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.
|EGX30||11,638||+0.4% (YTD: 7.3%)|
|USD (CBE)||Buy 15.68||Sell 15.78|
|USD at CIB||Buy 15.68||Sell 15.78|
|Interest rates CBE||8.25% deposit||9.25% lending|
|Tadawul||8,619||-0.4% (YTD: -0.8%)|
|ADX||5,698||+1.1% (YTD: +12.9%)|
|DFM||2,724||+1.0% (YTD: +9.3%)|
|S&P 500||3,826||+1.4% (YTD: +1.9%)|
|FTSE 100||6,517||+0.8% (YTD: +0.9%)|
|Brent crude||USD 57.64||+0.3%|
|Natural gas (Nymex)||USD 2.81||-1.1%|
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.