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Volume II—Issue 21
11-17 July, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 15-07-2010
EGX 30 Index
8500
7500
Close
Open
6,049.19
6,080.01
6500
High
6,114.57
5500
Low
5,957.10
4500
Prev. Close
6,026.87
%Chg
Yr. H
0.37
7,693.46
Yr. L
5,814.24
Egypt June core annual inflation rises to 6.70 pct
Egypt's core annual inflation rose to 6.70 percent in the year to June from 6.69 percent in
May, the central bank said on Sunday.
Egypt customs revenue up 6.6 pct in year to June
Egyptian customs revenue rose to 15.03 billion Egyptian pounds ($2.6 billion) in the fiscal
year that ended on June 30, the daily al-Alam al-Yom said on Wednesday, citing Finance
Minister Youssef Boutros-Ghali. That would equate to a rise of 6.6 percent, as an economist with an Egyptian investment bank said the government collected duties of 14.10 billion pounds for 2008-09.
Egypt's EGPC signs $2 bln loan
State-owned Egyptian General Petroleum Corporation (EGPC) has signed a $2 billion, 58month debt financing that will be used for export finance, bankers close to the deal said.
The syndicated loan, which is one of the biggest for an Egyptian borrower, was oversubscribed and lenders were scaled back accordingly, the bankers added. J.P. Morgan and National Bank of Egypt arranged the deal, which pays a margin of 275 basis points (bps) over
LIBOR and is secured on Naptha and crude exports.
Egyptian Pound (EGP) per:
Exchange
Rates
Sector Indices
Construction
5.696
7.367
8.717
6.570
5.419
800.91
Orascom Construction Industries (OCI), Egypt's biggest listed firm by market cap, said on Wednesday it
bought Dutch storage tank owner and operator MICRO Chemie as part of an expansion into Europe.
Analysts said the purchase would complement Orascom's acquisition of the fertilizer and melamine units
of Dutch chemical group DSM last month. "The (MICRO Chemie) acquisition does not move the earnings needle, but adds pipeline control," Nomura analyst Chet Riley said in a note. Orascom, a conglomerate with interests in construction and the fertilizer industry, declined to reveal the price, but said the purchase would enable it to ship to France, Germany and the Netherlands via the Rhine river.
GDR/EDR Weekly Trading
Egypt Business Headlines
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Egypt OCI expands Europe Operations with terminal buy
-0.92
6
5.5
5
Financial Serv.
USD/EGP 16-07-2010
2,634.70
1.26
Interest Rates
Price US$
%Chg
CIB (1:1)
EFG-Hermes (1:2)
11.20
-9.96
9.55
-5.44
Lecico (1:1)
3.00
0.00
Palm Hills (1:5)
3.90
-22.00
OCI (1:2)
OT (1:5)
40.00
4.33
-0.99
-0.91
Suez Cement (1:1)
6.40
3.22
Telecom Egypt (1:5)
14.67
6.45
Price EGP
% Chg
15.54
-1.52
GDRs on LSE
EDR on CASE
Orascom DH (10:1)
1M
3M
6M
LIBOR (USD)
0.34
0.52
0.73
1.13
SAIBOR
0.35
0.73
0.85
1.03
AEIBOR
0.88
1.13
1.38
1.63
KIBOR
1.81
2.34
2.48
2.72
CAIBOR
8.60
8.85
8.99
9.29
UPCOMING EVENTS
World LNG Summit
Venue: Barcelona
Date: 29 November - 2 December 2010
Organiser: CWC
Money Market Statistics
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
10.301
14/07/10
10.433
14/07/10
364 day T-Bill Y
10.795
14/07/10
Overnight Interbank
8.270
13/07/10
CBE Disc Rate
8.500
02/08/09
Manufacturing
1,686.85
2.53
Services
12M
Financial Modelling in the Oil & Gas Industry
Venue: Copthorne Tara Hotel, Scarsdale Place, Kensington, London, UK
Date: 22-23 November 2010
Organiser: SMI Conferences
39.44
-9.35
Retail/Wholesale
241.87
8.04
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Volume II—Issue 21
11-17 July, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,392.13
Commodities
Buy/Bid
Sell/Ask
76.490
76.510
Gold
1,190.150
1,191.150
Silver
17.790
17.870
Platinum
1,509.000
1,519.000
Palladium
446.780
453.780
Brent Crude
Bullish
Stock
Bank of America Corp.
AVI Biopharma
Genworth Fin.
Last
TP
13.98
22.38
1.81
13.46
3.75
19.08
Bearish
Stock
Raptor Networks
Century Alum.
Int’l Bus. Machines Corp.
Last
TP
0.22
9.03
128.03
N/A
14.42
143.93
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
1.89
Kuwait
6,512.70
1.27
Oman
6,217.78
-0.21
Saudi Arabia
6,120.04
-1.29
Dubai
1,520.20
1.35
Qatar
6,963.53
0.77
Regional Business Headlines
Israel inflation falls to 2.4 pct in June, near three-year low
Israel's consumer price index rose 2.4 percent in June; the lowest level of inflation since October 2007 and easing from 3.0 percent inflation in May although analysts blamed the drop on technical issues. It is within an official target range of 1 to 3 percent. The index rose 0.3 percent month-on-month in
June, largely in line with forecasts and decelerating from a 0.4 percent rise in May. Easing inflation pressures, and an uncertain economic recovery,
prompted the Bank of Israel to keep its short-term lending rate at 1.5 percent in June for a third straight month.
Jordan's Jan-May trade deficit widens to $3 bln
Jordan's trade deficit widened 11.5 percent to 2.126 billion dinars ($2.99 bln) from January to May, against the same period in 2009, due to a higher bill for
imported Saudi oil, official data showed on Thursday. Imports rose 7.2 percent in January-May from a year earlier to 4.141 billion due to rises in oil prices
and consumption, data from the Department of Statistics showed.
Oman trade surplus widens to $2.73 bln in Jan-Feb
Gulf oil producer Oman's foreign trade surplus increased sevenfold to 1.051 billion rials ($2.73 billion) in the first two months of this year compared to a
year ago due to higher oil exports income, data showed on Wednesday.
World Business Headlines
NY Fed manufacturing growth slows sharply in July
A gauge of manufacturing in New York State plunged in July by much more than expected as employment worsened, the New York Federal Reserve said
in a report on Thursday. The New York Fed's "Empire State" general business conditions index fell almost 15 points to 5.08 in July from 19.57 in June.
July's reading was the lowest since December, 2009. Economists polled by Reuters had expected a July reading of 18.50. Employment gauges fell sharply.
The index for the number of employees declined to 7.94 in July from 12.35 in June.
Italy Central Bank sees GDP +1 pct in 2010, 2011
Italy's economy will expand by around 1 percent this year and post the same modest growth in 2011, raising its 2010 forecast from a 0.7 percent estimate
made in January. In its quarterly economic bulletin the Bank of Italy said the improved outlook for this year reflected a marked acceleration in world trade
which had driven the 0.4 percent rise in Italian GDP in the first quarter. Second quarter growth in the euro zone's third largest economy will rise "at a similar rate as in the first," the bulletin said.
UK Q1 productivity +1.3 pct y-o-y, highest since Q4 2007
The productivity of workers in Britain rose for a second consecutive quarter in the first three months of this year. Output per worker was 0.6 percent
higher than the fourth quarter of last year. It was 1.3 percent higher than the same quarter a year ago -- the first positive reading for two years and the highest since the fourth quarter of 2007.
10,097.90
-0.98
Nasdaq
1,803.48
-0.62
S&P50
1,064.88
-1.21
DAX
6,040.27
-0.41
CAC 40
3,500.16
-1.52
FTSE 100
5,158.85
0.50
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.