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Thursday, 13 September 2018

The Market Yesterday

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Pharos Holding -

EGP / USD CBE market average: Buy 17.85 | Sell 17.95
Buy 17.86 | Sell 17.96
EGP / USD at NBE: Buy 17.78 | Sell 17.88

EGX30 (Wednesday): 15,488 (-0.9%)
Turnover: EGP 872 mn (9% above the 90-day average)
EGX 30 year-to-date: +3.1%

THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s session down 0.9%. CIB, the index heaviest constituent ended down 0.1%. EGX30’s top performing constituents were Abu Qir Fertilizers up 2.9%, Egypt Kuwait Holding up 1.7%, and Egyptian Iron and Steel up 1.4%. Yesterday’s worst performing stocks were Porto Group down 6.6%, Palm Hills down 3.9% and Telecom Egypt down 3.2%. The market turnover was EGP 872 mn, and foreign investors were the sole net buyers.

Foreigners: Net Long | EGP +46.2 mn
Regional: Net Short | EGP -29.1 mn
Domestic: Net Short | EGP -17.1 mn

Retail: 46.2% of total trades | 45.7% of buyers | 46.7% of sellers
Institutions: 53.8% of total trades | 54.3% of buyers | 53.3% of sellers

Foreign: 32.7% of total | 35.4% of buyers | 30.1% of sellers
Regional: 6.5% of total | 4.8% of buyers | 8.2% of sellers
Domestic: 60.8% of total | 59.8% of buyers | 61.8% of sellers


MPC seen maintaining rates at next meeting despite expected drop in monthly inflation rates: The central bank’s Monetary Policy Committee (MPC) is likely to maintain key interest rates unchanged when it meets on 27 September, despite an anticipated drop in inflation rates after September. Pharos sees monthly inflation dropping to 1% this month and 0.7% in October, as the market fully absorbs the impact of price hikes that followed subsidy cuts and increases to the costs of fuel, power, and transportation. Nevertheless, pressure created by external factors — such as the emerging market selloff and conditions in Turkey and Argentina — is also likely to push the bank to maintain its tight fiscal policy. Read the full report here (pdf).


WTI: USD 70.19 (-0.26%)
Brent: USD 79.74 (+0.86%)

Natural Gas (Nymex, futures prices) USD 2.82 MMBtu, (-0.35%, October 2018 contract)
Gold: USD 1,211.90/ troy ounce (+0.08%)

TASI: 7,635.38 (-0.75%) (YTD: +5.66%)
ADX: 4,934.44 (-1.17%) (YTD: +12.19%)
DFM: 2,809.87 (-0.82%) (YTD: -16.62%)
KSE Premier Market: 5,329.67 (-0.14%)
QE: 9,990.17 (+0.60%) (YTD: +17.21%)
MSM: 4,530.55 (+0.99%) (YTD: -11.15%)
BB: 1,340.51 (-0.16%) (YTD: +0.66%)

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.

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