Egypt money not buying as much as it used to.
Egypt’s annual consumer price inflation hit a four-year low at 7.1 percent last month, down from 8.2 percent in September. Analysts say the rising costs of living were also a trigger for the revolution. There are way too many unknowns at the moment,” Saleem Khokhar, the head of equities at National Bank of Abu Dhabi said. “Egypt is a market that has a lot of potential but that won’t be unlocked until a year or so.”
Telecom Egypt reports their earnings tomorrow, and results will be interesting as the company was hit with a two week strike over wages. Orascom Development Holding is also set to release the quarterly results on Wednesday. The company recently lowered its guidance for the full-year margin on earnings before interest, taxes, depreciation and amortisation to between two and four percent as hotel occupancy declined.
A court case to challenge the annulment of the department store Omar Effendi by a Saudi investor resumes on Wednesday. Omar Effendi was sold to Nawal, a Saudi Arabian company, for 589.5 million Egyptian pounds in 2006. The sale, by the Mubarak government, drew great scrutiny because of the brand’s popularity.
