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EGYPT’S ANNUAL CORE INFLATION EDGED UP TO 8.83% Y-O-Y IN AUGUST FROM 8.54% IN JULY

September 12th, 2018 – Egypt’s annual urban consumer inflation accelerated to 14.2% in August from 13.5% in the previous month, with monthly prices decelerating to 1.8% from 2.4% in July, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). Annual core inflation edged up to 8.83% y-o-y in August from...

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HC SECURITIES & INVESTMENT ADVISED MINAPHARM PHARMACEUTICALS ON THE ACQUISITION OF AN ADDITIONAL 15.76% OF ITS SUBSIDIARY MINAPHARM PROBIOGEN

August 28th, 2018 – HC Securities & Investment has successfully acted as the exclusive financial advisor to Minapharm Pharmaceuticals and Chemical Industries S.A.E. (MIPH.CA) (www.minapharm.com) on the acquisition of an additional 15.76% of the share capital of its subsidiary Minapharm ProBioGen S.A.E., a company specialized in the R&D and manufacturing of biopharmaceuticals, in a transaction...

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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,...