Volatility in US tech stocks has been on overdrive, with the Nasdaq moving at least 1% up or down during eight of the 10 trading days so far in March, Bloomberg reports. Investors are uncertain about how tech stocks will fare as higher 10-year treasury yields continue to signal a strengthening economy and a shift away from growth stocks to more cyclical, stable companies. But the 6.3% fall in the tech-heavy index is hardly a disaster, given its 97% pandemic-driven rally since March 2020.

Gold may no longer be the gold standard for hedge assets: Bullion has been dropping as the covid-19 recovery presses on, making it a poor hedge against both inflation and risks in the stock market, BlackRock Portfolio Manager Russ Koesterich writes in a blog post. Gold is still a good option if you’re hedging against a decline in the USD, and will find new momentum if the greenback begins falling in value, he said.

EGX30

11,261

-0.2% (YTD: +3.8%)

USD (CBE)

Buy 15.65

Sell 15.75

USD at CIB

Buy 15.63

Sell 15.73

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

9,588

-0.1% (YTD: +10.3%)

ADX

5,637

+0.5% (YTD: +11.7%)

DFM

2,574

+1.0% (YTD: +3.3%)

S&P 500

3,943

+0.1% (YTD: +5.0%)

FTSE 100

6,762

+0.4% (YTD: +4.7%)

Brent crude

USD 69.22

-0.6%

Natural gas (Nymex)

USD 2.60

-2.6%

Gold

USD 1,719.80

-0.2%

BTC

USD 60,699.37

+7.5%

The EGX30 fell 0.2% on Thursday on turnover of EGP 1.2 bn (19.1% below the 90-day average). Local investors were net buyers. The index is up 3.8% YTD.

In the green: Orascom Investment (+5.4%), Orascom Financial (+3.1%) and Edita (+2.2%)

In the red: MM Group (-1.3%), Cleopatra (-1.0%) and Abu Qir Fertilizers (-1.0%).

Tags: