EGYPT WEEKLY MARKET REVIEW 28 February-6 March, 2010 NOOZZ.COM Egypt Business Headlines

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Volume II—Issue 3
28 February-6 March, 2010
EGYPT WEEKLY MARKET REVIEW
Market Performance
Highlight of the Week
EGX 30 Index 04-03-2010
EGX 30 Index
8000
7000
6000
5000
4000
3000
2000
1000
0
Close
Open
6,783.83
6,670.71
High
6,842.57
Low
6,625.78
Prev. Close
6,719.35
%Chg
Yr. H
0.95
7,076.60
Yr. L
6,208.34
Lockheed Martin Receives $213 Million Contract for 20 New F-16s for Egypt
The U.S. government has awarded an initial $213 million to Lockheed Martin for long-lead tasks for the
production of 20 new Advanced Block 52 F-16 aircraft for Egypt. The new aircraft order includes 16 F16Cs and 4 F-16Ds, and will supplement the Egyptian Air Force's (EAF) existing fleet of F-16s and contribute to the modernization of the EAF. The final Egyptian F-16 under this contract will be delivered in
2013. Egypt was the first Arab country to purchase F-16s through a Foreign Military Sales program called
Peace Vector. The Egyptian Air Force received a total of42 F-16s in its first order in 1980 and since then
has purchased five more lots of aircraft, for a total of 240 F-16 Fighting Falcons.
GDR/EDR Weekly Trading
Technical Analysis
Egypt Business Headlines
GDRs on LSE
Price US$
%Chg
Egypt eyes Eurobond market for $1-1.5 billion
CIB (1:1)
EFG-Hermes (1:2)
11.2
-1.75
10.5
-2.14
Lecico (1:1)
3.47
0.00
Palm Hills (1:5)
7.00
Egypt aims to tap the Eurobond market for $1 billion-1.5 billion in weeks, the first such
issue since 2007, the Finance Ministry said on Friday. "The markets are favorable.
There is a huge demand from investors in London, New York and Asia, Finance Minister Youssef Boutros-Ghali told Reuters. "We plan to test the outer limits of maturities.
We are testing 20 to 30 years." Egypt has emerged from the world financial crisis relatively unscathed. The economy has been helped by banks flush with cash because of
conservative lending policies and relatively resilient tourism receipts, alongside earnings
from the Suez Canal and remittances from workers abroad.
Exchange
Rates
Sector Indices
Construction
920.26
-3.25
USD/EGP 05-03-2010
Financial Services
2,817.41
0.97
EGX30
6,783
6,568
7,250
Hold
Egyptian Tour. & Res.
2.15
2.03
2.20
Hold
Madinet Nasr Housing
31.01
30.80
34.95
Hold
-6.67
Sinai Cement
53.55
51.50
54.30
Buy
83.55
80.00
85.80
Hold
23.00
22.15
23.80
Hold
44.75
4.48
5.79
7.62
Housing & Dev. Bank
Suez Cement (1:1)
7.77
2.23
Telecom Egypt (1:5)
17.7
-1.39
Price EGP
% Chg
18.01
0.67
Money Market Statistics
5.485
7.461
8.280
6.054
5.099
Recom.
OT (1:5)
Egyptian investment bank EFG-Hermes's 2009 net profit dipped 40.9 percent to 551.8
million Egyptian pounds ($100.7 million), the firm said on Thursday. The firm said its
revenue was 1.43 billion pounds and that its income from fees and commission was 772
million pounds, a dip of 52.3 percent.
U.S Dollar
Euro
Pound Sterling
Japanese Yen
Swiss Franc
Resistance
OCI (1:2)
EDR on CASE
5.75
5.7
5.65
5.6
5.55
5.5
5.45
5.4
5.35
5.3
5.25
Support
Egypt Gas
Egypt's EFG-Hermes net profit dips 41 pct to $101 million
Egyptian Pound (EGP) per:
Last
Orascom DH (10:1)
Latest
Date
91 day T-Bill Y
182 day T-Bill Y
9.506
03/03/10
9.746
03/03/10
364 day T-Bill Y
10.431
03/03/10
Overnight Interbank
CBE Disc Rate
8.266
03/03/10
8.500
02/08/09
Manufacturing
1,844.56
-0.27
Services
UPCOMING EVENTS
Managed Services for Growth Markets 2010
Venue: Dubai
Date: 15 - 16 March 2010
Organizer: Informa
Middle East Securities Forum
Venue: Ritz Carlton, Doha, Qatar
Date: 22- 23 March 2010
Organizer: Informa
129.16
-2.35
Retail/Wholesale
259.54
-3.31
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Volume II—Issue 3
28 February-6 March, 2010
EGYPT WEEKLY MARKET REVIEW
Regional Indices
Bahrain
1,503.42
Brent Crude
Gold
Silver
Platinum
Palladium
Sell/Ask
79.540
79.560
1,134.200
1,135.200
17.330
17.380
1,574.000
1,579.000
474.000
479.000
Stock
Last
TP
4.80
5.88
23.14
17.44
40.00
16.88
Last
TP
Fifth Third Ban.
Halliburton Co.
Sirius XM Radio
0.77
Oman
6,650.44
-0.76
Saudi Arabia
6,478.58
0.19
Dubai
1,584.81
0.18
Qatar
6,729.23
-1.71
Jordan Central Bank sells 5 yr T-bonds worth $70 million
The Central Bank of Jordan said on Thursday, it sold five-year T-bonds worth 50 million dinars, with the average yield falling to 5.091 percent compared
with 5.726 percent at the previous auction last year. The CBJ had invited offers for 50 million dinars worth of treasury bonds at the auction this week. It
was oversubscribed with offers worth 107 million dinars, with accepted yields between 4.730 and 5.250 percent. The bonds, which are open to local and
foreign investors via banks, mature on March 3, 2015.
Iran inflation rises to 8.9 pct in Feb
12.73
12.82
31.88
41.08
0.94
1.12
UAE consumer prices fall 0.3 pct y/y in Jan
UAE consumer prices fell 0.32 percent on an annual basis in January, following a 0.42 percent decline in the previous month, data showed on Thursday.
On the month, prices in the Gulf oil producer edged down by 0.06 percent, after falling 0.71 percent in December, the statistics office data showed.
World Business Headlines
Bearish
Stock
7,435.5
Iran's annual inflation rate rose for a second month in February, the Central Bank said on Wednesday, in a halt of a downward trend which had brought
the rate down from nearly 30 percent in just over a year. It did not give a comparison, but the bank last month said the rate was 7.8 percent in January,
which in turn was a rise from 7.4 percent in December
Bullish
Western Ref., Inc.
Rambus, Inc.
TiVo Inc.
Kuwait
Regional Business Headlines
Commodities
Buy/Bid
-0.96
US job cuts fall in February to lowest since 2006
The number of planned layoffs at U.S. firms fell in February to the lowest level since 2006, and employers appear to have shifted away from downsizing
even though hiring may be a while off. Employers announced 42,090 planned job cuts last month, the lowest level of monthly job cuts since 37,178 were
announced in July 2006, according to the report from global outplacement consultancy Challenger, Gray & Christmas, Inc.
Danish forex reserves rise to 416 billion DKK in Feb
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Program Manager: Aliaa Bassiouny
Program Executive: Ghada El Eraqi
Research Associate: Diana George
Research Associate: Omar Ekram
For more Information regarding
CCFC Services contact us on:
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[email protected]
World Indices
DJIA
Denmark's foreign exchange reserves rose by 0.7 billion Danish crowns in February to 416.1 billion crowns ($75.61 billion), the central bank said on Tuesday. The bank did not intervene in the foreign exchange markets to stabilize the crown in February, it said in a statement. Changes in the foreign reserves
can signal that the central bank has been stabilizing the crown or indicate that the bank may change its key interest rates. European Union member but
euro zone outsider Denmark's policy of holding the crown steady against the euro means that the central bank shifts interest rates for the sole purpose of
keeping the crown around its central parity of 7.46038 per euro.
Swedish current account surplus falls in Q4
Sweden's current account surplus fell to 40.8 billion Swedish crowns ($5.7 billion) in the fourth quarter from a revised 54.0 billion the previous threemonth period, the statistics office said on Wednesday. The prior quarter's surplus was revised from an initial reading of 53.1 billion crowns.
10,529.47
1.98
Nasdaq
1,859.72
2.26
S&P50
1,135.06
2.77
DAX
5,877.36
4.98
CAC 40
3,910.42
-2.55
FTSE 100
5,599.76
4.58
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.