Egypt index down 1.3 pct in low volumes Egypt s benchmark index dips 1.3 percent on Monday, its sixth losing session in seven, with selling pressure seen in most of the top 30 firms in low volumes. Volumes are really not significant for the dips that we are witnessing, says Sara Shadid, a trader at CIBC Brokerage. She adds that many local investors executed stop-loss trades triggered by foreign and Gulf selling. Among the few big cap gainers, Orascom Construction adds 0.5 percent and Orascom Telecom 0.8 percent. Commercial International Bank pares some early losses to end almost flat. CIB has been very strong in the last period ... it withstood a lot of the selling pressure in the last couple of weeks, Shadid says. The main index has lost 18 percent since a June 16 peak. Egypt 91-day T-bills average yield up at 10.242 pct The average yield on Egyptian 91-day treasury bills rose to 10.242 percent at an auction on Sunday, compared to 10.156 percent at the last auction on June 21. The central bank said it accepted bids for bills worth LE 500 million ($89.5 million), the same amount it was seeking. It accepted bids at rates between 10.20 and 10.263 percent, compared with 9.80 and 10.39 percent at the previous auction. The bills are for issue on July 14 and they mature on Oct. 13, 2009. -Reuters Egypt ICT sector grows 12.6 percent in first quarter The Egyptian ICT sector posted revenues of LE10.06 billion in the first quarter, down 2.62 percent from the fourth quarter but still up 12.6 percent year-on-year. Telecommunications companies contributed LE8.45 billion in the quarter, up from 7.50 billion a year ago, while the telecom sector saw its cost base increase to LE5.59 billion from LE5.36 billion last year. According to the communications ministry s quarterly bulletin, the ICT sector contributed 3.7 percent to real GDP and 0.46 percent to real GDP growth in the quarter. The country finished March with 44.6 million mobile subscribers, up from 41.3 million at the end of 2008 and 32.2 million in March 2008. Mobile penetration rose to 58.9 percent of the population from 54.8 at the end of December. The fixed-line subscriber base stood at 15.6 million, down from 15.7 million in the fourth quarter but up from 15.1 million a year ago. The number of internet subscribers increased to 13 million from 12.57 million in December and 10.9 million a year earlier, while ADSL users rose to 787,638 from 718,847 in the fourth quarter. The country s international bandwidth grew to 48 Gbps from 27 Gbps in the fourth quarter. According to the World Bank price basket methodology, the monthly cost in Egypt in the first quarter was $4.55 for a fixed line, $3.59 for mobile services and $4.45 for internet service. - Telecom HC reports growth in seven of its mutual funds The seven mutual funds managed by HC continued to achieve high growth rates and superior returns for their certificate holders, the company said in a statement. Growth rates achieved during the first six months of the year for HC s Equity funds ranged between 16.8 percent and 23 percent. HC s balanced moderate risk fund realized a semi-annual return of 9.6 percent for the same period while its Money Market Daily Fund that invests in low risk fixed income tools realized an-annualized yield of 8.5 percent. A report issued by HC on the performance of its seven funds indicated that despite the state of instability witnessed by all international stock markets over the past months, attributed to the global financial crisis, HC s, "well researched investment policy, implemented by a group of professional cadres, managed to achieve good growth in the performance of its funds evident in an increase of their certificate prices. The report, reviewing the performance of HC s seven funds until the end of June, said that the Suez Canal Bank Fund No. 1 achieved highest growth rate since the beginning of the year amounting to 23 percent. The fund s certificate price today rose to LE 286.41, while the dividends distributed since the fund s inception reached LE 20. The report added that Banque Misr Fund No. 4 (Al-Hessn), abiding by principles of Shariah achieved a growth rate of 21.5 percent since the beginning of the year, while the dividends distributed at the end of the first half of the year was LE 6. It pointed out that the certificate price today reached LE 77.73, while the dividends distributed since inception of the fund reached LE 20. As for Misr Iran Development Bank Fund No. 1, it managed to achieve a growth rate of 19.01 percent since the beginning of the year. The certificate price today rose to LE 343.39 with an LE 10 dividend distributed for the first half of the year bringing total dividends since inception to LE 120. The report reviewed Export Development Bank of Egypt Fund No.1, El-Khabir s performance which achieved a growth rate of 17.3 percent since the beginning of the year. The certificate price today amounted to LE 72.73, while the dividends distributed since the fund s inception reached LE 38, adding two free certificates. Banque Misr Fund No. 3 achieved a return of 16.8 percent since the beginning of this year. The price of the certificate today reached LE 376.69. The dividends distributed for the first half of the year amounted to LE 5 bringing the total dividends since inception of the fund to LE 75. The report indicated that the National Bank of Egypt Fund No. 3, a balanced moderate risk fund, achieved a return of 9.6 percent since the beginning of the year. The certificate price rose to LE 75.291 and dividends distributed during the first half of this year was LE 2.75 bringing the total dividends since inception to LE 25.5. Misr Iran Development Bank Fund No. 2 (Money Market) achieved an annualized yield since the beginning of the year amounting to 8.5 percent. Dividends during the first half of this year reached LE 42.18 bringing the total dividends since inception to LE 333.713. All the fund s profits above its par value have been distributed bringing back the certificate price to its original LE 1,000. - AME Info Egypt offers 2-year bonds worth 3 bln Eg pounds Egypt s Finance Ministry has reopened an issue of 2-year bonds maturing in 2011 with an offering worth LE3 billion ($536.9 million), the central bank said on Monday. The central bank, acting on behalf of the finance ministry, will auction the bonds on July 20 and settlement will be a day later. The bonds will mature on July 7, 2011. The first tranche of the bonds, worth LE500 million, was issued on July 7, 2009. The bonds mature on July 7, 2011. The bonds carry a coupon of 10.6 percent. -Reuters
