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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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) 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 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.