Stocks plunge, oil prices rally over Ukraine invasion concerns: Stocks ended last week in the red, while oil prices soared on the back of fears of escalation in the Ukraine-Russia conflict. Brent crude futures settled at USD 94.44 a barrel on Friday as the threat of war in Ukraine pressured already tight global crude supplies, according to Reuters. Meanwhile, the S&P500 fell 1.9% and the tech-heavy Nasdaq dropped 2.8%, as geopolitical tensions exacerbated concerns that the US Federal Reserve could hike rates aggressively next month in light of decades-high inflation in the US.

EGX30

11,579

-0.2% (YTD: -3.1%)

USD (CBE)

Buy 15.66

Sell 15.76

USD at CIB

Buy 15.66

Sell 15.76

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

12,269

+0.5% (YTD: +8.8%)

ADX

8,998

+0.8% (YTD: +6.0%)

DFM

3,257

+0.2% (YTD: +1.9%)

S&P 500

4,419

-1.9% (YTD: -7.3%)

FTSE 100

7,661

-0.2% (YTD: +3.7%)

Brent crude

USD 94.44

+3.3%

Natural gas (Nymex)

USD 3.94

-0.5%

Gold

USD 1,842

+0.3%

BTC

USD 41,965

-1.3% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.2% at Thursday’s close on turnover of EGP 292.4 mn (72.3% below the 90-day average). Foreign investors were net sellers. The index is down 3.1% YTD.

In the green: EFG Hermes (+2.9%), ADIB (+2.9%) and Abu Qir Fertilizers (+2.15%).

In the red: ElSewedy Electric (-5.6%), Medinet Nasr Housing (-5.2%) and Rameda (-4.9%).

Tags: