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Wednesday, 3 February 2021

What the markets are doing on 3 February 2021

Full economic recovery in the GCC is expected to take at least “several quarters” as the region reels from the combined shock of covid-19 and last year’s oil crash, S&P Global Ratings credit analyst Timucin Engin wrote in a report picked up by Bloomberg. Businesses and infrastructure firms in the six-nation bloc will be conservative this year, holding off on new investments as they focus on “cost optimization [and] proactively managing their liquidity,” said Engin, the ratings agency’s senior director for the region.

Up EGX30 11,638 +0.4% (YTD: 7.3%)
None USD (CBE) Buy 15.68 Sell 15.78
None USD at CIB Buy 15.68 Sell 15.78
None Interest rates CBE 8.25% deposit 9.25% lending
Down Tadawul 8,619 -0.4% (YTD: -0.8%)
Up ADX 5,698 +1.1% (YTD: +12.9%)
Up DFM 2,724 +1.0% (YTD: +9.3%)
Up S&P 500 3,826 +1.4% (YTD: +1.9%)
Up FTSE 100 6,517 +0.8% (YTD: +0.9%)
Up Brent crude USD 57.64 +0.3%
Down Natural gas (Nymex) USD 2.81 -1.1%
Up Gold USD 1,884.10 +0.6%
Up BTC USD 35,999.15 +6.9%

The EGX30 rose 0.4% yesterday on turnover of EGP 1.7 bn (17.6% above the 90-day average). Foreign investors were net buyers. The index is up 7.3% YTD.

In the green: Palm Hills (+5.1%), Cleopatra Hospitals Group (+4.5%) and Emaar Misr (+3.8%).

In the red: Fawry (-3.1%), MM Group (-1.8%) and Pioneers Holding (-1.8%).

Asian shares are largely in the green this morning and futures point to a strong open in Europe and on Wall Street later today.

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