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Sunday, 29 August 2021

ADX, DFM extend trading by one hour + SEC’s next target? Brokerage apps.

The Abu Dhabi Securities Exchange (ADX) will extend trading by one hour till 3 pm starting 3 October, in a bid to align the ADX’s trading hours with global markets, attract international investment, and enhance market liquidity, according to a statement. The Dubai Financial Market is also extending its trading hours till 3 pm, while the ADX also announced it would be cutting trading commissions by half to 0.025% as of September, its second cut this year, and its third over the past three years.

China is planning to ban tech companies with large volumes of sensitive data from going public in the US, the Wall Street Journal reports. Sources cited by the newspaper say that some companies and foreign investors have been told by the country’s stock regulator in recent weeks that data intensive firms that use subsidiaries incorporated outside of China will not be allowed to IPO outside of China, though firms operating in other sectors will still likely receive approval. Beijing’s target: The Variable Interest Entity corporate structure, which the country’s largest tech firms use to dodge limits on foreign investment.

SEC looks to crack down on robo-advising apps: The US Securities and Exchange Commission issued on Friday a wide-ranging request for comment on the extent to which the digital cues and prompts used by online platforms such as Robinhood influence customers’ decisions, the Financial Times reports. The Wall Street regulator said it’s concerned that the technologies are putting investors at risk by encouraging excessive trading and pushing specific stocks. SEC’s “gamification” review is billed as a first step towards getting a handle on the increasing clout of retail investors in equity markets (think: “sending stonks to the moon,” à la GameStop).

Up

EGX30

11,125

+0.6% (YTD: +2.6%)

None

USD (CBE)

Buy 15.65

Sell 15.75

None

USD at CIB

Buy 15.65

Sell 15.75

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

11,128

-0.3% (YTD: +28.1%)

Down

ADX

7,625

-0.5% (YTD: +51.1%)

Down

DFM

2,900

-0.1% (YTD: +16.4%)

Up

S&P 500

4,509

+0.9% (YTD: +20.1%)

Up

FTSE 100

7,148

+0.3% (YTD: +10.6%)

Up

Brent crude

USD 72.70

+2.3%

Up

Natural gas (Nymex)

USD 4.39

+4.2%

Up

Gold

USD 1,819.50

+1.4%

Up

BTC

USD 48,968.64

+0.16% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.6% at Thursday’s close on turnover of EGP 2.29 bn (37.2% above the 90-day average). Local investors were net sellers. The index is up 2.6% YTD.

In the green: Mopco (+8.8%), Pioneers Holding (+5.4%) and Heliopolis Housing (+4.3%).

In the red: Egyptian Resorts Company (-4.4%), Fawry (-2.2%) and Ibnsina Pharma (-1.9%).

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