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Sunday, 2 July 2017

BY THE NUMBERS

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

EGP / USD CBE market average: Buy 18.0400 | Sell 18.1397

EGP / USD at CIB: Buy 18.05 | Sell 18.15

EGP / USD at NBE: Buy 17.95 | Sell 18.05

EGX30 (Wednesday): 13,396 (-0.2%)
Turnover: EGP 1.0 bn (37% below the 90-day average)
EGX 30 year-to-date: +8.5%

THE MARKET ON WEDNESDAY: The EGX30 ended the session on Wednesday, 28 June (last week’s only trading session) down 0.2%. The EGX30’s top performing constituents were: TMG Holding up 6.2%, Elsewedy Electric up 3.0%, and Heliopolis Housing up 2.7%. Wednesday’s worst performing stocks were: Eastern Co down 5.8%, CIB down 1.3%, and Qalaa Holdings down 1.2%. The market turnover was EGP 1.0 bn, and foreign investors were the sole net buyers.

Foreigners: Net Long | EGP +26.3 mn
Regional: Net Short | EGP -8.2 mn
Domestic: Net Short | EGP -18.1 mn

Retail: 51.7% of total trades | 47.9% of buyers | 55.6% of sellers
Institutions: 48.3% of total trades | 52.1% of buyers | 44.4% of sellers

Foreign: 26.4% of total | 27.8% of buyers | 25.1% of sellers
Regional: 4.1% of total | 3.6% of buyers | 4.5% of sellers
Domestic: 69.5% of total | 68.6% of buyers | 70.4% of sellers


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PHAROS VIEW

Fuel hikes may spur temporary inflation, but are ultimately for the greater good: The government’s decision to hike fuel prices by a 50% average may cause inflation levels to rise temporarily to c. 33% for the first quarter of FY2017-18, but will ultimately help “cure the macroeconomic imbalances in Egypt” and remedy the budget deficit, notes Pharos Research in their latest note (pdf). Inflation levels are expected to cool once the market adjusts and price levels stabilize. In the meantime, the government’s social welfare measures are expected to alleviate some of the pressure.

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WTI: USD 46.04 (+2.47%)
Brent: USD 48.77 (+2.37%)

Natural Gas (Nymex, futures prices) USD 3.04 MMBtu, (-0.23%, August 2017 contract)
Gold: USD 1,242.30 / troy ounce (-0.28%)

TASI: 7,425.72 (+1.24%) (YTD: +2.99%)
ADX: 4,425.40 (-0.55%) (YTD: -2.66%)
DFM: 3,392.00 (+0.38%) (YTD: -3.93%)
KSE Weighted Index: 399.33 (-0.70%) (YTD: +5.06%)
QE: 9,030.44 (+2.88%) (YTD: -13.47%)
MSM: 5,118.31 (-0.06%) (YTD: -11.49%)
BB: 1,310.04 (0.00%) (YTD: +7.34%)

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