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USD CBE auction (Tuesday, 25 Oct): 8.78 (unchanged since 16 March 2016)
USD parallel market (Wednesday, 26 Oct): 16.40 (from 16.10 on Tuesday morning, 24 Oct, Al Borsa)

EGX30 (Wednesday): 8,257.21 (-0.05%)
Turnover: EGP 476.05 mn (29% above the 90-day average)
EGX 30 year-to-date: +17.85%

Foreigners: Net short | EGP -43.7 mn
Regional: Net short | EGP -16.9 mn
Domestic: Net long | EGP +60.6 mn

Retail: 55.7% of total trades | 55.8% of buyers | 55.6% of sellers
Institutions: 44.3% of total trades | 44.2% of buyers | 44.4% of sellers

Foreign: 15.6% of total | 11.7% of buyers | 19.5% of sellers
Regional: 13.1% of total | 11.6% of buyers | 14.6% of sellers
Domestic: 71.3% of total | 76.7% of buyers | 65.9% of sellers

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PHAROS VIEW

Devaluation in the Driver’s Seat

Stocks that have risen YTD are mostly devaluation beneficiaries, whose sources of FX outweigh their FX costs; or whose revenues and costs are FX based, due to foreign operations / export orientation / import parity pricing. Failure to determine the point of stability for the exchange rate will create support for share price performance of that group. Pharos believes that with the market now losing steam, investors should seize rebounds to partially offload their positions, outlining six factors that Pharos Head of Research Radwa Swaify believes will cap market performance beyond the upper boundary of the 7,900 to 8,500 range. The note also outlines “Names we continue to like despite the rally and names that have not rallied, but which we want to flag” — as well as the “laggards” of 2016 who look set to become next year’s stars. Tap or click here to read the full note.

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WTI: USD 49.19 (+0.02%)
Brent: USD 50.01 (+0.06%)
Natural Gas (Nymex, futures prices) USD 2.74 MMBtu, (+0.37%, November 2016 contract)
Gold: USD 1,267.00 / troy ounce (+0.03%)<br
TASI: 5,885.0 (0.0%) (YTD: -14.9%)
ADX: 4,265.8 (0.0%) (YTD: -1.0%)
DFM: 3,304.2 (-1.0%) (YTD: +4.9%)
KSE Weighted Index: 359.4 (+1.2%) (YTD: -5.8%)
QE: 10,362.7 (-0.4%) (YTD: -0.6%)
MSM: 5,513.7 (-0.2%) (YTD: +2.0%)
BB: 1,144.9 (+0.1%) (YTD: -5.8%)