What the markets are doing on 27 December 2020
China’s competition watchdog has launched an antitrust investigation into Alibaba, it said in a statement cited by the Associated Press. The country’s State Administration of Market Regulation recently opened the investigation after complaints of Alibaba’s use of a policy known in China as “pick one of two,” which forces merchants to sell exclusively through its platform. The probe comes after Chinese regulators blocked an IPO by Alibaba’s sister company Ant Group, which is led by Chinese b’naire and Alibaba co-founder and former CEO Jack Ma.
Elsewhere in b’naire-verse, Elon Musk is considering an IPO of SpaceX’s galactic internet arm Starlink, he said on Twitter. A listing of the company would make sense as soon as investors can “reasonably” predict its revenue growth. As for Tesla, Musk would like to reverse its “public duties” and take it private to work more extensively on innovation, but such a move would be “impossible,” he separately tweeted.
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EGX30 |
10,684 |
+0.1% (YTD: -23.5%) |
|
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USD (CBE) |
Buy 15.65 |
Sell 15.75 |
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USD at CIB |
Buy 15.64 |
Sell 15.74 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
8,703 |
-0.2% (YTD: +3.7%) |
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ADX |
5,126 |
-0.3% (YTD: +1.0%) |
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DFM |
2,527 |
+0.6% (YTD: -8.6%) |
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S&P 500 |
3,703 |
+0.4% (YTD: +14.6%) |
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FTSE 100 |
6,502 |
+0.1% (YTD: -13.9%) |
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Brent crude |
USD 51.29 |
+0.1% |
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Natural gas (Nymex) |
USD 2.52 |
-3.5% |
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Gold |
USD 1,883.20 |
+0.4% |
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BTC |
USD 26,543 |
+6.9% |
The EGX30 rose 0.1% on Thursday on turnover of EGP 987 mn (27.3% below the 90-day average). Foreign investors were net sellers. The index is down 23.5% YTD.
In the green: Orascom Investment Holding (+6.5%), Dice (+6.3%) and Beltone Financial Holding (+4.6%).
In the red: EFG Hermes (-2.0%), Sidi Kerir Petrochemicals (-1.0%) and Edita (-0.9%).