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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


The Watch - forex news

sara zaki - 2015-01-27 09:30:11
China will cut retail prices for gasoline by 365 yuan ($58) per tonne and for diesel by 350 yuan ($56) per tonne from Tuesday as world oil prices fall, the country's powerful economic planning agency said on Monday, the latest in a string of cuts that started in July 2014. The National Development and Reform Commission (NDRC) can adjust the price ceilings for fuel on a bi-weekly basis, under a pricing system in effect since March 2013 that creates a closer link to the global price of crude oil.
Amwal Al Ghad English - 2015-01-27 08:57:58
Oil gave up early gains with Brent futures slipping below $48 on Tuesday as a stronger dollar weighed, offsetting comments from producer group OPEC that prices may have found a floor. The Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out and warned of a risk of a future jump to $200 a barrel if investment in new supplies was too low. "Crude oil markets continue to consolidate near term," ANZ analysts said, adding that Brent traded in the range of $48-$50 last week and showed little direction. "OPEC's Secretary General commented yesterday that prices may have bottomed, but there was no imminent prospect of OPEC producers sitting down to discuss cutbacks until mid-year." Brent fell 20 cents to $47.96 a barrel by 0700 GMT, after climbing to $48.38 earlier. It settled down 1.3 percent on Monday. U.S. West Texas Intermediate (WTI) crude was down 17 cents at $44.98 a barrel after slipping to a session low of $44.35 on Monday, close to a near 6-year low. Oil prices turned negative after the dollar index strengthened, making the dollar-denominated commodity more expensive for holders of other currencies. Trading volumes are likely to be limited later on Tuesday as a snow storm is expected to disrupt transport in New York. Oil prices have dropped nearly 60 percent since peaking in June 2014 on ample global supplies from the U.S. shale oil boom and a decision by OPEC to keep its production quotas unchanged. Standard Chartered said OPEC's decision to keep production high was beginning to impact other producers. "Non-OPEC output is being hit hard, and we now expect the oil market to tip into supply deficit in H2," the bank said. Traders said there were other signs of a potential market pick-up. "I'm not sure if prices have bottomed out, but I can see some signs for prices to rebound," said Yusuke Seta, a commodity sales manager at Newedge Japan, referring to a rise in Brent's open interests in the past few weeks. Brent's open interest on the Intercontinental Exchange (ICE) hit 1.69 million lots in the week of Jan. 20, a record high since the data started in 2011. Open interest is the number of contracts outstanding on a futures trading platform such as ICE. However, WTI may come under pressure this week as commercial crude stockpiles likely rose nearly 4 million barrels last week, a Reuters survey showed, after posting its largest build in 14 years in the previous week. [EIA/S] The data stretched Brent's premium to WTI to over $3 a barrel last week. More»
Amwal Al Ghad English - 2015-01-25 09:23:57
Venezuela's deepening economic troubles, and in particular the weakness of the bolivar and restrictive currency controls, have hurt U.S. corporate profits for the fourth quarter of 2014 and are set to inflict further pain this year. In a likely sign of things to come from a number of companies this results reporting season, Ford Motor Co on Friday said it was taking a pre-tax charge of $800 million for its Venezuela business. It blamed Venezuelan exchange control regulations that have restricted the ability of its operations in the country to pay dividends and obligations in U.S. dollars. Ford also said that it was unable to maintain normal production in Venezuela with the availability of vehicle parts constrained. Also on Friday, diaper and tissue maker Kimberly-Clark Corp said it took a fourth-quarter charge of $462 million for its Venezuelan business. That was after it concluded that the appropriate rate at which it should be measuring its bolivar-denominated monetary assets should be a Venezuelan government floating exchange rate - currently at around 50 bolivars to the dollar - rather than a fixed official rate of 6.3 to the dollar that it had previously been using. Kimberly-Clark blamed increased uncertainty and lack of liquidity in Venezuela for the move. Venezuela President Nicolas Maduro said on Wednesday he was shaking up the complex currency controls in the socialist-run country, where dollars are sold on the black market for about 184 bolivars to the U.S. dollar instead of the country's three-tiered exchange rate system that has ranged from the 6.3 official rate to two other rates, currently at about 12 and the one at around 50. Those latter two tiers of the system would be merged, he said, though it is not immediately known at what rate that would happen. Maduro also announced that another new rate would be introduced into the system to offer dollars via private brokers to vie with the black market rate. The latest moves may catch some companies flat-footed - particularly regarding the size of the hit they may have to take to their earnings as they revalue assets at a much weaker bolivar exchange rate. "They may be surprised by the magnitude of the move but not by the direction," said Marc Chandler, global head of market strategy at Brown Brothers Harriman & Co. "But many shied away from hedging in the past because it is very expensive.” ISOLATING VENEZUELAN BUSINESS Companies often need approval from Caracas to raise prices amid soaring inflation. Sometimes that approval is delayed or the price hikes don't keep pace with a 12-month inflation rate currently at nearly 64 percent, threatening losses because of a mismatch between costs and revenue. Before the move by Maduro, some well known U.S. companies, including Procter & Gamble, General Motors, Baker Hughes Inc and Brink's had already reported financial hits related to the bolivar over the past year. “A wide swath of multinational companies with large operations in Venezuela will suffer from having to hold currency that is stuck in the country and depreciating in value," said Erik Gordon, professor of law and business at the University of Michigan. For Ford, conditions are so tough in the South American country that it also announced on Friday that it will make an accounting change that will allow it to isolate the rest of the company from its Venezuela operations. "In future periods, our financial results will not include the operating results of our Venezuelan operations," it said in a corporate filing. Bob Willens, a veteran accounting expert on Wall Street, said other companies might follow Ford's lead. "Who wouldn’t want to deconsolidate a Venezuelan subsidiary?” he asked. Cleaning and household products maker Clorox last year decided to exit Venezuela altogether. CEO Don Knauss told analysts in October that Venezuela's government was slow to approve price increases and when it did they were not as high as promised. "We saw no hope that we could create a sustaining business in that country," Knauss said during an October conference call. Overall, foreign companies have an estimated $16 billion in outstanding dividends listed on their balance sheets that they have not been able to return to headquarters, according to Caracas-based research firm Ecoanalitica. The actual value of those assets could, though, be considerably less, depending on the exchange rates. At the end of the third quarter, for example, American Airlines Group Inc, had $721 million held in the Venezuelan currency, at a weighted average exchange rate of 6.41 bolivars to the dollar. Theoretically, if the airline tried to repatriate all of that money into dollars at the current black market rate of 184 bolivars per U.S. dollar as quoted by the website dolartoday.com, it would only receive about $25 million. "For a business like American Airlines, they have a bank account full of worthless monopoly money, and the only way it is worth something is if they can get an exchange," said Russ Dallen, head of Caracas Capital Markets in Miami. "But the government doesn’t have any dollars to exchange, in size. They can’t pull out because not only will they not get the dollar at the original rate promised but the Venezuelan government said they would take the travel routes and never let them back into the country if they did.” A spokeswoman for American Airlines said the company will have guidance on its Venezuela operations with its fourth-quarter results, which are expected next week. More»
Amwal Al Ghad English - 2015-01-25 08:34:26
The Egyptian pound is expected to further weaken against the US dollar, to reach EGP 8 by the end of June, if not at a faster and more pronounced pace of depreciation, Emirates NBD said in its latest report. On Thursday, the exchange rate, announced by the Central Bank of Egypt, was EGP 7.42. Exchange rate for the dollar at the National Bank of Egypt and Banque Misr was EGP 7.43. During the past week, the value of the dollar against the Egyptian pound climbed up from EGP 7.14 to EGP 7.19, then further up to reach EGP 7.34 and to settle at EGP 7.42 on Thursday. Discussing the Egyptian economy, the report stated that the investments outside the hydrocarbon sector are anticipated to pick up. It added that “the confidence in the economy’s long-term potential is also returning”. “We expect fixed investments to be a major driver of growth this year,” the report said. The Emirates NBD bank highlighted that investment in the petroleum sector will be critical “if Egypt is to reverse its declining hydrocarbon production”. More»
Amwal Al Ghad English - 2015-01-21 09:17:06
Egypt will likely avoid the inflationary implications of a weaker currency as the pound depreciates ahead of a much anticipated investor conference in March, economists said. The Central Bank of Egypt allowed the pound to depreciate three times this week, the first such move for six months. The pound reached 7.29 per dollar on Tuesday on the official market, while the black market rate averaged 7.856 per dollar, according to two traders. Depreciation has long been feared amid concerns it could lead to an uncontrollable rise of prices across the economy, since Egypt is a net importer of goods, but analysts say that those fears are unlikely to be realised in the immediate future. Favourable circumstances, mainly the fall in oil prices globally, means that the cost of imported goods is dropping, Hany Genena, chief economist at investment bank Pharos Holding said. Oil prices have fallen to $48.99 a barrel on Tuesday for Brent on oversupply and weak demand from Europe and Asia. Egyptian households have seen their expenses grow after the government partially removed fuel subsidies in July, raising prices at the pump by up to 78 percent – leading to a hike in the general price level in the economy. Inflation spiked to 11.8 percent in October before easing to 10.13 percent in December. No official comments were announced regarding the change in policy, but analysts see it as an effort to boost foreign reserves, investments and Egypt's competitiveness in exports markets. Orthodox Economic Policy The central bank defended the pound against sharp devaluations after the 2011 popular uprising caused investors to flee and tourism revenues to tumble. This has led to the creation of a currency black market. The gap between the official and unofficial exchange rates widened more than 80 percent in 2014. London-based Capital Economics predicted that the CBE will closely manage further devaluation of the pound through 2015. "We forecast the pound to end this year at 7.50/US$ and fall to 8.00/US$ by end-2016," Jason Tuvey, Middle East economist at Capital Economics, said in a policy note yesterday. In November, central bank governor Hisham Ramez said he plans to eliminate the currency black market in less than a year. Eliminating the black market is seen as necessary step to encourage investors, especially before March's economic summit which the government banks on to attract at least $10-12 billion worth of investments. "As preparations are stepped up for March’s investor conference, by loosening their grip on the pound the Egyptian authorities may be signalling a shift towards more orthodox economic policy," Tuvey said. The CBE also cut key deposit and lending interest rates by half a percent last week to 8.75 percent and 9.75 percent respectively. Trading with Europe Letting the pound depreciate would also boost the competitiveness of Egypt's trading with the European Union, its main export destination. "Since the pound has been pegged to the US dollar, it has strengthened by almost 20% against the euro, a result of the latter’s slide against the dollar," Tuvey said. The euro reached its weakest level against the dollar since 2003 last week. It is currently traded at 1.1577 per dollar. Egyptian "policymakers may have anticipated further euro weakness ahead of an expected announcement later this week by the ECB of a full-blown quantitative easing (QE) programme," Tuvey said. Egypt’s $10.1 billion worth of exports to the EU made up 40 percent of its total exports in 2013/14, according to central bank data. Reserves Defending the currency has proved to be a costly affair for Egypt as the central bank burnt through more than $20 billion of foreign reserves doing so since 2011. Egypt's foreign reserves reached $15.3 billion at the end of 2014, from about $36 billion at the beginning of 2011. "The Egyptian authorities may have judged that the FX scarcity associated with maintaining an overvalued exchange rate was taking too heavy a toll on the economy," Tuvey said in an emailed answer to questions on Monday. More»
Amwal Al Ghad English - 2015-01-20 14:41:56
Egypt's pound weakened to 7.29 per dollar at an unscheduled central bank auction on Tuesday from 7.24 a day earlier, the third depreciation this week in a process traders say aims to gradually stamp out a thriving black market. The central bank offered 40 million dollars and sold 38.4 million at a cutoff price of 7.29 pounds per dollar, the weakest level the pound has officially been allowed to reach since Egypt introduced regular dollar auctions in December 2012. The rates at which banks are allowed to trade dollars are determined by the results of the central bank's sales, giving the bank effective control over official exchange rates. But there remains an active black market in the pound that is used by businesses and individuals and the gap between this and the official rate had been widening for months. The pound was trading at 7.88 to the dollar on the black market on Tuesday, a dealer said, slightly weaker than Monday's unofficial rate of 7.87 to the dollar. Tuesday's depreciation narrowed the gap between the official and unofficial rates by roughly four piastres, but the gulf remains significant. Expectations that the bank would devalue had grown since it announced a surprise 50-basis-point cut in benchmark interest rates last Thursday, saying that plummeting global oil prices had eased the inflation outlook. Traders and analysts expect the central bank to allow the pound to depreciate further to close the gap with the black market rate. Some said it had previously held back due to inflation concerns. The bank usually only holds dollar auctions on Sunday, Monday, Wednesday and Thursday. More»
Amwal Al Ghad English - 2015-01-19 09:45:40
Russia’s rouble crisis is posing a major threat to countries along its southern fringe, whose economies rely heavily on billions of dollars shipped home every year by their own citizens working within Russia. The 50% drop in the rouble has not only decimated the value of remittances sent home by workers from the Caucasus and central Asia, but is discouraging migrants from staying in Russia to earn a salary for themselves and their families. According to data projections by the Guardian, based on World Bank figures, nine countries that rely heavily on cash sent home from Russia for their economic buoyancy could collectively lose more than $10bn (£6.6bn) in 2015 because of the weak Russian currency. More»
Amwal Al Ghad English - 2015-01-19 08:22:31
The central bank let the Egyptian pound depreciate on the official market for the first time since July, allowing it to reach 7.19 pounds per dollar, its weakest level since auctions began in December 2012. The bank offered 40 million dollars and sold 38.5 million at a cutoff price of 7.19 pounds per dollar, weaker than previous sales' rate of 7.14 pounds, the central bank said. The move comes days after the bank surprised with a cut to its benchmark interest rates of 50 basis points. The central bank did not give a reason for the move and could not be immediately reached for comment. "We can safely describe this as a surprise," said a banker at an Egyptian lender. The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the central bank effective control over official exchange rates, though there remains an active black market in the pound. The pound was changing hands at 7.84 to the dollar in the unofficial market, one trader said, weaker than levels around 7.75 quoted on Thursday. "The depreciation could be a step by the central bank to move the rate towards the black market price," the Egyptian banker said. The bank introduced a fourth weekly dollar auction in December as part of efforts to curb the flourishing currency black market after the gap between the official and unofficial rates widened. The move has so far failed to narrow the gap substantially. More»
Amwal Al Ghad English - 2015-01-18 09:28:10
The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on early Sunday: More»
Amwal Al Ghad English - 2015-01-14 08:07:16
Unease over the global economy engulfed commodities and dented Asian equities on Wednesday, while the euro loitered near nine-year lows as investors bet the European Central Bank was just a week away from launching a new stimulus campaign. As if the plunge in oil prices is not enough of a worry for global policymakers, copper futures dived 6.2 percent to $5,499 a tonne when major chart support cracked and triggered a host of stop-loss sales. The metal is often considered a barometer of industrial demand, so the slump leant extra gravitas to news the World Bank had cut its 2015 growth forecasts blaming sluggishness in the euro zone, Japan and some major emerging economies. [TOP/CEN] "The global economy is at a disconcerting juncture," World Bank chief economist Kaushik Basu told reporters. "It is as challenging a moment as it gets for economic forecasting." That was a challenging background for equities and MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent. Australia's main index fell 0.9 percent, with mining shares taking an added blow from the drop in copper. Seeking to support growth, Japanese Prime Minister Shinzo Abe's cabinet approved a record $812 billion budget while cutting new borrowing for a third straight year. The share market seemed underwhelmed, however, and the Nikkei lost 1.2 percent. Falls in materials and energy shares had seen Wall Street end Tuesday with minor losses, and the omens were not bright for Wednesday with S&P EMINI futures down 0.3 percent. The Dow eased 0.15 percent, while the S&P 500 dipped 0.26 percent and the Nasdaq 0.07 percent. The dollar outpaced the euro on the back of upbeat U.S. economic data and after two European Central Bank (ECB) officials fuelled expectations that the bank would launch a program at its Jan. 22 policy meeting to buy government bonds. The single currency was stuck at $1.1780 after reaching a low not seen since December 2005 at $1.1753. Against the yen, the euro slumped to its lowest in over two months around 138.17. Market attention now turns to the European Court of Justice (ECJ), which is expected to provide a non-binding opinion on the legality of an ECB bond-buying program later on Wednesday. MONEY FOR NOTHING The pressure for policy action has grown intense as falling oil prices pulled consumer prices into negative territory across the euro zone last month. So far this week, Brent has lost 7 percent and U.S. crude 5 percent. On Wednesday, Brent gave up early gains and fell another 40 cents to $46.19 per barrel, while U.S. crude shed 46 cents to $45.43. The impact was clear in the UK where inflation halved to just 0.5 percent in December, the lowest in over 14 years. That only reinforced market expectations the Bank of England would not be able to hike rates until 2016 at the earliest. Likewise, investors are wagering the Federal Reserve will find it hard to start tightening in the middle of the year, as some policy members have suggested. In just the past three weeks, Fed fund futures <0#FF:> have priced out 25 basis points of hikes for this year and now see just one move to 0.5 percent by Christmas. The risk of low inflation for longer has in turn pulled down bond yields globally, with five-year debt in Germany and Japan now paying nothing at all. One side effect of plunging bond yields is to make gold more attractive as an alternative investment. Since gold does not pay a return, an opportunity cost for holding it is the yield forgone on safe-haven bonds. Now, that cost has diminished to the point where buying gold offers the same return as lending money to Germany for five years. The yellow metal was a shade softer at $1,230.00 an ounce on Wednesday after touching a three-month peak. More»