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HC EXPECTS The MPC TO KEEP INTEREST RATES UNCHANGED

August 12th, 2018 – HC Expects Local Drivers of Price Inflation Will Stabilize in 4Q18 & MPC to Keep Interest Rates Unchanged   HC Securities & Investment assured that July’s headline inflation figure came in higher than our expectation of 1.5% on high monthly food and beverage inflation of 2.1% (compared with 1.7% in June),...

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EGYPT’S ANNUAL URBAN INFLATION DECELERATED TO 13.5% IN JULY FROM 14.4% IN JUNE

August 9th, 2018 Egypt’s annual urban inflation decelerated to 13.5% in July from 14.4% in the previous month, while monthly prices increased 2.4% compared with a 3.5% increase in June, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). (Bloomberg, Reuters) HC’s comment: The monthly inflation figure came higher than...

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FITCH RATINGS HAS AFFIRMED EGYPT’S LONG-TERM FOREIGN-CURRENCY AND LOCAL-CURRENCY ISSUER DEFAULT RATINGS (IDRS) AT ‘B’ WITH A POSITIVE OUTLOOK

August 7th, 2018 Fitch Ratings has affirmed Egypt’s long-term foreign-currency and local-currency issuer default ratings (IDRs) at ‘B’ with a positive outlook, it said in a statement. The ratings agency forecasts Egypt’s GDP growth at 5.5% in FY18/19 and FY19/20 and sees average inflation to drop to 11.6% in 2019, down from 13% in 2018....

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EGYPT’S PASSENGER CAR SALES ROSE C70% Y-O-Y TO 11,593 CARS IN JUNE

July 30th, 2018 Egypt’s passenger car sales rose c70% y-o-y to 11,593 cars in June compared to a c55% y-o-y increase to 10,994 cars in the previous month, according to a report by the Automotive Marketing Information Council (AMIC). Bus sales also rose c15% y-o-y to 1,314 buses, according to the report. (AMIC) HC’s comment:...

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EGYPT REPORTED A BALANCE OF PAYMENTS (BOP) SURPLUS OF USD5.4BN

July 2nd, 2018 – Egypt reported a balance of payments (BOP) surplus of USD5.4bn in 3Q17/18, up from a surplus USD4.1bn a year earlier and USD0.5bn in the previous quarter, data posted by the CBE showed. (CBE) HC’s Comment: Egypt’s capital and financial account registered net inflows of USD8.6bn, up from USD7.0bn in 3Q16/17. This...

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DAIRY SECTOR : MARGIN RECOVERY IN PROCESS

June 6th, 2018 – HC Brokerage raised Juhayna’s 12-month target price c36% to EGP16.1/share. For Domty, they raise our 12-month target price c29% to EGP13.9/share and therefore maintain their Overweight rating for both companies. Equity Analyst, Consumers Sector at HC Brokerage, Noha Baraka stated that, Market indicators suggest there was broad-based market slowdown in 2017...

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HC Expects Investments to Fuel Economic Growth in the Coming Fiscal Year

May 3rd,  2018 – HC Securities and Investment: Egyptian economy growing out of the vulnerability status Chief economist at HC , Sara Saada: IMF report is positive stating that Egypt’s economic outlook as “favorable,” provided a cautious easing cycle and more inclusive growth HC Securities and Investment assured that reforms are starting to bear fruit,...

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HC Expects the MPC to Cut Policy Rates by 100 bps at Its Upcoming Meeting

February 14th,  2018 – In its recent report, HC Securities & Investment believes that the MPC will likely cut policy rates by 100 bps at its upcoming meeting on Thursday 15th February referring to the strong reported external position figures and the rise of foreign holdings in local T-bills by around USD1bn since the beginning...