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Sunday, 9 July 2017

BY THE NUMBERS

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Pharos Holding - http://www.pharosholding.com/

EGP / USD CBE market average: Buy 17.8382 | Sell 17.9376

EGP / USD at CIB: Buy 17.86 | Sell 17.96

EGP / USD at NBE: Buy 17.82 | Sell 17.92

EGX30 (Thursday): 13,369 (+0.3%)
Turnover: EGP 975 mn (33% below the 90-day average)
EGX 30 year-to-date: +8.3%

THE MARKET ON THURSDAY: The EGX30 ended Thursday’s session up 0.3%. CIB, the index heaviest constituent ended almost flat. EGX30’s top performing constituents were: Credit Agricole up 2.8%, Ezz Steel up 2.2%, and Oriental Weavers up 1.9%. Thursday’s worst performing stocks were: Amer Group down 2.9%, Domty down 2.7%, and Juhayna down 1.8%. The market turnover was EGP 975 mn, and foreign investors were the sole net buyers.

Foreigners: Net Long | EGP +132.0 mn
Regional: Net Short | EGP -84.2 mn
Domestic: Net Short | EGP -47.8 mn

Retail: 53.4% of total trades | 48.7% of buyers | 58.1% of sellers
Institutions: 46.6% of total trades | 51.3% of buyers | 41.9% of sellers

Foreign: 21.6% of total | 28.4% of buyers | 14.8% of sellers
Regional: 22.4% of total | 18.0% of buyers | 26.7% of sellers
Domestic: 56.0% of total | 53.6% of buyers | 58.5% of sellers

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PHAROS VIEW

Another 200 bps Policy Rate Hike – May’s 200 bps Hike was not a Fully Preemptive Move: The CBE’s move to hike interest rates a full 200 bps implies that May’s 200bps was not a fully preemptive move, according to the latest Pharos report. Pharos believes that impact of the policy rate hike on the EGP exchange rate will be limited as the CBE tends to keep the hot inflows outside the system. Pharos believes that annual inflation rate to reach 14.6% in 4Q18, within the CBE’s target range. Pharos also revised its fiscal deficit forecast higher to 10.2% of GDP, while maintaining our primary deficit projection at 0.1% of GDP in FY2017-18. You can view the full report here.

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WTI: USD 44.23 (-2.83%)
Brent: USD 46.71 (-2.91%)

Natural Gas (Nymex, futures prices) USD 2.86 MMBtu, (-0.83%, August 2017 contract)
Gold: USD 1,209.70 / troy ounce (-1.11%)

TASI: 7,203.99 (-0.86%) (YTD: -0.09%)
ADX: 4,396.35 (-0.39%) (YTD: -3.30%)
DFM: 3,401.15 (-0.47%) (YTD: -3.67%)
KSE Weighted Index: 397.21 (-0.36%) (YTD: +4.50%)
QE: 8,922.72 (-0.08%) (YTD: -14.51%)
MSM: 5,119.52 (+0.12%) (YTD: -11.47%)
BB: 1,310.86 (-0.06%) (YTD: +7.41%)

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