFC Team
1.28
U.S. economic growth was slower than previously estimated in the first quarter as estimates of business and consumer spending were cut. In its final estimate, the Commerce Department said gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace it reported last month.
Although the growth pace was below market expectations for a 3 percent rate, it still marked three straight quarters of expansion as the economy digs out
of its most brutal downturn since the 1930s.
French final Q1 GDP up 0.1 pct, Q4 revised upwards
France's gross domestic product rose just 0.1 percent during the first quarter of the year, although GDP growth during the final quarter of 2009 was revised upwards. The INSEE national statistics office revised the final GDP growth figures for the fourth quarter to 0.6 percent from an earlier 0.5 percent. .
Slovenian June economic sentiment hits 20-month high
Economic sentiment in euro zone member Slovenia rose in June and reached the highest level since October 2008, mainly due to higher confidence in
retail and manufacturing. The June sentiment indicator remained in negative territory at minus 6 points, compared to minus 8 in May but was 18 percentage points higher than a year earlier. The retail confidence indicator rose 35 percentage points compared to a year ago, while the manufacturing confidence
indicator gained 24 percentage points.
10,143.81
-2.94
Nasdaq
2,223.48
-3.74
S&P50
1,076.76
-3.65
DAX
6,070.60
-2.35
CAC 40
3,519.73
-4.54
FTSE 100
5,046.47
-3.89
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.