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Sunday, 4 December 2016

BY THE NUMBERS

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

EGP / USD CBE market average: Buy 17.68 | Sell 18.11
EGP / USD at CIB: Buy 17.5 | Sell 17.75
EGP / USD at NBE: Buy 17.55 | Sell 17.8

EGX30 (Thursday): 11,548.15 (+0.83%)
Turnover: EGP 1.782 bn (320% above the 90-day average)
EGX 30 year-to-date: +64.83%

THE MARKET ON THURSDAY: The Egyptian benchmark index rose by 0.8% on Thursday. The top performing stocks were Porto Group, Amer Group, and Cairo Oils and Soap. On the downside, Thursday’s worst performing stocks included Heliopolis Housing, Ezz Steel, and Arab Cotton Ginning. The market turnover was EGP 1.8 bn and local investors were the sole net sellers.

Foreigners: Net long | EGP +160.1 mn
Regional: Net long | EGP +2.2 mn
Domestic: Net short | EGP -162.3 mn

Retail: 72.2% of total trades | 69.3% of buyers | 75.0% of sellers
Institutions: 27.8% of total trades | 30.7% of buyers | 25.0% of sellers

Foreign: 15.1% of total | 19.5% of buyers | 10.7% of sellers
Regional: 6.3% of total | 6.4% of buyers | 6.3% of sellers
Domestic: 78.6% of total | 74.1% of buyers | 83.0% of sellers

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PHAROS VIEW

Against all odds, OPEC reaches an agreement

OPEC members have managed to strike a deal to cut their 2017 production by 1.2 mbpd following the initial agreement in Algiers at the start of the month. Oil prices have rallied c.11% following the announcement of OPEC’s first production cut in over eight years, but Pharos Holding remains skeptical with regards to compliance from OPEC members as well as non OPEC countries with production levels.

Highlight of the “Algiers Accord”:

  • OPEC to cap production at 32.5 mbpd starting January 2017
  • Saudi to bear the brunt and cut production by 500,000 bpd to 10.06 mbpd
  • Iraq agrees to cut production by 200k bpd to reach 4.35 mbpd
  • Iran, Libya and Nigeria are exempt from production cuts, yet Iran will freeze production at pre-sanction levels of 3.8 mbpd
  • Dec 9th meeting between OPEC and Non-OPEC members to discuss Non-OPEC cuts
  • Kuwait, Venezuela and Algeria to monitor compliance with production levels

Tap here to read the full note, including winners and losers in the wake of the accord.

***

WTI: USD 51.68 (+1.21%)
Brent: USD 54.46 (+0.96%)
Natural Gas (Nymex, futures prices) USD 3.46 MMBtu, (+0.55%, January 2017 contract)
Gold: USD 1,177.8 / troy ounce (+0.72%)<br
TASI: 7,093.7 (+1.3%) (YTD: +2.6%)
ADX: (Market closed)
DFM: (Market closed)
KSE Weighted Index: 369.6 (+0.7%) (YTD: -3.2%)
QE: 9,913.8 (+1.2%) (YTD: -4.9%)
MSM: 5,590.2 (+1.9%) (YTD: +3.4%)
BB: 1,177.7 (+0.3%) (YTD: -3.1%)

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