The TRY didn’t take Erdogan’s re-election well: The TRY fell to near-record lows on the first day of trading following Turkish President Recep Tayyip Erdogan’s re-election on Sunday. The TRY slipped 0.6% against the greenback to 20.10, according to Bloomberg, which picks up a Morgan Stanley note warning that the currency could plunge 29% to 28 against the USD by the end of the year should Erdogan not change his economic policies.

EGX30

17,212

+0.5% (YTD: +17.9%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,136

0.0% (YTD: +6.3%)

ADX

9,412

-0.4% (YTD: -7.8%)

DFM

3,544

+0.1% (YTD: +6.2%)

S&P 500

4,205

+1.3% (YTD: +9.5%)

FTSE 100

7,627

+0.7% (YTD: +2.4%)

Euro Stoxx 50

4,320

-0.4% (YTD: +13.9%)

Brent crude

USD 77.07

+0.2%

Natural gas (Nymex)

USD 2.36

-2.3%

Gold

USD 1,961.20

-0.1%

BTC

USD 27,685

+0.4% (YTD: +66.4%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 2.42 bn. Foreign investors were net sellers. The index is up 17.9% YTD.

In the green: Heliopolis Housing (+11.8%), Orascom Construction (+7.5%) and TMG (+5.1%).

In the red: Ibnsina Pharma (-1.8%), Egypt-Kuwait Holding (-1.7%) and Oriental Weavers (-1.5%).

Asian markets are mainly in the green this morning amid optimism that US lawmakers will pass legislation to raise the debt ceiling and avert a default. US and European stock futures are also rising in early trading this morning.

Tags: