BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0215 | Sell 18.1253
EGP / USD at CIB: Buy 18.05 | Sell 18.15
EGP / USD at NBE: Buy 17.95 | Sell 18.05
EGX30 (Monday): 12,648 (-2.5%)
Turnover: EGP 1.6 bn
EGX 30 year-to-date: +2.5%
THE MARKET ON MONDAY: The EGX30 ended Monday’s session down 2.5%. Yesterday, all EGX30 stocks ended in a negative territory except for Porto Group and Eastern Co. that ended the day almost flat. CIB, the index heaviest constituent ended down 1.1%. Monday’s worst performing stocks were: Cairo Oils & Soap down 8.9%, Ezz Steel down 8.9%, and Qalaa Holdings down 8.5%. The market turnover was EGP 1.6 bn, and foreign investors were the sole net buyers.
Foreigners: Net Long | EGP +399.0 mn
Regional: Net Short | EGP -47.7 mn
Domestic: Net Short | EGP -351.3 mn
Retail: 47.3% of total trades | 48.6% of buyers | 46.0% of sellers
Institutions: 52.7% of total trades | 51.4% of buyers | 54.0% of sellers
Foreign: 24.7% of total | 36.4% of buyers | 12.9% of sellers
Regional: 8.5% of total | 7.1% of buyers | 9.9% of sellers
Domestic: 66.8% of total | 56.5% of buyers | 77.2% of sellers
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PHAROS VIEW
Against All Odds, CBE Raised Policy Rates by 200 Basis Points
Following yesterday’s nominal interest rate hike, Pharos projects the annual inflation rate to reach 14.2% in FY2018-19. This is in line with the MPC’s announced target range of 10-16% by 4Q2018. However, this remains above the IMF’s projection of 10.9% and 8.1% in FY2018/19 and FY2019/20, respectively. Tap here to read the full report.
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Brent: USD 53.85 (-0.04%)
Natural Gas (Nymex, futures prices) USD 3.32 MMBtu, (-0.21%, June 2017 contract)
Gold: USD 1,262.30 / troy ounce (+0.07%)
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