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Volume II—Issue 22
18-24 July, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 22-07-2010
EGX 30 Index
8500
7500
Close
Open
6,029.03
6,009.22
6500
High
6,030.34
5500
Low
5,911.58
4500
Prev. Close
6,049.19
%Chg
0.33
Yr. H
7,693.46
Yr. L
5,814.24
Egypt Business Headlines
Egypt’s largest listed cement company said, demand on cement rose in the first half, but
analysts say growth will slow due to higher electricity prices and a government sales tax
hike. Suez, a subsidiary of Italcementi posted consolidated first half net profit of EGP766
million ($134 million)-unchanged from last year-and consumption rose by 6.6 percent,
down from last year’s 25% jump.
Egypt deficit in year to end-June 8.3 pct of GDP
Egypt's budget deficit in the fiscal year to June 30 was 8.3 percent of gross domestic product, less than the 8.4 percent projected last year. Revenue fell to about 269 billion pounds in
2009/10 from 282.5 billion pounds in 2008/09, while expenditure increased to 367 billion
pounds from 351.5 billion pounds.
Vitol in talks to buy Shell retail in Africa
Vitol was negotiating a deal to buy equity in Royal Dutch Shell's African downstream business. Vitol was looking to acquire businesses which including 1,300 fuel retail sites in Morocco, Tunisia, Egypt, Cote d'Ivoire, Ghana and 14 other African states.
Egyptian Pound (EGP) per:
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Sector Indices
Construction
5.700
7.361
8.801
6.511
5.403
791.13
The number of mobile phone subscriptions in Egypt fell for the first time in seven months in May
after the start of a new registration system and the delay of a numbering plan. Mobinil said in April
delays in a plan to add an extra digit to all mobile numbers in Egypt had kept the regulator from
providing it new dials, the individual phone numbers operators give to subscribers. This may have
slowed the company's subscription growth and helped fuel a dip in the total number of subscribers
in Egypt, which fell by 417,000 to 58.3 million.
GDR/EDR Weekly Trading
Price US$
GDRs on LSE
Suez Cement Demand up, rising costs weigh on sector
Exchange
Rates
Egypt's mobile subscriptions fall 417,000 in May
5.8
5.7
USD/EGP 23-07-2010
5.6
5.5
5.4
5.3
5.2
-1.22
Financial Serv.
2,633.37
-0.05
Technical Analysis
Last
Support
Resistance
Recom.
9.09
EGX30
5,967
5,825
6,150
Hold
5.70
5.37
5.66
Buy
Hold
%Chg
CIB (1:1)
EFG-Hermes (1:2)
6.60
9.85
3.14
Cairo Housing
Lecico (1:1)
3.00
0.00
Samad Misr
9.00
8.85
10.00
Sewedy Cables
65.13
62.00
69.00
Hold
Rubex
12.76
12.09
13.70
Hold
Citadel Capital
6.36
6.00
6.81
Hold
Palm Hills (1:5)
4.00
-10.11
OCI (1:2)
39.99
-0.52
OT (1:5)
4.38
0.46
Suez Cement (1:1)
5.80
0.00
Telecom Egypt (1:5)
15.25
3.60
Price EGP
% Chg
15.53
-0.06
EDR on CASE
Orascom DH (10:1)
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
10.084
21/07/10
10.346
21/07/10
364 day T-Bill Y
10.837
20/07/10
Overnight Interbank
CBE Disc Rate
8.258
20/07/10
8.500
02/08/09
1,666.24
-1.22
2010 International Petroleum and Gas Marine
Congress
Venue: Tianjin
Date: 25 November - 26 December 2010
Organizer: ARA International Conference
Money Market Statistics
Manufacturing
UPCOMING EVENTS
Services
Middle East & North Africa Entertainment Content Market
Venue: Dubai
Date: 29 November - 1 December 2010
Organizer: Index Conferences & Exhibitions Organization
37.31
-5.40
Retail/Wholesale
237.53
-1.79
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Volume II—Issue 22
18-24 July, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,401.42
Commodities
Buy/Bid
Brent Crude
Sell/Ask
78.210
78.230
Gold
1,189.050
1,190.050
Silver
18.080
18.160
Platinum
1,539.450
1,549.450
Palladium
464.550
471.550
Bullish
Stock
Last
TP
RAIT Fin Trust
2.12
2,75
Teva Phar Ind
The Great Atlantic .
49.38
2.61
68.88
6.50
Last
TP
61.68
76.94
41.81
40.84
41.32
49.58
Bearish
Stock
Bucyrus International
Inc
Progress Energy Inc
Capital One Financial
Corp
Kuwait
6,582.60
1.07
Oman
6,117.25
-1.62
Saudi Arabia
6,187.39
1.10
Dubai
1,528.97
0.58
Qatar
6,951.89
-0.17
Regional Business Headlines
Jordan Jan-May budget deficit drops to $193 million
Jordan's budget deficit fell to 137 million dinars in the first five months of the year as the government maintained a freeze on non-essential capital spending. This contrasted with a 348.3 million dinars deficit for the same period last year. Total expenditure, mainly civil service pay and debt servicing, fell 8.3
percent to 2.144 billion dinars until May against 2.338 billion dinars in the same period last year.
Bahrain pushes for a Gulf stability fund-GCC
Bahrain, the smallest economy in a six-nation Gulf Arab economic bloc, is pushing for the creation of a regional stability fund to counter potential fiscal
crises. The fund should also work on bridging economic disparities among the member states of the Gulf Cooperation Council.
Israel Q1 GDP +3.4 percent versus prior estimate of +3.6 pct
Israel's economy grew at an annualized 3.4 percent in the first quarter of 2010, slower than a prior estimate of 3.6 percent due to lower export growth. The
bureau also revised fourth-quarter 2009 gross domestic product growth down to 4.4 percent from 4.5 percent. Third-quarter GDP growth remained at 3.9
percent. For all of 2010, the Bank of Israel projects growth of 3.7 percent, a touch higher than the Finance Ministry's forecast of 3.6 percent.
World Business Headlines
UK's encouraging GDP leap looks like the last
The UK is again a shocker, but this time a positive one. After six quarters of recession and two quarters of slow growth, GDP leaped in the second quarter, up by 1.1 percent on the first quarter and by 1.6 percent on a year earlier. The good news is that growth has gathered pace before the government cuts.
The second quarter story was of broadening comeback from deep recession.
U.S. debt prices fall after stress test results
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
0.67
DJIA
U.S. Treasury prices slipped as stronger economic data in Europe, together with the release of the European Union's bank stress test results, sent investors
in search of higher-yielding positions. Despite concern that the EU's tests of 91 euro zone banks were not rigorous enough, analysts reacted fairly positively to the results, which showed only seven of the banks failing the test. The benchmark 10-year note slipped one basis point, its yield unchanged at 2.94
percent.
German 2010 GDP growth may be above 2 pct
The German economy will likely grow stronger in 2010 than the government had earlier expected, with GDP seen expanding by 2 percent or more, Economy Minister Rainer Bruederle said in a magazine on Saturday. The gross domestic product figure would stand far above the government's official 2010
forecast for 1.4 percent.
10,424.62
3.24
Nasdaq
2,269.47
25.84
S&P50
1,102.66
3.55
DAX
6,166.34
2.09
CAC 40
3,607.05
3.05
FTSE 100
5,312.62
2.98
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.