The EGX30 fell 1.4% at today’s close on turnover of EGP 789 mn (45.2% below the 90-day average). Foreign investors were net sellers. The index is down 4.0% YTD.

In the green: Eastern Co. (+1.6%) and Oriental Weavers (+0.3%).

In the red: Abu Qir Fertilizers (-4.4%), MM Group (-3.7%) and Ibnsina Pharma (-3.6%).

Fund managers licensed by the Financial Regulatory Authority (FRA) are now allowed to engage in margin trading under an FRA decision cited by Al Mal. The decision comes after the FRA green-lit a new EGP 1 bn+ fund that will be deployed to support margin lending through brokerages in a bid to boost trading volumes on the bourse. The decision also comes after brokerages proposed introducing restrictions on margin trading, including setting limits on the volume of margin trades allowed for each security as well as the market as a whole.

EARNINGS WATCH-Ezz Steel reported consolidated net losses of EGP 4.68 bn in 2020, narrowing from EGP 8.11 bn the previous year, according to its latest earnings (pdf). Sales revenue fell 16% y-o-y to EGP 38.6 bn during the year.