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EGP / USD CBE market average: Buy 17.83 | Sell 17.93
EGP / USD at CIB: Buy 17.83 | Sell 17.93
EGP / USD at NBE: Buy 17.78 | Sell 17.98

EGX30 (Sunday): 15,924 (-1.2%)
Turnover: EGP 428 mn (51% below the 90-day average)
EGX 30 year-to-date: +4.8%

THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session down 1.2%. CIB, the index heaviest constituent ended down 0.5%. EGX30’s top performing constituents were IbnSina Pharma up 1.0%, AMOC up 0.2%, and Edita flat. Yesterday’s worst performing stocks were Palm Hills down 6.2%, Orascom Construction down 3.5%, and EFG Hermes down 3.4%. The market turnover was EGP 428 mn, and regional investors were the sole net buyers.

Foreigners: Net Short | EGP -10.0 mn
Regional: Net Long | EGP +25.5 mn
Domestic: Net Short | EGP -15.5 mn

Retail: 76.5% of total trades | 79.3% of buyers | 73.7% of sellers
Institutions: 23.5% of total trades | 20.7% of buyers | 26.3% of sellers

Foreign: 5.4% of total | 4.3% of buyers | 6.6% of sellers
Regional: 6.2% of total | 9.2% of buyers | 3.2% of sellers
Domestic: 88.4% of total | 86.6% of buyers | 90.2% of sellers

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PHAROS VIEW

MPC to maintain rates at next meeting until conditions stabilize: Although inflation levels cooled in July compared to June, the central bank’s Monetary Policy Committee (MPC) is still likely to keep key interest rates on hold when it meets this Thursday to allow the market more time to adjust to the sudden hike in prices. Pharos sees annual headline inflation rising to an average 13.2% in 1Q2018-19, up from an average 12.8% in the fourth quarter of FY2017-18, before it begins to ease after September, “once the fiscal consolidation impact is fully absorbed by the economy and has fully reflected on the prices of goods and services, in addition to the end of back-to-school season.” Inflation levels cooled in July after surging in June following a government decision to slash subsidies further and hike the costs of fuel and power. You can view the full report here (pdf).

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WTI: USD 67.59 (-0.06%)
Brent: USD 72.62 (-0.26%)

Natural Gas (Nymex, futures prices) USD 2.92 MMBtu, (-0.85%, September 2018 contract)
Gold: USD 1,216.00 / troy ounce (-0.25%)

TASI: 8,064.92 (-1.36%) (YTD: +11.60%)
ADX: 4,844.55 (-0.56%) (YTD: +10.14%)
DFM: 2,889.45 (-1.05%) (YTD: -14.26%)
KSE Premier Market: 5,424.11 (-0.58%)
QE: 9,635.00 (-2.55%) (YTD: +13.04%)
MSM: 4,406.35 (-0.56%) (YTD: -13.59%)
BB: 1,348.36 (-0.09%) (YTD: +1.25%)