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EGP / USD CBE market average: Buy 17.6606 | Sell 17.7600
EGP / USD at CIB: Buy 17.66 | Sell 17.76
EGP / USD at NBE: Buy 17.65 | Sell 17.75

EGX30 (Monday): 14,220 (0.0%)
Turnover: EGP 1.5 bn (50% above the 90-day average)
EGX 30 year-to-date: +15.2%

THE MARKET ON MONDAY: The EGX30 closed Monday’s session flat. CIB, the index heaviest constituent ended down 1.4%. EGX30’s top performing constituents were Ezz Steel up 5.4%; Kima up 2.8%; and SODIC up 1.3%. Yesterday’s worst performing stocks were Porto Group down 5.4%; Egyptian Resorts down 2.1%; and Elsewedy Electric down 1.2%. The market turnover was EGP 1.5 bn, and local investors were the sole net sellers.

Foreigners: Net Short | EGP -44.5 mn
Regional: Net Long | EGP +19.3 mn
Domestic: Net Long | EGP +25.2 mn

Retail: 63.2% of total trades | 62.3% of buyers | 64.1% of sellers
Institutions: 36.8% of total trades | 37.7% of buyers | 35.9% of sellers

Foreign: 20.7% of total | 19.2% of buyers | 22.2% of sellers
Regional: 9.5% of total | 10.2% of buyers | 8.9% of sellers
Domestic: 69.8% of total | 70.6% of buyers | 68.9% of sellers

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PHAROS VIEW

Financial Conditions Index — Further Tightening in October: Pharos Holdings’ Financial Conditions Index (FCI) continued to tighten in October on higher required reserve ratio and EGP appreciation in REER terms. Furthermore, the overnight interbank spread was nearly unchanged, recording 0.24% below the mid-corridor policy interest rate in October. The slope of the yield curve recorded -3.3% in October from -4.0% in September, reflecting less tight conditions. Finally, a negative money overhang, which is another measure of excess money supply, emerged in 2QFY2017-18, reflecting the current tight monetary stance. This is a prerequisite for the inflation rate to decelerate going forward. You can catch the full report here.

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WTI: USD 58.19 (-1.29%)
Brent: USD 63.87 (+0.02%)
Natural Gas (Nymex, futures prices) USD 2.94 MMBtu, (+4.59%, December 2017 contract)
Gold: USD 1,299.2 / troy ounce (+0.57%)

TASI: 6,639.21 (+0.08%) (YTD: -3.76%)
ADX: 4,274.73 (-0.18%) (YTD: -5.97%)
DFM: 3,444.56 (-0.13%) (YTD: -2.44%)
KSE Weighted Index: 396.49 (-0.6%) (YTD: +4.31%)
QE: 7,767.7 (+0.12%) (YTD: -25.57%)
MSM: 5,108.47 (-0.05%) (YTD: -11.66%)
BB: 1,269.92 (-0.56%) (YTD: +4.05%)