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Tuesday, 6 September 2016

BY THE NUMBERS

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

USD CBE auction (Tuesday, 30 Aug): 8.78 (unchanged since Wednesday, 16 March)
USD parallel market (Monday, 05 Sep): 12.75 (from 12.80 on Sunday, 04 Sep)

EGX30 (Monday): 8,270.8 (+0.4%)
Turnover: EGP 447.5 mn (3% above the 90-day average)
EGX 30 year-to-date: +18.1%

THE MARKET ON MONDAY: The EGX closed up 0.4%, with the top gainers of the day being Orascom Construction, Cairo Oils and Soap, MNHD and index heavyweight CIB. The worst-performing stocks of the day were Porto Group, Eastern Company and Egypt Kuwait Holding. Market turnover stood at EGP 447.5 mn with foreign investors the sole net buyers of the day.

Foreigners: Net Long | EGP +61.6 mn
Regional: Net Short | EGP -18.9 mn
Domestic: Net Short | EGP -42.7 mn

Retail: 62.8% of total trades | 61.8% of buyers | 63.8% of sellers
Institutions: 37.2% of total trades | 38.2% of buyers | 36.2% of sellers

Foreign: 15.4% of total | 22.3% of buyers | 8.5% of sellers
Regional: 9.3% of total | 7.2% of buyers | 11.5% of sellers
Domestic: 75.3% of total | 70.5% of buyers | 80.0% of sellers

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PHAROS VIEW

Cement sector: The oversupply apocalypse

Our outlook for the cement industry is underpinned by the new capacities that are expected to come on stream by 2019/2020. Furthermore, current players are unable to access regional markets with exports, due to the buildup of excess supply in the region, in addition to low commodity prices, sluggish economic conditions, and political instability in key export markets. With the current buildup of FX scarcity and overshooting of the EGP/USD exchange rate, operating costs are on the rise, and financing cost is also mounting for players who have foreign currency denominated debt. Tap here to read the full research report.

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WTI: USD 45.02 (+1.31%)
Brent: USD 47.63 (+1.71%)
Natural Gas (Nymex, futures prices) USD 2.76 MMBtu, (-1.22%, Oct 2016 contract)
Gold: USD 1,330.20 / troy ounce (+0.26%)<br
TASI: 6,204.1 (+1.7%) (YTD: -10.2%)
ADX: 4,512.0 (+0.9%) (YTD: +4.8%)
DFM: 3,546.2 (+0.3%) (YTD: +12.5%)
KSE Weighted Index: 345.9 (0.0%) (YTD: -9.4%)
QE: 10,839.7 (-0.1%) (YTD: +3.9%)
MSM: 5,748.6 (+0.4%) (YTD: +6.3%)
BB: 1,135.3 (-0.5%) (YTD: -6.6%)

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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