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EGP / USD CBE market average: Buy 17.8493 | Sell 17.9478

EGP / USD at CIB: Buy 17.86 | Sell 17.96

EGP / USD at NBE: Buy 17.82 | Sell 17.92

EGX30 (Wednesday): 13,690 (0.0%)
Turnover: EGP 917 mn (33% below the 90-day average)
EGX 30 year-to-date: +10.9%

THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s session almost flat. CIB, the index heaviest constituent ended up 0.2%. EGX30’s top performing constituents were: Amer Group up 6.1%, Porto Group up 5.7%, and Credit Agricole up 2.8%. Yesterday’s worst performing stocks were: Domty down 3.1%, Juhayna down 2.9%, and Oriental Weavers down 1.8%. The market turnover was EGP 917 mn, and local investors were the sole net sellers.

Foreigners: Net Long | EGP +9.1 mn
Regional: Net Long | EGP +39.8 mn
Domestic: Net Short | EGP -48.9 mn

Retail: 69.2% of total trades | 68.7% of buyers | 69.7% of sellers
Institutions: 30.8% of total trades | 31.3% of buyers | 30.3% of sellers

Foreign: 14.5% of total | 15.0% of buyers | 14.1% of sellers
Regional: 11.2% of total | 13.4% of buyers | 9.0% of sellers
Domestic: 74.3% of total | 71.6% of buyers | 76.9% of sellers

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PHAROS VIEW

The Exchange Rate Questions — The Impact of Sterilization, Reasons for Appreciation, and Outlook: In its latest report, Pharos Holdings studies the classification of the EGP exchange rate regime as flexible by looking at the monthly fluctuations of the exchange rate and the volatility of FX reserves. Pharos notes that the exchange rate shifted from a flexible regime in FY2002-03, then reverted to a de facto managed exchange rate, before turning into a flexible exchange rate in FY2016-17. The report looks at questions on the limit of the EGP depreciation, its recent appreciate, and the CBE’s sterilization of hot monetary inflows, and concludes that Egypt has indeed shifted to a flexible regime since the CBE free floated the EGP on 3 November, 2016. Tap here for the full report (pdf).

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WTI: USD 45.29 (-0.44%)
Brent: USD 47.56 (-0.38%)

Natural Gas (Nymex, futures prices) USD 3.00 MMBtu, (+0.64%, August 2017 contract)
Gold: USD 1,218.10 / troy ounce (-0.08%)

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