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Powered by NOOZZ.COM 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 Powered by NOOZZ.COM 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.