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Egypt lowers estimates for FY12/13 economic growth

A key economic official at the Egyptian government lowered his forecasts for economic growth rates for the fiscal year 2012-2013 amid deadly clashes that erupted three days ago. In an exclusive to Anadolu Agency, Minister of Investment Osama Saleh said today that he expects the country’s FY12/13 economic growth rate to range between 3-3.1% compared with 2.2% a year earlier. Prime Minister Hisham Qandil had stated on January 13th that the government’s economic programme would boost economic growth from 2.2% in FY11/12 to 3.5% in FY12/13 and 4.5% in FY13/14.

EGX plunges 1.7%, benchmark dives below 5600 rattled by Port Said clashes

Indices of The Egyptian Exchange (EGX) have collectively moved down in today’s early trading, hurt by the escalated violence in several governorates over the few past days. Main benchmark EGX30 shed more than 1.6%, or 94.47 points to reach 5594.76 pts; thus moving below the 5600 level. Similarly, EGX70 fell 2.12%, or 9.96 pts to 459 pts. The broader EGX100 pulled back 2.06%, or 16.48 pts to 784.15 pts. Since last Thursday, upon marking the anniversary of the January 25 Revolution, Egypt has been witnessing bloody violence that caused 9 mortalities and more than 525 casualties in clashes between security forces and protestors. In addition, a court ruling issued yesterday on the soccer killings in Port Said triggered massive unrest in Port Said, with nearly 30 persons reported to have been killed.

Ultras youth stage sit-in at bourse HQ

Mubasher learnt that Ultras youth have staged a sit-in in this morning front of the downtown headquarters of The Egyptian Exchange (EGX). EGX Chairman has previously stated that the bourse took precautionary steps for any such incidents that may halt work at the head quarters. He indicated that the bourse may operate via other locations.

Egypt’s new draft Sukuk law risks sovereign assets – experts

The new draft Islamic bonds law introduced by the Egyptian government to remove concerns raised by a prior draft law. However, experts believe that the new draft law also risks the state ownership. Finance Minister Al Sayed Al Mursi Hegazi had stated earlier this week that Sukuk would generate $10 billion revenue. The statement was aimed to boost confidence in the sovereign Sukuk that Egypt needs to attract more investments and plug the severe budget deficit.The government has stated that it would not issue Sukuk guaranteed by public assets like the Suez Canal.

Moody’s: Egypt’s rating downgrade due to future fcasts, not current situation

Dr. Omar Hasanein, President of Moody’s Middle East, confirmed that the agency’s report on Egypt’s rating downgrade by one notch to B- was not as negative as expected, as forecasts were that the downgrade would be for two notches. The rating downgrade was attributed to future expectations and not current situation, the top official added.

Adjusting the List of Companies Eligible for Specialized Activities

Due to the semiannual revision of the list of stocks eligible for Specialized Activities (Margin Trading, Short Selling and Intra-day Trading) constituents, the following shares were added and removed from the List constituents: Shares to be added to the List effective Sunday 27/1/2013 trading session : 1. Modern Company for water proofing (Bitumode) 2. Amer Group Holding 3. Arab Real Estate Investment CO.-ALICO 4. Alexandria Spinning & Weaving (SPINALEX) 5. Ismailia Development and Real Estate Co 6. Ismailia Misr Poultry 7. General Company For Land Reclamation,Development & Reconstruction 8. Ceramic & Porcelain 9. Advanced Pharmaceutical Packaging Co. (APP) 10. Medical Packaging Company 11. Al Arafa For Investment And Consultancies 12. Gharbia Islamic Housing Development 13. Egyptian Kuwaiti Holding 14. Egyptian Real Estate Group  Bearer Shares 15. Egyptians For Investment & Urban Development 16. Oriental Weavers 17. Northern Upper Egypt Development & Agricultural Production 18. Medinet Nasr Housing 19. Minapharm Pharmaceuticals - G.M.C. Group for Industrial Commercial & Financial Investments shall be added to the list after being listed in NOPL market. Shares to be removed from the List effective Sunday 24/2/2013 trading session: 1. Acrow Misr 2. Alexandria Cement 3. Alexandria Containers and goods 4. Arab Aluminum 5. Egyptian Gulf Bank 6. Delta Insurance 7. Elsewdy Electric 8. International Co For Investment & development 9. Arab Ceramics (Aracemco) 10. Cairo Pharmaceuticals 11. Cairo Investment & Real Estate Development 12. National Cement 13. Nile Cotton Ginning 14. Grand

Tax Authority chief denies rise in mobile sales tax

Mamdouh Omar, Head of Tax Authority confirmed that the sales tax on mobile phone services did not witness any rises. The top official told the press that the decision of the three mobile companies to raise the value of recharge cards is an internal one and has no relation to the tax.

EGX30 dives 0.93% in early trade

Indices of The Egyptian Exchange (EGX) have plunged in today’s early trading. Main benchmark EGX30 fell 0.93%, or 52.95 points to reach 5632.35 pts. Similarly, EGX70 went down 1.71%, or 7.82 pts to 449.75 pts. The broader EGX100 shed 1.58%, or more than 12 pts to 778.57 pts. Brokers told Mubasher earlier today that traders have concerns about possible unrest during the anniversary of the January 25 Revolution this week.

EGX indices rally in early trade; OTMT up 3.5%

Indices of The Egyptian Exchange (EGX) have advanced in today’s early trading, as main benchmark EGX30 rose 1.2%, or 72 points to reach 5733 pts. Similarly, EGX70 added 0.4%, or 1.95 pts to reach 469.8 pts. The broader EGX100 pulled ahead 0.9%, or 7.5 pts to 807.6 pts. National Housing was the best performer, jumping 4% to EGP 22.9. It was followed by OTMT that was up 3.5% to EGP 0.58, then Delta Construction 3.3% (EGP 6.17).

The Egyptian central bank pumped 5 billion pounds to resolve the crisis dollar

The Egyptian central bank pumped about $ 745 million equivalent of 5 billion pounds  in Egyptian banks during 11th foreign currency auction, through daily auction not less than $ 50 million,  ceiling $ 75 million but the mechanism didn’t stop bleeding Egyptian pound its decline against the dollar more than 8%.  The first week of implement new policy of  Dr. Farouk EL Oqda , which transfer through it international experiences in offering daily auction to provide dollar for banks in the local market, during decline in the country's foreign reserves of the country, to a critical level, the central bank pumping $ 300 million through tenders daily $ 75 million at 10 o'clock in the morning every day, and during the second week decline in the volume tender daily to $ 60 million that arrived on Wednesday and Thursday to $ 50 million, Under that policy, the average daily loss of about 3 pounds pennies against the U.S. dollar.

EFSA rejects brokerage firms’ request for extra time to comply with rules

The Egyptian Financial Supervisory Authority (EFSA) turned down a request submitted by brokerage firms late last month to extend the grace period granted to make the conditions of their branches comply with rules for extra six months. EFSA Chairman Ashraf El Sharkawy told Middle East News Agency (MENA) that such a request is unjustified, as the period has already been extended twice before, but companies did not take any action in this regard.

EGX seen extending sideways movement – experts

Yasser El Masry, Vice Chairman of Arab African Securities Trading, said that The Egyptian Exchange (EGX) is moving within the range of 5600-6800 amid the current events. He added that the government’s initiative to settle disputes with investors is a positive move that reassures businessmen and encourages them to inject more investments. The expert advised traders to stop loss if the benchmark index EGX30 crosses the 5600 level downward to reach 5500. Meanwhile, he expected the measure to target 6000 points if it breaches the 5800 mark. Osama Naguib, Head of Technical Analysis at Arab Finance Securities Trading, said that the bourse will likely move sideways today. He also forecasted today’s traded volume to maintain yesterday’s level.

Companies await domestic stability to list stocks

A number of companies decided to list their shares on The Egyptian Exchange (EGX) in order to raise financing fo r their delayed investments over the coming period, pending the restoration of economic and political stability. These companies include Arabian Cement, MAS Food, Mena Touristic, Bitumode, Spintex and Egytrans. Jose Maria Magrina, CEO of Arabian Cement said that his company plans to list its shares on EGX late in 2015 or early 2016 at most. In an exclusive to Mubasher, the top official said that the listing move was delayed due to the current political and economic difficulties. He added that the cement producer is awaiting economic stability to finalize the share offering as the best means of corporate financing. MAS Food decided to delay its share offering that was scheduled for late 2011. It will reconsider the move upon restoring stability. Mena Touristic also postponed the offering of its subsidiary Mena Agricultural Projects on NILEX. Bitumode and Egytrans will list their subsidiaries on NILEX later.

Purchases of organizations promote the rise of stock.. And "EGX30" battling to overcome the 5700 points

Purchases of local and foreign organizations promoted rise of stock indexes during the trading session, amid a state of uncertainty among investors of what the outcome of the second anniversary of the January revolution.” EGX30” rise by 0.59% or 33.59 points to close at 5690.67 points near to level 5700 points.”EGX70” having recorded a limited upwards by 0.09% or 0.41 points to close at 476.31 points. “EGX100” rise by 0.26%, or 2.14 points, to close at 811.63 points.

Egypt to see higher GDP, more investments - WB

In its Global Economic Prospects (GEP) report, The World Bank expected Egypt’s GDP to rise to 3.8% in FY13/14 and then to 4.7% in FY14/15. According to the report, the steps taken by Egypt towards implementing sound macro economy policies will likely lead to lower risks facing investors and higher inflows of investments in the medium term. WB also expected International Monetary Fund (IMF) approved on the $4.8 billion loan to Egypt this year to open the gate for more influx of additional financial aid, which will likely boost the country’s foreign cash reserves this year.

Gov’t maps out new economic reform program for IMF

Hani Qadri, Senior Deputy Finance Minister said that the government is currently preparing a new economic reform program that will be presented to International Monetary Fund (IMF) to secure the $4.8 billion loan. The credit facility is sought to plug the current budget deficit. Qadri denied that the government agreed with Masood Ahmed, the IMF's Middle East and Central Asia director, on the date of the upcoming visit of IMF team. He added that Egypt would not invite the team till all political powers agree on the economic program. According to the top official, the government has an ambitious plan to slash the budget deficit for the current fiscal year to 10.4-10.5%.

Stock end first session of the week with decline

Egyptian stock indexes ended trading session on Sunday on mass decline, and "EGX 30" decline by 0.92% equivalent to 53.02 points to close at 5701.49 points. "EGX 70"down by 1.79% equivalent to 8.89 points to close at 486.99 points, while "EGX 100", which includes equity components of the indices "EGX 30 and 70", by 1.22% equivalent to 10.13 points to 822.01 points.

Egypt to offer EGP4.5 bln T-bills today

The Ministry of Finance (MoF) will issue today 91 and 273-day treasury bills at a value of EGP 1 billion and EGP 3.5 billion respectively, totaling EGP 4.5 billion.

Stock exchange losses during session, EGX 30 fall 1.4

Egyptian stock indexes losses during the mid-trading session on Thursday, last week's sessions, and EGX30 fell by 1.4%, or 81.91 points, to 5785 points. Egx70 index of small and medium including 0.93% to 4.65 points to 497.75 points, down without the 500 points level.  "EGX 100" lost more than 8 points of 0.98% to 835.92 points.

Suez Canal revenue up 4% m/m in December

Suez Canal recorded a 4% rise month-on-month in its revenues during December to reach $424.6 million, compared with $407.7 million. Revenues had reached $443.7 million in December, 2011.

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