BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0388 | Sell 18.1418
EGP / USD at CIB: Buy 18.05 | Sell 18.15
EGP / USD at NBE: Buy 17.95 | Sell 18.05
EGX30 (Wednesday): 13,633 (+0.1%)
Turnover: EGP 960 mn (40% below the 90-day average)
EGX 30 year-to-date: +10.4%
THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s session up 0.1%. CIB, the index heaviest constituent ended down 1.0%. EGX30’s top performing constituents were: Ezz Steel up 7.7%, Credit Agricole up 5.3%, and Amer Group up 2.9%. Yesterday’s worst performing stocks were: Orascom Construction down 1.9%, Juhayna down 1.3%, and Qalaa Holdings down 1.2%. The market turnover was EGP 960 mn, and regional investors were the sole net sellers.
Foreigners: Net Long | EGP +33.4 mn
Regional: Net Short | EGP -38.9 mn
Domestic: Net Long | EGP +5.5 mn
Retail: 60.8% of total trades | 60.5% of buyers | 61.1% of sellers
Institutions: 39.2% of total trades | 39.5% of buyers | 38.9% of sellers
Foreign: 24.0% of total | 25.7% of buyers | 22.2% of sellers
Regional: 11.8% of total | 9.8% of buyers | 13.9% of sellers
Domestic: 64.2% of total | 64.5% of buyers | 63.9% of sellers
***
PHAROS VIEW
Bridging the Fiscal Gap: Pharos Holdings expect the overall budget deficit to exceed the budget target, closing at 10.1% of GDP in FY2017-18. However, Pharos also forecasts a primary budget deficit of 0.4% of GDP versus the draft budget projected primary surplus of 0.3% of GDP in FY2017-18, due to expected overspending on subsidies to the tune of EGP 56.7 bn. On the revenue side, an anticipated pickup in the economic activity should drive up tax revenues, but the fruit of tax reform measures will likely take longer than expected to harvest. You can check out the full report on the FY2017-18 budget here.
***
WTI: USD 45.89 (+0.37%)
Brent: USD 48.19 (-3.85%)
Natural Gas (Nymex, futures prices) USD 3.02 MMBtu, (-0.03%, July 2017 contract)
Gold: USD 1,288.70 / troy ounce (-0.37%)
TASI: 6,946.42 (+0.19%) (YTD: -3.66%)
ADX: 4,454.14 (-0.14%) (YTD: -2.03%)
DFM: 3,406.01 (+2.52%) (YTD: -3.54%)
KSE Weighted Index: 400.42 (-0.55%) (YTD: +5.35%)
QE: 8,965.01 (-1.04%) (YTD: -14.10%)
MSM: 5,377.17 (-0.64%) (YTD: -7.01%)
BB: 1,320.77 (-0.34%) (YTD: +8.22%)