Wednesday, 25 March 2015

Gas producers get pay hike. Finance Ministry to give early sneak peak at 2015-16 budget. Will KSA intervene militarily in Yemen? El-Sisi talks investment in Ethiopia. NTRA may consider Nour’s ISP alliance anti-competitive. Power outages continue.

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WHAT WE’RE TRACKING TODAY

President Abdelfattah El Sisi is set to address the Ethiopian parliament today.

WHAT WE’RE TRACKING THIS WEEK

In an act of transparency without precedent in the last decade and a half, the Finance Ministry will hold a press conference on Thursday to discuss the state budget for FY 2015-16, Al-Masry Al-Youm reports.

Misr Fertilizers Production Co (MOPCO) is likely to secure approval to list on the EGX by the end of the week, according to the chairman of the bourse Dr. Mohamed Omran. (Read in Arabic)

WHAT WE’RE TRACKING THIS MONTH

The Arab League Summit will meet from 28-29 March in Sharm El Sheikh. On the agenda will be Egypt’s motion to form a joint Arab military force.

The 18th COMESA Summit began on 19 March in Addis Ababa and will run until the end of the month, closing out with the Heads of State Summit on Tuesday, 31 March. The program for this month’s meetings may be found on the Summit’s official website here.

LAST NIGHT’S TALK SHOWS

Amr Adeeb and co-host Khaled Abu Bakr debated whether Saudi Arabia would ask for Egyptian intervention in Yemen, with Abu Bakr urging caution. Later in the program, Adeeb and Abu Bakr hosted former goalkeeper-turned-sports-broadcaster Ahmed Shobeir to discuss the Air Force stadium tragedy in which dozens of fans died in a stampede, as well as how such tragedies can be prevented in the future. Shobeir stated that football clubs need to step and up and start assuming some responsibility, but that the main problem, as Shobeir often notes on his own programs, is that of the Ultras. He noted that Spanish football clubs have outlawed ultras after repeated violent incidents.

Lamees El Hadidy on CBC Egypt hosted Secretary-General of the Arab League Nabil Elaraby. Iran was a major point of discussion, as the Secretary General noted that the entire region is following Iran’s aggressive behavior with concern, including the country’s support for the Houthi rebels in Yemen. Elaraby noted that the West’s silence on Iran’s expansion in the region is “disturbing.”

Earlier in the program, Foreign Minister Sameh Shoukry called in to the program to discuss the tripartite agreement signed between Egypt, Sudan and Ethiopia regarding Nile water governance and Ethiopia’s Renaissance Dam. Shoukry noted that Egypt’s diplomatic position has been strengthened.

El Hadidy also had an exchange that at times was heated in a call-in with Sameh el Sayed, spokesman for the State Litigation Authority regarding the Authority insisting on the enforcement of a previous decision to close Al Jazeera Mubasher Misr. El Hadidy pointed out that the channel had already ceased operations, and that the ultimately whether Egypt ruled on the channel’s future operations was further immaterial given that any potential future resurrection of the channel was ultimately a Qatari decision that Egypt cannot affect given that the channel is broadcast via satellite. This back-and-forth continued for about 15 minutes, with El Hadidy failing to be convinced with any further pursuit of the matter by the Authority.

Youssef El Hosseiny on ONTV hosted Electricity and Renewable Energy Minister Mohamed Shaker. The minister stated that while power cuts will continue into the summer, they should not be as severe as last summer’s cuts thanks to an ongoing plan to strengthen the network which should conclude by May. A part of these efforts, both for the short-term and beyond this summer will include the widespread use of LED bulbs as well as the expansion of solar energy capacity. He also added that there will be a gradual shift over the next five years to a more advanced form of electric meters for residences which should help close the collections gap.

SPEED ROUND

Government boosting gas prices for foreign producers: Our note yesterday morning that the government had raised prices paid to DEA to USD 3.50 per mmBtu (from USD 2.50 per) was by news that BG would receive USD 3.95 per mmBtu for natural gas production from new projects in Egypt, up from the current rate of USD 2.65 per mmBtu. With the seal broken, it’s clear the Oil Ministry is moving ahead with what industry players have long said is its only choice: increasing the price it pays IPOs for domestic gas as the cost of encouraging them to hike E&P spending now that EGPC is starting to make good on arrears owed to the sector. Dana Gas is also angling for better pricing, and Reuters mentions in passing that both Edison and BP have both received new pricing. A story in The National has good background and industry color — while it contains nothing new for anyone working in the industry, including updated natural gas reserve figures, a suggestion of infrastructure costs, and the notion that one operator is looking for north of USD 6 per mmBtu because “it’s similar to having an abscessed tooth versus a gum inflammation. It’s just a matter of pain and these new prices are just a little less painful.”

Saudi Arabia building up military near Yemen border -U.S. officials: Saudi Arabia is moving heavy military equipment including artillery to areas near its border with Yemen, U.S. officials said in exclusive remarks to Reuters on Tuesday, raising the specter of more armed conflict in the region. “The Saudis are just really deeply concerned about what they see as an Iranian stronghold in a failed state along their border,” U.S. Ambassador to Yemen Matthew Tueller told Reuters on Monday. (Read)

In possibly related news, Yemen is asking the U.N. to back military action by ‘willing countries,’according to a letter from President Abd-Rabbu Mansour Hadi seen by Reuters. “All our efforts for peaceful settlement have encountered [complete] rejection by the Houthis who continue their aggression to subdue the rest of the regions out of their control,” Hadi wrote. “There are military convoys destined to attack Aden and the rest of the south.” (Read)

Did you miss an EEDC talk? They’re finally online, in one place. Richard Attias & Associates, one of the WPP agencies contracted to run the event, has at last uploaded videos of major panels and speeches in the original language as well as dubs. Still no sign of the simultaneous industry-specific sessions, though, with the exception of one on power. Scroll past the first two videos of Paul Kagame and watch to your heart’s content. Highlights:

Ten would-be acquirers take out Dina Farm info memo: As many as 10 potential suitors have reportedly requested information memoranda for Dina Farms, a subsidiary of Qalaa Holdings, among them Almarai, Savola, and several unnamed Saudi Arabian investment funds. Due diligence is ongoing, says Al-Borsa, with offers expected in mid-April. Qalaa Holdings announced earlier this year its intention to divest Dina Farms (the largest dairy farm in Africa, by many counts) and Rashidi Al Mizan (the iconic maker of halawa and tahina), but will reportedly not be selling Dina Farms-branded supermarkets. EFG Hermes and Matouk Bassiouny are advising on the transactions, the newspaper says.

Intermittent power outages will continue heading into the peak summer season due to ongoing maintenance and a continued shortage of fuel, Al-Borsa says as it gears-up for daily reports on where the blackouts are likely to strike next. Meanwhile, Al-Mal reports on consumer outrage in Alexandria over spiraling electricity and gas bills as price hikes are passed on despite both power outages and it being low season for consumer consumption.

CCBA confirms garbage removal in Cairo will resume today: The private-sector contractor responsible for cleaning the streets in the metro Cairo area (excluding Giza governorate) will resume operations today after a two-week furlough due to “internal strife” involving unspecified employee grievances, Cairo Cleaning and Beautification Authority Chairman Hafez Said said yesterday.

Head of Museums at Antiquities Ministry arrested on corruption charges: Ahmed Sharaf was arrested on Monday night after allegedly accepting a bribe from a contractor working on the UAE-funded project to restore the Museum of Islamic Art, which was heavily damaged in a car bomb attack on the neighboring Cairo Security Directorate in 2014. Ahram Online has more.

Ezz Steel shares slide after three research houses cut FV estimates: Shares of the high-profile steel manufacturer slid 4.8% yesterday after three research houses cut their fair value estimates in quick succession: Pharos last Thursday, EFG Hermes on Monday and CI Capital on Tuesday.

“Too big to fail” is not a phrase we like to see used in reference to Egypt post-2008 (c.f.: Sorkin, Andrew Ross), but CNN’s John Defterios nevertheless writes a nice little love letter to Egypt post the EEDC, where he ran the ‘Gateway and Hub” panel (video here, English, running time: 48:17). Why he chose to publish “Egypt’s days of economic inaction are over“ with Gulf News, though, will forever remain a mystery.

Strangling the automotive industry? The CBE’s restrictions on cash deposits aren’t just are hammering automobile assemblers and distributors alike, the head of the Automotive Marketing Information Council tells the Daily News Egypt. The piece, haltingly written as it is, nevertheless underscores the very real challenge auto companies are having in sourcing their FX needs from the banks.

Speaking of the domestic auto assembly industry, a far bigger threat than the discomfort of defaulting on short-term obligations on FX availability remains the unfair competitive advantage afforded European, Turkish and Moroccan CBU imports over domestically assembled vehicles. We’re still looking for signs of government action on the question and note again remarks by GB Auto CEO and founder Raouf Ghabbour in the company’s earnings release earlier this month: “I must sound a note of caution not just for GB Auto, but for every Egyptian company that manufactures or assembles automotive vehicles in this country. The exceptional advantage given to offshore assemblers under the European, Turkish and Moroccan partnership agreements is placing the entire domestic industry under tremendous, unprecedented pressure — and threatens hundreds of thousands of skilled manufacturing jobs in our sector and feeder industries alike. I am confident the government will hear our calls for action to protect jobs at home while simultaneously being fair to our trade partners.”

AfDB funding to back energy reforms, social security net, job training: In a Q&A released by its external comms department, the African Development Bank makes no mention of up to USD 3 bn in funding for Egypt — a story that has made the rounds this week — but does outline the AfDB’s three priorities in Egypt coming out of the EEDC. They include supporting “(a) the energy mix vision of GoE and promoting renewable energy through PPPs; (b) social inclusion through conditional cash transfer programs and other social safety nets for the poor and vulnerable groups; (c) skills development and job creation to take stock of the contracts signed with the private sector during the EEDC and identify the skills profile needed.”

First Heinz, now Kraft? Brazilian private equity outfit 3G, which together with Warren Buffett two years ago acquired condiment maker Heinz in a USD 23 bn transaction, is now going after Kraft, the iconic maker of “Kraft Dinner” and Oscar Mayer lunch meats. Reuters speculates the notoriously brash and cost-conscious 3G will look to merge Heinz with Kraft if it’s successful in the USD 40 bn buyout. The FT and WSJ have good takes, with the latter also running a piece on Kraft’s campaign to slap a healthy-for-kids food label on a junk cheese product it makes.

‘THE FAMOUS OF EGYPT:’ You’ve seen them on the street in Zamalek, Maadi and Heliopolis on weekends: groups of young men with expensive digital SLR cameras, unique hair styles, and heavy patterned sweaters. What began with lower-middle income kids competing to accumulate Facebook and Instagram likes has now become “a thing” — to the point the Guardian has taken notice in this photo essay.

EGYPT IN THE NEWS

The lead story on Egypt in the foreign press this morning is the signing of the tripartite Principles Agreement between Egypt, Sudan and Ethiopia with regard to Ethiopia’s Renaissance Dam, with coverage in the Wall Street Journal being fairly typical: “Egypt, Sudan and Ethiopia took a step Monday to defuse tensions around Ethiopia’s construction of a massive dam on the Blue Nile, which has threatened to upset the geopolitical balance in the region over how to share water from the River Nile.”

The second lead story, in what is a supremely-satisfying and rare moment of justice, is news of the dismissal of former spokesperson for the Forensics Authority Hisham Abdel Hamid for remarks made on a television program hosted by Ahmed Moussa. Abdel Hamid had claimed that activist Shaimaa el-Sabbagh had died of birdshot because she wasn’t fat enough, but that it was the 31-year old’s “time,” [to die]. Abdel Hamid was notified of his dismissal in a letter from the Authority which stated that he was being let go for giving an unauthorized interview.

His remarks caused widespread outrage internationally and domestically, excluding Hezb al Tante. News of Abdel Hamid’s dismissal has been picked up by AP, AFP, The New York Times, and Arab News, among others. The only person in the world who seems saddened by Abdel Hamid’s dismissal is he-who-must-not-be-named.

***
A MESSAGE FROM PHAROS HOLDING: In an unprecedented move to boost investor confidence and the expectations of anchor creditors and donors, the Ministry of Finance published highlights of the FY16 budget three months ahead of the close of FY15. Highlights include an expected real GDP growth of 5% to USD 333 bn and a budget deficit of around 9.5-10% of GDP or EGP 253.3 to EGP 266.7 bn, at par with FY15’s EGP 256 bn. During the period between late 2010 and 2014, banks have been almost fully geared towards financing government requirements where the ratio of EGP T-bills and bonds to total assets at commercial banks jumped from 34.4% at the end 2010 to 45.9% by the end of 2014. Pharos Holding views that the stability in cash deficits in FY16, on the back of the ongoing fiscal consolidation measures and the windfall from lower oil prices, suggests that the percent of deposits channeled to treasuries at the banking sector has reached its cyclical peak. (Continue readinghere)
***

SPOTLIGHT: El-Sisi talks concrete agreements, investment with Ethiopia

President Abdelfattah El-Sisi met with Ethiopia’s political and business leadership in Addis Ababa on Tuesday, according to a series of statements issued by Ittihadiya overnight. During separate meetings with Ethiopian President Mulatu Teshome and Prime Minister Hailemariam Desalegn, El-Sisi repeatedly stated that Egypt, Ethiopia and Sudan need to work together to translate the tripartite declaration on GERD and Nile water use into enforceable, “sustainable” agreements. The talks came as the European Union’s equivalent of a foreign affairs office issued a statement on Tuesday praising the declaration, noting that it “marks an important political initiative for the management of the Nile Waters” and pledging EU support. (Read)

El Sisi and Desalegn then met with a group of Egyptian and Ethiopian businessmen, with the main points of the meeting as outlined by an emailed statement by Ittihadiya as follows:

Desalegn said that Egypt and Ethiopia should pursue agreements with an aim to avoid double taxation and promote and protect investments
The Ethiopian PM highlighted energy and infrastructure as potential areas for further cooperation
El Sisi noted the potential for exporting Ethiopian agricultural products from the logistics centers currently being established in Egypt.
El Sisi stressed the need to upgrade transportation routes between Egypt and Ethiopia to expand trade and reduce product prices, including meat products.

There were two notable announcements by Egyptian companies with regard to future operations in Ethiopia:

Egyptian delegation looks to establish industrial park in Ethiopia: The president of the Ethiopian-Egyptian business council announced that prominent Egyptian businessman Ahmed El Sewedy has submitted a request to establish a USD 150 mn industrial park in Ethiopia. The Egyptian business delegation currently in Addis Ababa is looking to establish a 2 mn square meter industrial park containing 150 factories. Upon completion, the industrial park should employ over 50,000 workers, according to the source. (Read in Arabic)

Qalaa Holdings: USD 45 mn investment to develop mines in Western Ethiopia: Qalaa Holdings Co-Founder and Managing director Hisham El-Khazindar said mining subsidiary ASCOM has invested some USD 30 mn in the development of gold mines located in the western region of Ethiopia. El-Khazindar added that the company plans to invest an additional USD 15 mn in the promising project. The managing director concluded by stating that the gold reserves in the region amount to 2 mn ounces, according to Al-Borsa.

WORTH WATCHING

As we’d noted yesterday, CNN’s Christiane Amanpour’s interview with Tunisian president Beji Caid Essebsi on the country’s recent terror attack is now available online. President Essebsi told Amanpour that Tunisia will remain committed to its democratic ideals in the face of Islamist militancy. (Watch, running time: 8:58)

The sudden, magical explosion of gluten-intolerant sufferers around the world leaves the rest of us wondering:How to become gluten-intolerant (Watch, running time: 6:17)

DIPLOMACY

A tripartite summit with Egypt, Qatar, and Saudi Arabia in Sharm El Sheikh is currently being prepared, sources from the three countries told Al Shorouk. A source said that the summit will not seek a full reconciliation between Egypt and Qatar, but rather just a de-escalation of the tensions between Cairo and Doha.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Siemens assessing three sites to implement power stations projects
Al Borsa | 24 March 2015
Siemens is currently conducting technical assessments for three sites to hold power stations, following the company’s offer to increase the country’s proposal to generate 13.2 GW of electricity. Siemens’ offer includes a power station in Beni Suef with a capacity of 4.4 GW. Two other stations with a similar capacity are proposed; one near the Capital Cairo and the other in Kafr El Sheikh. (Read in Arabic)

EGP 110 mn paid to connect renewable energy projects to the electricity grid
Al Mal | 24 March 2015
A source at the Egyptian Electricity Transport Company said four companies have finalized deals to link their renewable energy power projects to the national electricity grid. Scatec, FAS Energy, Philadelphia, and OCI paid a total of EGP 110 mn to connect 200 MW to the grid. The EETC said the contracts are for four 500 MW solar energy projects. (Read in Arabic)

The Nile Capital-Ideema Sun consortium negotiating USD 80 mn loan for solar power station
Al Borsa | 24 March 2015
The Nile Capital and Ideema Sun consortium began talks to secure financing USD 80 mn for the construction of its proposed 50 MW solar power station. The consortium is in talks with the IFC as well as local financiers including NBE, CIB, and Banque Misr. The consortium is forming a new company in order to be able to obtain licenses and expects it to be set by mid-April. The company will have a capital of EGP 500 mn. (Read in Arabic)

Smart Grid Solutions negotiating EGP 200 mn loan for solar power station
Al Borsa | 24 March 2015
Smart Grid Solutions is negotiating an EGP 200 mn loan to finance the construction of a 20 MW solar power station. The company is seeking financing for 70% of the station’s cost and is currently in talks with NBE, Banque Misr, and Banque du Caire. Smart Grid Solutions already acquired a 50-feddan plot of land and finalizing the necessary paperwork for the project. (Read in Arabic)

OIL & GAS

BP’s USD 12 bn agreement was amended three times –Source
Al Mal | 23 March 2015
The much-touted USD 12 bn agreement signed with BP was amended three times and has been in the works since Mubarak’s era, a government source told Al Mal. At the start, the agreement was going to be worth USD 9 bn, which was increased to USD 11 bn after the 25 January revolution before the most recent increase. The source said BP agreed to bear all of the operational costs and risks to have the government buy its production at USD 3.5-4 per mmBtu. (Read in Arabic)

MANUFACTURING

Federation of Arab Industries hopes to create joint Arab investment fund
Al Borsa | 24 March 2015
A representative from the Committee for Arab Cooperation, a division of the Federation of Egyptian industries, has called on President El Sisi to establish a USD 500 mn investment fund for companies operating in the manufacturing sector. The fund would be used to assist financially troubled companies or those interested in expanding their activities. The fund would be financed by Arab businessmen and Federations of Industry. The fund’s financing of any project would entail equity participation, according to the source. (Read in Arabic)

TELECOMS & ICT

Forming an ISP alliance is an antitrust violation –NTRA
Amwal Al Ghad | 24 March 2015
Following news about Noor Internet’s plans to form an alliance with other internet service providers, an anonymous source at the NTRA warned that this step would constitute an antitrust violation. The source added that the NTRA is yet to receive any official proposition to form an alliance. Problems with TE Data increased when other ISPs’ clients had service disruptions when TE Data was replacing cable infrastructure. (Read in Arabic)

BANKING & FINANCE

NBE assessing EGP 600 mn in loans for hotel development
Al Mal | 24 March 2015
NBE said it is assessing loaning out EGP 600 mn to hotel developers in Sharm El Sheikh, directed toward three five-star hotels. The bank is also considering extending financing to other hotel development projects in the North Coast and Hurghada as it notes a marked improvement in the tourism sector. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

B-Tech to increase capital, investments
Al Shorouk | 24 March 2015
White goods retailer B-Tech is planning a capital increase to EGP 250 mn from EGP 100 mn, according to the company’s head. He also expressed plans to increase investments to EGP 1.8 bn from EGP 1.5 bn. B-Tech will sign an agreement to form a strategic partnership with Hisense. (Read in Arabic)

18 projects for Assiut secured at EEDC
Al Masry Al Youm | 24 March 2015
United Bank president Mohamed Ashmawi said that Assiut province gained 18 projects from the Economic Development Conference, including: 18,040 feddan of agricultural land, the establishment of 8 companies, customs storage area and an a tourist port. Ashmawi added that Assiut is the “economic hub of Northern Egypt” and that it “features relative advantages that make it capable of successfully implementing the state’s reform programs in Northern Egypt”. (Read in Arabic)

40% investment return in agricultural recycling, Minister of Environmental Affairs says
Al Mal | 24 March 2015
Minister of Environmental Affairs Khaled Fahmy said that 1375 agricultural recycling centers between Kafr Al-Sheikh, Al Sharqiyah, Al Gharbiyah and Al Munifyah provinces, resulted in 40% investment returns. According to Fahmy, recycling projects aim to provide 21,000 job opportunities and USD 1.8 bn in investments. (Read in Arabic)

Ministry of Water Resources and Irrigation monitors Nile River violations
Al Shorouk | 24 March 2015
The Ministry of Water Resources and Irrigation said that 2287 out 50,000 violations on the Nile River have been documented in light of the recent “Save the Nile” campaign. In a statement, the Ministry stated: “In the past 24 hours, 53 violations have been documented in Cairo, Al Gharbiyah, Kafr Al-Sheikh, Al Beheira, Al-Dekehleya, Sohag and Aswan.” In a statement, Minister of Water Resources and Irrigation Hossam Maghazi said: “The Ministry is cracking down on all violations on the Nile River and adjacent waterways.” (Read in Arabic)

Ceramica Cleopatra subsidiary to list on EGX
Al Borsa | 24 March 2015
Mohamed Abou El-Enein, chairman of the Ceramica Cleopatra Group, announced his intention to list one of the group’s subsidiary companies on the Egyptian stock exchange. On an unrelated note, Abou El-Enein also called on Arab governments to cooperate with one another at the upcoming Arab Summit in Sharm El Sheikh in order to find solutions to the problems facing the region, such as terrorism. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Mahlab meets up with ministers to resolve inter-governmental financial disputes
Al Shorouk | 24 March 2015
PM Mahlab led a meeting with the ministers of trade, planning, supplies, electricity, finance, investment, as well as the CBE governor to resolve the financial disputes between government branches. The problem includes a large amount of money owed between government entities, and a report presented to the PM labelled it as one of the reasons slowing the economy down. (Read in Arabic)

Tax exemptions for businesses in free zones will not be renewed –source
Al Shorouk | 24 March 2015
A source told Al Shorouk that the Ministry of Finance will not renew the tax exemptions for businesses operating in free zones. The government has supported those business enough, the source said, and it is training to concentrate all operations in a small set of areas. The new tax rate of 22.5% will be applied once the current exemption expire. (Read in Arabic)

AFD offers to finance developing a tram line in Alexandria
Al Mal | 24 March 2015
The French Development Agency (AFD) offered EUR 300 mn to finance the development of the Raml tram line in Alexandria, according to a transport ministry source. The offer came at the EEDC, the source said, and the AFD has already pumped EUR 500,000 to assess the line’s development. (Read in Arabic)

REGIONAL

Sultan Qaboos back in Oman, in “complete health”
Reuters | 23 March 2015
Oman’s Sultan Qaboos returned home and is reportedly in “complete health” following successful treatment in Germany. Reuters reports that the a statement from the Omani royal court said the Sultan “returned to the soil of the … nation this evening, blessed by God’s favor with complete health and wellbeing after His Majesty’s completion of a program of medical treatment in the German Federation, in which total success was registered in his results.” (Read)

ON YOUR WAY OUT

Olympic Electric officially changed its name to Electrolux Egypt following the Swedish manufacturer’s acquisition of Olympic. (Read in Arabic)

U.S. Senator says military members on ISIS ‘kill list’ need help ‘immediately’ (The Hill)

Two Egyptian soldiers, policeman killed in North Sinai attacks (Ahram Online)

A 46-year old Islamist detainee named Khaled Saeed has died in a Beni Suef prison after allegedly being refused medical treatment, according to the Egyptian Coordination for Rights and Freedoms as reported by Daily News Egypt. Saeed had a number of health complications stemming from Hepatitis C.

Daesh claimed a suicide bombing in Benghazi, Libya that killed seven people at an army checkpoint in the Libyan city which prompted air strikes by the Libyan armed forces, as reported by Reuters. In a separate incident also in Benghazi, a rocket hit a residential building, killing a 17-year old girl and another person, medics said, although no one has of yet claimed responsibility for the attack. Meanwhile, the Coptic Church in Egypt has called on Egyptians still in Libya to return home to Egypt for their own safety, according to a statement carried by Aswat Masriya and as reported by Ahram Online.

BY THE NUMBERS

USD CBE auction (last sale Monday, 23 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 24 March): 7.65 (unchanged since Monday, 23 March)

EGX30 (Tuesday): 9,367.54 (-0.07%)
Turnover: EGP 437.8 mn (31% below the 90-day average)

WTI: USD 47.48 (-0.06%)
Brent: USD 55.15 (+0.07%)

TASI: 9,331.2 (+0.1%)
ADX: 4,390.7 (+0.2%)
DFM: 3,512.9 (+0.3%)
KSE Weighted Index: 436.4 (-0.2%)
QE: 11,673.5 (+1.3%)
MSM: 6,282.5 (+1.2%)