The Market Yesterday
EGP / USD CBE market average: Buy 17.63 | Sell 17.73
EGP / USD at CIB: Buy 17.63 | Sell 17.73
EGP / USD at NBE: Buy 17.64 | Sell 17.74
EGX30 (Tuesday): 13,195 (+1.4%)
Turnover: EGP 706 mn (20% below the 90-day average)
EGX 30 year-to-date: +6.9%
THE MARKET ON TUESDAY: The EGX30 closed Tuesday’s session up 1.4%. CIB, the index heaviest constituent closed up 1.4%. EGX30’s top performing constituents were: Qalaa Holdings up 4.3%; Amer Group up 3.5%; and Emaar Misr up 2.9%. Today’s worst performing stocks were: Oriental Weavers down 0.9%; Egyptian Financial and Industrial down 0.2%; and Eastern Co closed flat. The market turnover was EGP 706 mn, and regional investors were the sole net sellers.
Foreigners: Net Long | EGP +7.2 mn
Regional: Net Short | EGP -12.8 mn
Domestic: Net Long | EGP +5.6 mn
Retail: 62.5% of total trades | 57.7% of buyers | 67.3% of sellers
Institutions: 37.5% of total trades | 42.3% of buyers | 32.7% of sellers
Foreign: 22.1% of total | 22.6% of buyers | 21.6% of sellers
Regional: 11.6% of total | 10.7% of buyers | 12.5% of sellers
Domestic: 66.3% of total | 66.7% of buyers | 65.9% of sellers
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PHAROS VIEW
Monéscope 2Q2017 — An Emerging Gradual Economic Recovery: In its latest report, Pharos Holding takes us through some of the metrics and signs that our economy is improving. Real GDP growth rate rose to 4.9% in 4QFY2016-17 from 4.3% in 3QFY2016-17 in no small measure as a result of the EGP float. This improvement is expected to continue to 1Q2017-18 on the back of interest in the energy sector and improved tourism receipts. The unemployment rate stabilized at 11.98% in 4Q2016-17, while aggregate system deposits expanded by 6.1% in 2Q2017. Meanwhile, net Interest income jumped from 4.0% as of 4Q2016 to record 4.6% as of 1Q2017. On the flipside, the EGX underperformed, with small cap companies being the best performers. You can view the full reports here (pdf).
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