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Monday, 11 March 2019

The Market Yesterday

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Pharos Holding -

EGP / USD CBE market average: Buy 17.39 | Sell 17.49
Buy 17.38 | Sell 17.48
EGP / USD at NBE: Buy 17.38 | Sell 17.48

EGX30 (Sunday): 14,981 (+0.5%)
Turnover: EGP 608 mn (34% below the 90-day average)
EGX 30 year-to-date: +14.9%

THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session up 0.5%. CIB, the index heaviest constituent ended up 0.7%. EGX30’s top performing constituents were Elsewedy Electric up 3.2%, Arabia Investments up 3.0%, and Arab Cotton Ginning up 2.3%. Yesterday’s worst performing stocks were Global Telecom down 1.3%, SODIC down 0.7% and Pioneers down 0.7%. The market turnover was EGP 608 mn, and regional investors were the sole net buyers.

Foreigners: Net Short | EGP -7.2 mn
Regional: Net Long | EGP +33.4 mn
Domestic: Net Short | EGP -26.3 mn

Retail: 60.5% of total trades | 61.1% of buyers | 60.0% of sellers
Institutions: 39.5% of total trades | 38.9% of buyers | 40.0% of sellers


Despite unsupportive inflation numbers, rate cut still possible: Inflation in February was higher than anticipated, rising to 13.9% y-o-y for total Egypt (urban and rural), against an expectation of 12.2%. M-o-m inflation grew to 1.8%, higher than a projected 0.4%. Despite the spike in inflation, Pharos still sees another 1% cut in rates on 28 March, as this would be the only window for the CBE to make the cut before September (to guard against subsidy cuts). Pharos sees the cuts as necessary for implementing the government’s debt control strategy, so it is unlikely for the CBE to pass up the March window. The investment bank also sees Egypt’s debt as attractive to foreign investors even with a 1% cut in interest rates. You can catch the full report here (pdf).


WTI: USD 56.07 (-1.04%)
Brent: USD 65.74 (-0.84%)

Natural Gas (Nymex, futures prices) USD 2.87 MMBtu, (-0.03%, Apr 2019 contract)
Gold: USD 1,299.30 / troy ounce (+1.03%)

TASI: 8,465.75 (-0.16%) (YTD: +8.16%)
ADX: 4,872.08 (-0.86%) (YTD: -0.87%)
DFM: 2,578.14 (-0.63%) (YTD: +1.91%)
KSE Premier Market: 5,576.91 (-0.37%)
QE: 9,769.04 (-0.12%) (YTD: -5.15%)
MSM: 4,090.20 (-0.55%) (YTD: -5.40%)
BB: 1,405.84 (-0.22%) (YTD: +5.13%)

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