Back to the complete issue
Sunday, 2 July 2017


Powered by
Pharos Holding -

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


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.


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%)

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.