NEWS

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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...

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Positive Sentiment Awaiting Validation

February 2nd, 2017 – Improving clarity on FX supply and demand dynamics should steadily encourage foreign investors to leverage lucrative interest differential – Slower private consumption and investment growth in the short term to be largely offset by an improved net import position – Budget deficit likely to remain stretched on higher USD-based expenses and elevated debt service...

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HC Research MPC meeting expectations

November 15th, 2016 – The Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) exceptionally hiked its rates by 300bps with the exchange rate liberalization decision on 3 November 2016. Along with the hike, several monetary tightening tools have been introduced, including some banks offering 18 months certificates of deposits with up to 20% interest and...