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Monday, 13 August 2018

The Market Yesterday

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

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%)

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.