Egypt’s Mohammed Morsi removes generals, and for some investors that is a buying opportunity. Emad Mostaque, of Religare Capital Markets is saying buy Egypt.
“Morsi picks up supreme power in the interim, but the army is pretty much intact in case he goes power mad (ie reluctantly accepting President for life position). Thinking market slightly up today, ideal buying opportunity as everyone … takes some time to see the risk reward balance has turned even more favourable,” writes Mostaque in this mornings’ emailed note.
His top equity picks are: Commercial International Bank, Telecom Egypt, Talaat Moustafa, Centamin Egypt, Orascom Construction Industries and Orascom Telecom
Egypt expects Qatar deposit within a week, Egyptian finance minister has said. Interesting to note in this story that the finance minister said there is a possibility Libya could help Egypt by making a deposit at the central bank.
Middle East trader FAL Oil, in talks with creditors on $700 million in debt, is on the cusp of hiring a chief restructuring officer to keep the faltering discussions on track
Talaat Moustafa, the Egyptian property developer, sells 50 % of Madinaty Malls At EGP500 million, according to Al Mal newspaper which cites a senior executive at the company.
Egypt tourist number rise 16.1% to in June to 849, 521 from 731, 601 a year earlier, but still not reaching highs of 1,029,282 in 2010 – data from government statistics agency, CAPMAS
Egypt sold 1,092 tons of cotton in past week, bringing total committed exports since September 2011 to 86,359.72 tons – data from national cotton exporter, Alcotexa