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Wednesday, 18 October 2017

The Market Yesterday

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

EGP / USD CBE market average: Buy 17.5965 | Sell 17.6965
EGP / USD at CIB: Buy 17.58 | Sell 17.68
EGP / USD at NBE: Buy 17.60 | Sell 17.70

EGX30 (Tuesday): 13,525 (0.00%)
Turnover: EGP 1.2 bn (30% above the 90-day average)
EGX 30 year-to-date: +9.6%

THE MARKET ON TUESDAY: The EGX30 closed Tuesday’s session flat. CIB, the index heaviest constituent ended down 1.3%. EGX30’s top performing constituents were: Palm Hills up 5.3%, Egyptian Iron and Steel up 4.7%, and SODIC up 4.4%. Yesterday’s worst performing stocks were: Domty down 2.4%, AMOC down 1.9%, and Orascom Telecom Media and Technology down 1.4%. The market turnover was EGP 1.2 bn, and foreign investors were the sole net sellers.

Foreigners: Net Short | EGP -49.2 mn
Regional: Net Long | EGP +0.6 mn
Domestic: Net Long | EGP +48.6 mn

Retail: 75.6% of total trades | 76.4% of buyers | 74.7% of sellers
Institutions: 24.4% of total trades | 23.6% of buyers | 25.3% of sellers

Foreign: 11.6% of total | 9.5% of buyers | 13.6% of sellers
Regional: 7.7% of total | 7.8% of buyers | 7.7% of sellers
Domestic: 80.7% of total | 82.7% of buyers | 78.7% of sellers

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PHAROS VIEW

Further Improvement in the EMPI in 3Q2017: Pharos Holding’s Exchange Market Pressure Index (EMPI), which measures foreign currency market pressure resulting from the economy’s fundamentals and speculative attacks, showed continued improvement for the second consecutive quarter. This improvement was reflected in net FX reserves which rose to USD 36.5 bn by the end of 3Q2017 from USD 28.5 bn in 1Q2017; nominal interest rate gap falling; and an appreciation of the exchange rate to EGP 17.70 to the greenback in 3Q2017 from EGP 18.20 in 1Q2017. Pharos sees EMPI improving further on the back of an improvement in Egypt’s Balance of Payments. You can read the full report here.

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WTI: USD 52.00 (+0.23%)
Brent: USD 57.88 (+0.10%)
Natural Gas (Nymex, futures prices) USD 2.93 MMBtu, (-0.98%, November 2017 contract)
Gold: USD 1,287.50 / troy ounce (+0.10%)TASI: 6,992.30 (+0.22%) (YTD: -3.03%)
ADX: 4,488.72 (-0.77%) (YTD: -1.27%)
DFM: 3,643.37 (-0.39%) (YTD: +3.19%)
KSE Weighted Index: 432.27 (+0.06%) (YTD: +13.73%)
QE: 8,229.27 (-0.85%) (YTD: -21.15%)
MSM: 5,088.71 (-0.13%) (YTD: -12.00%)
BB: 1,282.73 (+0.35%) (YTD: +5.10%)

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.