Investors seem to be giving up on China’s stock market: Over 40% of investors surveyed at a Goldman Sachs conference in Hong Kong last week think that Chinese equities are “uninvestable,” despite authorities vowing “forceful” measures to stabilize its falling stock market, the Financial Times reported yesterday.

The measures: The country’s Securities Regulatory Commission said on Sunday that it would introduce more medium- and long-term funds and would crack the whip on short selling and insider trading. This came two days after the benchmark CSI 300 fell 3.4%, Bloomberg wrote.

Triggering the sell off: Chinese and Hong Kong stocks haveshed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

EGX30

27,574

-3.0% (YTD: +10.8%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

11,963

+0.4% (YTD: 0.0%)

ADX

9,456

-0.1% (YTD: -1.3%)

DFM

4,229

+0.2% (YTD: +4.2%)

S&P 500

4,959

+1.1% (YTD: +4.0%)

FTSE 100

7,616

-0.1% (YTD: -1.5%)

Euro Stoxx 50

4,655

+0.3% (YTD: +2.9%)

Brent crude

USD 77.98

+0.8%

Natural gas (Nymex)

USD 2.08

+1.4%

Gold

USD 2,054

-0.8%

BTC

USD 42,793

-0.5% (YTD: +1.4%)

THE CLOSING BELL-

The EGX30 fell 3.0% at yesterday’s close on turnover of EGP 5.1 bn (46.4% above the 90-day average). Local investors were net buyers. The index is up 10.8% YTD.

In the green: Ibnsina Pharma (+11.0%), Juhayna (+10.1%) and Palm Hills Development (+7.5%).

In the red: Alex Containers and Cargo Handling (-11.2%), Oriental Weavers (-9.6%) and Sidi Kerir Petrochemicals (-9.5%).

Leading Asian benchmarks are in the red in early trading this morning as traders digest worries about Chinese stocks and Jay Powell’s remarks that the Fed will be “cautious” when it comes to rate cuts. They’re also looking forward to the Lunar New Year holiday, which runs 10-17 February — and which often sees retail investors sell down positions to have more cash available for the break. Futures suggest stocks on Wall Street and in Europe will follow suit at the opening bell later today.

CORPORATE ACTIONS-

Beltone Financial Holding is set to rebrand to Beltone Holding after the company’s shareholders signed off on the move during a general assembly last week, according to an EGX disclosure (pdf).

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