The Market Yesterday
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EGP / USD CBE market average: Buy 17.7124 | Sell 17.8124
EGP / USD at CIB: Buy 17.72 | Sell 17.82
EGP / USD at NBE: Buy 17.72 | Sell 17.82
EGX30 (Sunday): 13,206 (-0.7%)
Turnover: EGP 387 mn (57% below the 90-day average)
EGX 30 year-to-date: +5.5%
THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session down 0.7%. CIB, the index heaviest constituent ended down 0.6%. EGX30’s top performing constituents were: Qalaa Holdings up 0.9%, SODIC up 0.3%, and Arab Cotton Ginning up 0.2%. Yesterday’s worst performing stocks were: ACC down 4.2%, Domty down 3.3%, and Amer Group down 3.2%. The market turnover was EGP 387 mn, and regional investors were the sole net sellers.
Foreigners: Net Long | EGP +5.9 mn
Regional: Net Short | EGP -8.4 mn
Domestic: Net Long | EGP +2.5 mn
Retail: 72.2% of total trades | 71.3% of buyers | 73.2% of sellers
Institutions: 27.8% of total trades | 28.7% of buyers | 26.8% of sellers
Foreign: 6.0% of total | 6.9% of buyers | 5.4% of sellers
Regional: 11.0% of total | 9.9% of buyers | 12.0% of sellers
Domestic: 83.0% of total | 83.2% of buyers | 82.6% of sellers
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PHAROS VIEW
When Will the CBE Start Monetary Easing? An Earlier Than Previously Expected Scenario: Pharos Holding sees the CBE starting to curb interest rates earlier than previously expected (at the end of 2017). Leading indicators suggest that the absorption growth rate is decelerating significantly in 1Q2017-18. Furthermore, inflation appears to have already peaked following the fiscal reforms in July, with an expectation that inflation rates will ease in the coming months. The inflation rate in August will be crucial to determining whether the CBE will move to ease interest rates ahead of the firm’s earlier expectations. You can view the full report here.
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WTI: USD 48.52 (+0.02%)
Brent: USD 52.63 (-0.17%)
Natural Gas (Nymex, futures prices) USD 2.90 MMBtu, (+0.35%, September 2017 contract)
Gold: USD 1,289.00 / troy ounce (-0.20%)
ADX: 4,492.63 (0.00%) (YTD: -1.18%)
DFM: 3,615.39 (+0.39%) (YTD: +2.39%)
KSE Weighted Index: 425.22 (+0.09%) (YTD: +11.87%)
QE: 9,133.93 (+0.30%) (YTD: -12.48%)
MSM: 4,913.19 (+0.49%) (YTD: -15.04%)
BB: 1,312.34 (+1.03%) (YTD: +7.53%)