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Volume II—Issue 19
27 June - 3 July, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 30-06-2010
EGX 30 Index
8000
Close
Open
6033.09
6,308.27
High
6,308.27
5500
Low
6,028.81
5000
Prev. Close
6,307.27
%Chg
Yr. H
-4.34
7,693.46
Yr. L
6,208.34
7500
7000
6500
6000
4500
Egypt Business Headlines
Egypt to launch Commodities, Derivatives Exchange
Egypt plans to launch a commodities and financial derivatives exchange in the second half of 2011 in
cooperation with a global stock exchange, the daily Al-Ahram quoted Egypt's bourse chief as saying.
"An agreement will be signed with one of the global exchanges that has experience in commodities
and financial derivatives bourses," the paper quoted Maged Shawky as saying. "There are intensive
negotiations with one of the Asian bourses with ample experience in this field," he said, adding that
the new exchange would become a regional centre for trade in commodities and financial derivatives.
GDR/EDR Weekly Trading
Price US$
GDRs on LSE
Interest Rates
%Chg
1M
3M
6M
12M
0.347
0.533
0.750
1.171
CIB (1:1)
EFG-Hermes (1:2)
11.83
-0.58
LIBOR (USD)
11.00
0.45
SAIBOR
0.348
0.727
0.850
1.027
Lecico (1:1)
3.00
0.00
AEIBOR
1.807
2.343
2.483
2.716
U.S. agency invests $455 mln in Middle East
Palm Hills (1:5)
6.00
0.00
KIBOR
0.625
0.875
1.125
1.375
A U.S. trade promotion agency will invest up to $455 million in five private equity funds in
the Middle East and North Africa as part of President Barack Obama's push to boost ties
with the Muslim world. OPIC said it approved up to $150 million for a fund to be run by a
company owned by Kuwait Projects Co. (KIPCO), Kuwait's largest investment firm.
OCI (1:2)
39.35
-4.55
OT (1:5)
Suez Cement (1:1)
4.34
5.80
-8.43
-1.69
CAIBOR
8.603
8.847
8.992
9.288
Telecom Egypt (1:5)
14.10
-9.03
Price EGP
% Chg
15.43
-0.52
Egypt's 2010/11 growth 5.8-6 pct-Finance Ministry
Egypt's economy is likely to grow faster in the coming financial year, with growth estimated at 5.8-6.0 percent, finance minister Youssef Boutros-Ghali said on Thursday.
Egypt's OCI JV wins $750 mln Doha airport contract
A joint venture of Egypt's Orascom Construction Industries (OCI) has won a contract
worth $750 million to expand Qatar's international airport. BESIX Group will team up
with Midmac Contracting via BESIX Group's fully-owned unit Six Construct Qatar to
provide all structural, mechanical and electrical works and design coordination for the airport. Six Construct Qatar's 50 percent stake is worth around $375 million, OCI said.
Exchange
Rates
Sector Indices
Egyptian Pound (EGP) per:
5.75
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
5.55
5.7
USD/EGP 02-07-2010
5.65
5.6
Construction
5.695
7.153
8.656
6.487
5.357
793.90
5.5
5.45
5.4
EDR on CASE
Orascom DH (10:1)
5.25
-2.78
Financial Serv.
2,693.88
-4.03
Global Islamic Finance Forum 2010
Venue: Kuala Lumpur
Date: 25-28 October 2010
Organiser: REDMoney Group
Money Market Statistics
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
10.442
29/06/10
10.331
29/06/10
364 day T-Bill Y
10.786
29/06/10
Overnight Interbank
8.271
27/06/10
CBE Disc Rate
8.500
02/08/09
5.35
5.3
UPCOMING EVENTS
Manufacturing
1,675.17
-1.69
Services
Global Refining Strategies Summit 2010
Venue: The Woodlands Waterway Marriott Hotel & Convention Center, Houston, Texas
Date: 26 - 27 October, 2010
Organiser: World Trade Group
55.56
-24.46
Retail/Wholesale
225.55
-2.63
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Volume II—Issue 19
27 June - 3 July, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,379.98
Commodities
Buy/Bid
Brent Crude
Sell/Ask
72.290
72.310
Gold
1,211.950
1,212.950
Silver
17.780
17.830
Platinum
1,499.000
1,504.000
Palladium
430.000
435.000
Bullish
Stock
-2.20
Kuwait
6,431.70
-2.91
Oman
6,072.37
-1.74
Saudi Arabia
6,033.91
-5.02
Dubai
1,469.98
-4.48
Qatar
6,845.81
-3.34
Regional Business Headlines
Jordan's bank deposits up 10 pct y/y to $23.5 bln
Private deposits in Jordan's banking sector were up 10 percent year-on-year at the end of May but growth in recent months has slowed sharply, central
bank data showed on Tuesday. The deposits, mostly dinar-denominated assets that exclude public funds, stood at 16.664 billion dinars ($23.5 bln) end of
May, up 2.4 percent since the end of December 2009. They stood at 15.162 billion dinars at the end of May 2009.
Iran inflation falls slightly to 9.4 pct
Iran's inflation level fell to 9.4 percent in June, from 9.9 percent in the previous month, its central bank governor said on Saturday. Mahmoud Bahmani
told state broadcaster IRIB that Iran aimed to bring inflation down to between 4 and 5 percent, but he did not give a timeframe. Any such ambition is
likely to be challenged by a phase-out of state subsidies for staples such as food and fuel which is due to begin in September.
Last
TP
Taseko Mines Ltd
3.92
N/A
Verizon Comm.
Frontline Ltd.
26.81
28.43
31.46
38.60
The consumer price index (CPI) is seen 0.01 percent lower month-on-month in June, compared with a fall of 0.36 percent in May, according to a Reuters
poll of 16 economists. The producer price index (PPI) is expected to rise 0.26 percent, after falling 1.15 percent a month earlier. In June 2009, CPI rose
0.11 percent and PPI rose 0.94 percent.
Last
TP
4.05
121.86
N/A
144.60
World Business Headlines
19.26
28.66
Bearish
Stock
Research Front.
Int’l Bus. Co.
(IBM)
eBay Inc.
(EBAY)
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World Indices
DJIA
Turkish June CPI seen flat, PPI up 0.26 pct
French debt rises to 80.3 pct of GDP at end Q1
France's public sector debt at the end of the first quarter swelled to 80.3 percent of gross domestic product, national statistics office INSEE said on
Wednesday. INSEE said public debt amounted to 1,535.5 billion Euros, up 46.5 billion Euros from the end of the fourth quarter of 2009, when total debt
stood at 78.1 percent of GDP. The figure is well in excess of the EU’s debt to GDP ratio limit of 60 percent of GDP. The French government expects its
debt level to hit 83.2 percent of GDP this year, and then to continue rising to a peak of 87.1 in 2012, before starting to fall again as of 2013.
ECB says fiscal consolidation impact on growth limited
Fiscal consolidation in Europe will have some, but not a significant, impact on growth in the short term, a European Central Bank board member said on
Saturday. The measures European countries have taken to shore up public finances will benefit growth in the long run, European Central Bank Executive
Board member Gertrude Tumpel-Gugerell told a forum in Shangahi.
Danish June Foreign Exchange reserves fall to 438.4 bln DKK
Denmark's foreign exchange reserves fell by 2.2 billion crowns ($361.3 million) in June to 438.4 billion, the central bank said on Friday. The median forecast in a Reuters survey of 5 analysts had been for a fall to 436.5 billion crowns ($71.69 billion). The bank's net purchase of foreign exchange due to intervention in the foreign exchange market amounted to 0.0 billion crowns, the National bank said in a statement.
9,686.48
-4.50
Nasdaq
1,728.34
-22.26
S&P50
1,022.58
-5.03
DAX
5,834.15
-3.89
CAC 40
3,348.37
-4.86
FTSE 100
4,838.09
-4.12
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.