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EGP / USD CBE market average: Buy 17.62 | Sell 17.72
EGP / USD at CIB: Buy 17.61 | Sell 17.71
EGP / USD at NBE: Buy 17.63 | Sell 17.73

EGX30 (Sunday): 13,607 (-0.6%)
Turnover: EGP 719 mn (17% below the 90-day average)
EGX 30 year-to-date: +10.2%

THE MARKET ON SUNDAY: The EGX ended Sunday’s session down 0.6%. CIB, the index heaviest constituent ended down 0.7%. EGX30’s top performing constituents were: Abu Dhabi Islamic Bank up 7.0%; Arab Cotton Ginning up 3.2%; and Kima up 2.4%. Yesterday’s worst performing stocks were: Amer Group down 2.9%; Egyptian Resorts down 2.4%; and Porto Group down 2.2%. The market turnover was EGP 719 mn, and local investors were the sole net sellers.

Foreigners: Net Long | EGP +13.1 mn
Regional: Net Long | EGP +29.1 mn
Domestic: Net Short | EGP -42.2 mn

Retail: 81.5% of total trades | 82.8% of buyers | 80.1% of sellers
Institutions: 18.5% of total trades | 17.2% of buyers | 19.9% of sellers

Foreign: 7.4% of total | 8.3% of buyers | 6.5% of sellers
Regional: 8.2% of total | 10.2% of buyers | 6.2% of sellers
Domestic: 84.4% of total | 81.4% of buyers | 87.3% of sellers

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PHAROS VIEW

The central bank’s Monetary Policy Committee may slash key interest rates by 50 bps at its upcoming meeting on 30 September, Pharos Research suggest in their latest report. “This is mainly supported by the favorable aforementioned inflation outlook, in addition to waning demand-side pressure risks.” What further supports this view is the uptick in real absorption growth rate in the first quarter of FY2017-18 and the improvement in GDP growth for FY2016-17. Tap or click here to view the full report (pdf).

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WTI: USD 50.66 (+0.22%)
Brent: USD 56.86 (+0.76%)
Natural Gas (Nymex, futures prices) USD 2.96 MMBtu (+0.44%, October 2017 contract)
Gold: USD 1,297.50 / troy ounce (+0.21%)

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ADX: 4,440.25 (-0.33%) (YTD: -2.33%)
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QE: 8,395.52 (+0.42%) (YTD: -19.56%)
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