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News in brief
Published in Daily News Egypt on 11 - 04 - 2010


Egyptian inflation slowed to 12.2 pct in March
Egypt s inflation rate declined for a second month in March, giving the central bank more room to keep its benchmark interest rates at a three-year low, says CAPMAS.
Urban inflation, the main rate the central bank monitors, slowed to 12.2 percent from 12.8 percent in February, according to the website of the Cairo-based Central Agency for Public Mobilization and Statistics (CAPMAS).
In the month, prices rose 0.7 percent. While we expected higher monthly inflation, the magnitude of the monthly change is lower than we expected, said Reham El-Desoki, senior economist at Cairo-based investment bank Beltone Financial. We had anticipated that the increase in transportation costs could result in a higher change in prices of food during the month.
The central bank, which meets to decide on rates every six weeks, has kept its key overnight deposit rate at 8.25 percent for the past four meetings, citing subdued inflationary pressures. It cut rates six times in 2009 to help the economy through the global financial crisis, which reduced investment and damped revenue from tourism and fees from the Suez Canal. The bank s next meeting on rates is on May 6. -GN4ME
Meanwhile Egypt s core annual inflation rose to 7.04 percent in the year to March from 6.9 percent in February, the central bank said on Sunday.
Three out of five analysts polled by Reuters forecast core annual inflation rising to an average of 7 percent in the year to March. Forecasts ranged from 6.8 percent to 7.2 percent.
Core inflation strips out subsidized goods and volatile items. -Agencies
Egypt stock market hits 18-month high, OT leads
Egypt s benchmark index scaled to its highest close since Sept. 21, 2008, pushed up by Orascom Telecom (OT) and a handful of other blue chips in strong volumes.
OT was the biggest winner on the 30-company index, surging 6.5 percent after a court ruled in its favor over Mobinil ownership. Mobinil gained 1 percent.
Orascom has gained more than 22 percent in the last six sessions, including a big rally late last week on speculation it may sell its Algerian unit Djezzy.
Investors are seeing it as a positive sign because OT does not need to sell Mobinil now, said Hashem Ghoneim from Pyramids Capital. He said the firm s recent capital increase had provided ample liquidity.
If rumors of selling the Algerian unit Djezzy are true we could see OT going to new places, he added.
Commercial International Bank, seen as one of the market s strongest stocks, closed up 3.6 percent.
The stock (CIB) is the best performer in the banking sector, Teymour El-Derini of Naeem said. A lot of people are exiting other banks in the region and taking their money to invest in this bank.
Orascom Construction Industries, Egypt s biggest listed firm, gained 3.1 percent after dipping for a number of sessions.
Traders said they expect some slight profit taking to follow Sunday s gains.
We will have minor profit taking, which may not drag the index down, said Osama Mourad of Arab Finance Brokerage.
There is so much money waiting on the sidelines. All major stocks are doing well.
Late in the session, the index was trading at 7,449 points, its highest since the US government announced a $700 billion bailout for Wall Street at the height of the financial crisis.
The index is at a very good level now. We are heading to 7,700 (points), said El-Derini. The market will continue its sweep in this strong trend but there may be a one-day session of profit taking, he added.
Orascom Construction Industries was up 3.3 percent with strong interest early in the day after a number of declining sessions.
Egyptian Resorts rose 4.4 percent after Rowad Tourism sold a roughly 5 percent stake.
Traders who asked not to be identified said the buyer was Samih Sawiris, the chairman and CEO of Orascom Development Holding (ODH).
ODH executives, contacted by Reuters, said the firm bought a stake in Egyptian Resorts last week, but declined to say how much because it had not crossed the 5 percent threshold required for disclosure. -Reuters
Palm Hills rights issue 95 pct subscribed, says paper
Egyptian developer Palm Hills Developments shareholders bought 95 percent of the shares on offer in a LE 699 million ($127 million) rights issue, a newspaper said on Sunday.
Palm Hills plans to use the issue s proceeds to speed up construction and expand into hotels and other sectors, shielding it from home sales volatility, it said.
The firm is expected to reopen the rights issue to cover the unsubscribed portion, Egyptian daily Al-Mal reported, quoting unnamed sources close to the issue.
Palm Hills executives were not immediately available for comment.
Under the rights issue, which closed on April 6, each shareholder is entitled to one share at LE 2 each for every two shares held, Palm Hills has said.
Palm Hills shares traded at LE 6.70, up 0.6 percent, at 0846 GMT. -Reuters
Egypt 182-day, 91-day T-bills average yield dips
The average yield on Egyptian 182-day Treasury bills was 10.055 percent at an auction on Sunday compared with 10.154 percent at last week s auction.
The central bank accepted bids worth LE 2 billion ($363 million), the same amount it was seeking.
It accepted bids at rates between 9.851 and 10.11 percent compared to a range of 10.3 to 10.24 percent at the previous auction. The bills are for issue on April 13 and mature on Oct. 12, 2010.
On the same day, the average yield on Egyptian 91-day Treasury bills fell a fraction to 9.604 percent at an auction compared with 9.666 percent at last week s auction.
The central bank accepted bids for bills worth LE 1 billion ($181 million), the same amount it was seeking.
It accepted bids at rates between 9.527 and 9.678 percent, compared with 9.619 and 9.779 percent at the previous auction.
The bills are for issue on April 13 and mature on July 13.-Reuters


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