September 2003
Middle East & Africa Financial Alert;9/15/2003, Vol. 3 Issue 1, p1
Industry Profile
Industry Overview
The article focuses on economic conditions in Middle East and Africa. Regarding Cote d'Ivoire debts, hopes for improved International Monetary Fund relations are supporting Brady bonds, but political risks are to the downside. The postponement of electricity privatization reinforces dull view of the sovereign's eurobonds in Lebanon. The recent surge in Nigerian stocks looks like an unsustainable bubble, given a growing banking sector crisis. The Casablanca bourse was due a correction after the pace of the recent rally, but given strong economic fundamentals, the six-month uptrend at 3,630 points should provide good support in Morocco. A more realistic 2004 budget draft raises the probability of fresh rate cuts, but political risks the shekel towards support at ILS4.5900 against the U.S. dollar in Israel.


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