The Market Yesterday
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EGP / USD CBE market average: Buy 17.85 | Sell 17.95
EGP / USD at CIB: Buy 17.85 | Sell 17.95
EGP / USD at NBE: Buy 17.78 | Sell 17.88
EGX30 (Sunday): 15,304 (-0.7%)
Turnover: EGP 383 mn (59% below the 90-day average)
EGX 30 year-to-date: +1.9%
THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session down 0.7%. CIB, the index heaviest constituent ended down 0.2%. EGX30’s top performing constituents were Emaar Misr up 2.0%, Heliopolis Housing up 1.9%, and ACC up 1.3%. Sunday’s worst performing stocks were Qalaa Holdings down 4.8%, Amer Group down 3.5%, and Egyptian Iron & Steel down 3.1%. The market turnover was EGP 383 mn, and regional investors were the sole net sellers.
Foreigners: Net Long | EGP +11.4 mn
Regional: Net Short | EGP -15.5 mn
Domestic: Net Long | EGP +4.1 mn
Retail: 77.3% of total trades | 82.1% of buyers | 72.6% of sellers
Institutions: 22.7% of total trades | 17.9% of buyers | 27.4% of sellers
Foreign: 4.1% of total | 5.6% of buyers | 2.6% of sellers
Regional: 6.2% of total | 4.2% of buyers | 8.2% of sellers
Domestic: 89.7% of total | 90.2% of buyers | 89.1% of sellers
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PHAROS VIEW
Rise in Pharos FCI in June reflects tightening monetary policy: The Pharos Financial Conditions Index (FCI) rose in June, driven by the slower acceleration in the real broad money supply, which increased by only 2.4% y-o-y when factoring inflation. M2 money supply rose 17.12% y-o-y without the inflation input. The FCI drop was also driven by an appreciation of the real effective exchange rate for the EGP in June to 79.19 from 77.54 in May. The slope of the yield curve flattened to 3.13% in June from 3.18% in May, indicating more tight conditions in the short term. You can read the full report here (pdf).
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WTI: USD 62.72 (-0.25%)
Brent: USD 72.84 (-0.30%)
Natural Gas (Nymex, futures prices) USD 2.71 MMBtu, (-0.33%, August 2018 contract)
Gold: USD 1,222.70 / troy ounce (-0.24%)
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