EGX holds steady after days of volatility: The EGX30 crept up yesterday to close 0.97% in the green. The index dipped during morning trading after an early surge before local and regional investors helped drive a mid-afternoon rally. The EGX30 heavyweight CIB slid 0.9%, while Egyptian Resorts soared 9.4% and Kima ended the trading day up 6.5%.

Is the economic stimulus beginning to impact investor sentiment? The rebound (however small) is a reflection of optimism on the government's economic plan to help businesses against covid-19, including tax breaks for EGX investors and energy price cuts, Faisal Brokerage's Mohamed Abdel Hakim told Hapi Journal. Investor sentiment appears to have improved although the Central Bank of Egypt (CBE) has yet to announce how it will deploy the EGP 20 bn it has pledged.

Stock buybacks are still going strong: Sharkia National Food, El Wadi for Touristic Investment, and Golden Coast El Sokhna for Touristic Investment have all tapped the relaxed rules to buy treasury stocks (here, here, and here — pdfs).