Latest news with #HCsecurities
Zawya
07-07-2025
- Business
- Zawya
Egypt: HC Securities expects CBE to maintain interest rates
Arab Finance: HC Securities and Investment expects the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) to keep interest rates unchanged at its meeting on July 10 th, 2025, according to a press release. HC Securities attributed its projections to Egypt's macroeconomic developments and the geopolitical conditions. Financial analyst and economist at HC, Heba Monir, commented: 'Egypt's external position showed resilience during the turbulent regional geopolitical tensions in June.' She reflected on the FX flexibility, with the exchange rate between the USD and EGP recording EGP 49.6 by the end of June, almost unchanged compared to the previous month. Monir also mentioned that Egypt's one-year CDS declined to 301 bps from 333 bps at the beginning of the year. In June, foreign investors were net buyers in the secondary market of Egyptian treasuries by EGP 1.2 billion due to the attractive treasury yields. However, some foreign outflows caused interbank volume to surge to $800 million in mid-June due to the Israel-Iran conflict. This amount was higher than the daily average of between $150 million and $250 million. Egypt's worker remittances also surged by 77.1% year on year (YoY) during the first 10 months of fiscal year (FY) 2024/2025 to $29.4 billion, reflecting confidence in the FX liquidity in Egypt. Regarding the non-oil business, the PMI index increased to 49.5 in May from 48.5 in April, driven by the renewed growth in the manufacturing sector. 'However, we expect some inflationary pressures in July as the Egyptian Parliament approved this week some amendments to the value-added tax (VAT) Law for some businesses, including cigarettes and tobacco,' she noted. At its May 22 nd meeting, the MPC cut the benchmark overnight deposit and lending rates by 100 bps to 24% and 25%, respectively, for the second time, after it had cut policy rates by 225 bps on April 17 th. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
18-06-2025
- Business
- Zawya
Orascom Construction expected to record high profits in 2025-2029
Egypt's Orascom Construction Company is expected to record high profits over the coming five years, buoyed by project upturn in Egypt and the Gulf oil producers, an Egyptian investment research firm said on Wednesday. An increase in public and private project investment in Egypt will give a strong push to Orascom Construction, which is also targeting projects in the six-nation Gulf Cooperation Council (GCC), HC Securities and Investment said. In a report released by HC's analyst Nisreen Mamdouh, the company said:'We expect construction spending in Egypt to be strong, especially on infrastructure and projects which have nearly completed, mainly transport, water and power.' The report added:'Our outlook for private local and foreign investment in Egypt remains positive, especially in mega projects in renewable energy and industry.' The report projected an 11 percent annual growth in Orascom profits during 2025-2025 and that projects executed by the Company would reach nearly $8 billion during that period, with an average annual value of new projects of around $4.16 billion. 'We expect an acceleration in project execution, which will boost its total revenues by around 5.4 percent annually during that period,' the report said. On Tuesday, Egypt's parliament endorsed an investment plan during the 2025-2026 fiscal year, which starts on 1 July and targets public investments of around 1.16 trillion Egyptian pounds ($2.3 billion), nearly 37 percent of the total targeted investments. (Writing by Nadim Kawach; Editing by Anoop Menon)
