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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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.