Back to the complete issue
Monday, 11 December 2017

The Market Yesterday

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

EGP / USD CBE market average: Buy 17.7591 | Sell 17.8579
EGP / USD at CIB: Buy 17.75 | Sell 17.85
EGP / USD at NBE: Buy 17.69 | Sell 17.79

EGX30 (Sunday): 14,414 (+0.8%)
Turnover: EGP 735 mn (29% below the 90-day average)
EGX 30 year-to-date: +16.8%

THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session up 0.8%. CIB, the index heaviest constituent closed up 0.7%. EGX30’s top performing constituents were Emaar Misr up 4.8%; Egyptian Resorts up 3.3%; and Domty up 3.3%. Thursday’s worst performing stocks were Telecom Egypt down 1.3%; Oriental Weavers down 0.5%; and EFG Hermes down 0.3%. The market turnover was EGP 735 mn, and local investors were the sole net sellers.

Foreigners: Net Long | EGP +121.9 mn
Regional: Net Long | EGP +359.9 mn
Domestic: Net Short | EGP -481.8 mn

Retail: 56.1% of total trades | 44.8% of buyers | 67.4% of sellers
Institutions: 43.9% of total trades | 55.2% of buyers | 32.6% of sellers

Foreign: 25.9% of total | 28.5% of buyers | 23.2% of sellers
Regional: 10.5% of total | 18.4% of buyers | 2.7% of sellers
Domestic: 63.6% of total | 53.1% of buyers | 74.1% of sellers

***
PHAROS VIEW

Egypt 2018 Macro Update — An Economic Transformation in Action: As we draw closer to 2018, Pharos Holdings gives its forecasts for Egypt’s macroeconomic growth over the next three years. Pharos expects real GDP growth to accelerate to 4.7% in FY2017-18 and to 6.1% in FY2019-20. Inflation rate is projected to decelerate to 16.6% y-o-y in FY2018-19 and 13.3% in FY2019-20 on the current tight monetary policy. The budget deficit will decline to 10.0% of GDP in FY2017-18 and 8.0% of GDP by FY2019-20 on the back of the fiscal reform measures and the resulting pickup in economic activity.The nominal FX exchange rate will stabilize in the current fiscal year at EGP 17.5 per USD, depreciating slightly to EGP18.6 in FY2018-19. You can catch the full report here (pdf).

***

WTI: USD 57.36 (+1.18%)
Brent: USD 63.40 (+1.93%)
Natural Gas (Nymex, futures prices) USD 2.77 MMBtu, (+0.33%, January 2018 contract)
Gold: USD 1,248.4 / troy ounce (-0.38%)

TASI: 7,144.74 (+0.84%) (YTD: -0.91%)
ADX: 4,294.87 (+0.42%) (YTD: -5.53%)
DFM: 3,395.39 (+0.06%) (YTD: -3.84%)
KSE Weighted Index: 393.2 (-0.16%) (YTD: +3.45%)
QE: 7,827.71 (+0.7%) (YTD: -25.0%)
MSM: 5,062.61 (-0.07%) (YTD: -12.45%)
BB: 1,265.44 (-0.15%) (YTD: +3.69%)

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.