The Market Yesterday
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EGP / USD CBE market average: Buy 17.6041 | Sell 17.7040
EGP / USD at CIB: Buy 17.58 | Sell 17.68
EGP / USD at NBE: Buy 17.60 | Sell 17.70
EGX30 (Monday): 14,197 (+1.2%)
Turnover: EGP 1.5 bn (59% above the 90-day average)
EGX 30 year-to-date: +15.0%
THE MARKET ON MONDAY: The EGX30 ended Monday’s session up 1.2%. CIB, the index heaviest constituent ended up 1.5%. EGX30’s top performing constituents were: Egyptian Iron & Steel up 5.2%; Elsewedy Electric up 4.5%; and Orascom Telecom Media & Technology up 3.8%. Yesterday’s worst performing stocks were: Eastern Co down 1.0%; Cairo Oils & Soap down 0.5%; and ACC down 0.2%. The market turnover was EGP 1.5 bn, and local investors were the sole net sellers.
Foreigners: Net Long | EGP +92.5 mn
Regional: Net Long | EGP +65.6 mn
Domestic: Net Short | EGP -158.1 mn
Retail: 74.5% of total trades | 73.6% of buyers | 75.3% of sellers
Institutions: 25.5% of total trades | 26.4% of buyers | 24.7% of sellers
Foreign: 11.0% of total | 14.2% of buyers | 7.8% of sellers
Regional: 9.4% of total | 11.7% of buyers | 7.2% of sellers
Domestic: 79.6% of total | 74.1% of buyers | 85.0% of sellers
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PHAROS VIEW
Financial Conditions Index — A marginal rebound in September: The Pharos Financial Conditions Index (FCI) rose slightly in September as the yield curve slope dipped further into negative territory. Real broad money supply growth stabilized in September, partly due to the annual inflation rate’s marginal deceleration to 31.6% in September from 31.9% in August. The real effective exchange rate appreciated by 2.0% in September, while the overnight interbank spread was nearly unchanged as the average daily overnight interbank interest rate recorded 0.3% below the mid-corridor policy interest rate in September. This was offset however by a decline in yields for the second consecutive month. However, the 10-year yield decline was larger than the drop in the 3-month yield. Such a pace led the slope of the yield curve to record -4.0% in September (versus -2.5% in August), reflecting a tighter liquidity. You can read the full report here (pdf).
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WTI: USD 54.11 (-0.07%)
Brent: USD 60.9 (+0.76%)
Natural Gas (Nymex, futures prices) USD 2.98 MMBtu, (+0.54%, December 2017 contract)
Gold: USD 1,276.8 / troy ounce (-0.07%)
ADX: 4,456.65 (-0.14%) (YTD: -1.97%)
DFM: 3,629.86 (-0.27%) (YTD: +2.8%)
KSE Weighted Index: 423.62 (-0.76%) (YTD: +11.45%)
QE: 8,196.54 (+0.76%) (YTD: -21.46%)
MSM: 4,982.3 (+0.32%) (YTD: -13.84%)
BB: 1,276.48 (-0.02%) (YTD: +4.59%)