The Market Yesterday
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EGP / USD CBE market average: Buy 15.58 | Sell 15.68
EGP / USD at CIB: Buy 15.59 | Sell 15.69
EGP / USD at NBE: Buy 15.60 | Sell 15.70
EGX30 (Sunday): 10,953 (-0.6%)
Turnover: EGP 1.5 bn (33% above the 90-day average)
EGX 30 year-to-date: -21.6%
THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session down 0.6%. CIB, the index’s heaviest constituent, ended down 1.2%. EGX30’s top performing constituents were Beltone Financial Holding up 3.8%, Orascom Development up 2.4%, and Pioneers Holding up 2.0%. Yesterday’s worst performing stocks were CIRA down 2.6%, Oriental Weavers down 1.7% and Telecom Egypt down 1.2%. The market turnover was EGP 1.5 bn, and regional investors were the sole net sellers.
Foreigners: Net long | EGP +15.2 mn
Regional: Net short | EGP -46.4 mn
Domestic: Net long | EGP +31.3 mn
Retail: 81.1% of total trades | 73.9% of buyers | 83.9% of sellers
Institutions: 18.9% of total trades | 21.7% of buyers | 16.1% of sellers
PHAROS VIEW
Cement sector suffers another dire quarter: Cement sales fell 14.2% y-o-y to 10.5 mn tonnes in 3Q2020 as the sector continued to be hit by the six-month freeze on building permits introduced in May and the ongoing crackdown on illegal construction, Pharos analyst Zeyad Ahmed wrote in a note (pdf) yesterday. Companies saw a slight pick up in demand from the second quarter, with sales up 3.6% on a quarterly basis. Despite this, prices continued to slide, falling 4.6% q-o-q and 12.2% y-o-y.
Expect more of the same this quarter: Sales volumes will remain lower on an annual basis and are likely to show “little to muted quarterly growth” as the permit ban remains in place, Pharos says. Prices should creep back up to pre-covid levels of around EGP 800 per tonne after the government lifts construction restrictions.
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