UPDATE: Egypt’s business digest July 10: EGX ends high Sunday, gains 11.3 billion EGP; Yields rise at Egypt’s Sunday T-bill auction
Egyptian stock market in Cairo - REUTERS/Asmaa Waguih
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CAIRO: No more browsing from site to site, view the top business news stories on July 10 here:

 

Yields rise at Egypt’s Sunday T-bill auction – Reuters

(Reuters) – Yields on Egypt’s three-month, six-month, nine-month and one- year treasury bills rose at Sunday’s auction, data from the central bank showed.

The average yield on Egypt’s 91-day bill rose to 14.093 percent from 13.974 percent at the last sale on July 3 and the yield on the 273-day bill rose to 15.320 percent from 15.115 percent at a similar auction a week ago.

The average yield on the 182-day bill also rose to 15.110 percent from 14.917 percent at the last sale on June 29 and the yield on the 364-day bill rose to 15.370 percent from 15.185 percent at a similar auction.

This comes after Egypt’s central bank raised its key interest rates by 100 basis points last month to their highest levels in years, in a move economists said was intended to rein in surging inflation and ease downward pressure on the Egyptian pound.

 

EGX ends high Sunday, gains 11.3 billion EGP

The Egyptian exchange indices finished Sunday trading in collective gain, powered by Egyptians and Arabs purchases, while foreigners’ trading were mostly sale, Youm7 reported.

The EGX market capitalisation won 11.3 billion EGP during Sunday transaction sessions to reach 401.851 billion EGP.

 

USD exchange rate at black market reaches 11.05 for sale

The dollar exchange rate against the Egyptian Pound has increased by 5 piasters at the black market recording 11.05 EGP for sale and 10.98 for purchase.

 

Egypt’s annual urban consumer price inflation reaches 14 % in June: CAPMAS

Egypt’s urban consumer inflation jumped to 14 percent in June up from 12.3 percent in May, Youm7 quoted the Central Agency for Public Mobilization and Statistics (CAPMAS) report on Sunday.

Food demand normally spikes during the Muslim holy month of Ramadan because of heavy consumption following the dawn to dusk fasting period. Ramadan this year began on June 6, according to the report.
EGX to move between 6,900 and 7,400 points this week: expert

The Egyptian Exchange (EGX) is expected to move between 7,050 and 7,300 points during this trading week, financial analyst Mohamed Deshnawy.

The benchmark index will not exceed the previous level “unless unexpected external motives occur in the European markets or CBE makes a decision to reduce the exchange rate,” said Deshnawy.

On Monday and before the Eid al Fitr holiday started, EGX closed at 7,182.8 points with a 2.88% increase.
CBE to issue treasury bills worth 20.2 b EGP

The Central Bank of Egypt (CBE) announced it would issue treasury bills worth 20.2 billion EGP (about $2.26 b) on behalf of the Ministry of Finance on Sunday, Youm7 reported.

CBE noted that the first offering will be 4.7 billion EGP for the 91-day bills, 4.7 b EGP for 182-day bills, 5.5 billion EGP for 364-day bills and 5.2 b EGP for 273-day bills.

Egypt’s budget deficit is expected to reach 322 billion EGP by the end of the current fiscal year ending in 30 June, 2017.

 

Natural gas delivery to reach 293K housing units in Giza by June 2018: petroleum ministry

The Petroleum Ministry announced in a statement it aims to deliver natural gas to over 293,000 housing units in Giza governorate by June 2018, Youm7 reported Sunday.

The ministry said that it has already connected 1.4 million housing units across the country with natural gas until May 2016.

The Egyptian Holding Company for Natural Gas “EGAS” aims to deliver natural gas to over 231,000 housing units in Qalioubya governorate by June 2018, according to the statement.

 

Investment minister in China to prepare for G20 summit

Investment Minister Dalia Khorshid will head the Egyptian business delegation’s meetings with Chinese counterparts on Monday and Wednesday to prepare for the G20 Hangzhou summit, scheduled for September, Youm7 reported.

The delegations will review recent developments in transport, power, renewable energy and housing agreements signed between the two countries during the last two years. The Egyptian delegation will also meet the heads of more than 15 companies to discuss investment opportunities in Egypt.

During the visit, Khourshid will also meet with vice chairperson of the National Development and Reform Commission (NDRC) Liu He.

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