EGX records yet another month of gains: The EGX30 climbed 6.5% in November to close at 40.8k, according to the EGX’s latest monthly report (pdf). The gauge traded between a high of 41.4k and a low of 38k during the month, underperforming the EGX33 Shariah Index, which advanced nearly 10.0% over the same period. Total market capitalization was up 4.0% to EGP 2.9 tn.

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Turnover cooled again in November despite a pickup in trading activity: Total value traded on the EGX slipped to EGP 1.55 tn in November from EGP 1.65 tn a month earlier, even as volumes climbed sharply to 47 bn securities from 40.1 bn in October. The number of transactions also rose to 3.1 mn, up from 2.8 mn in the previous month. Stocks accounted for 10.4% of main-market turnover in November, with bonds and bills continuing to dominate at 89.6% of total trading value.

Defensives stayed in the lead: Education services once again topped the market, jumping 25.4%, followed by building materials (18.0%) and IT, media & communications (13.7%). Real estate (12.9%) and contracting & construction engineering (9.7%) also posted solid gains. On the flipside, travel & leisure lagged the market with a 7.7% drop, followed by textiles & durables (-5.7%), basic resources (-4.7%) and healthcare & pharma (-4.5%). Food, beverages & tobacco (-1.7%), trade & distributors (-3.6%) and shipping & transportation services (-0.6%) also closed the month in the red.

Net flows flipped: Local institutions were the only institutional net buyers in November (excluding block trades), recording inflows of EGP 2.32 bn, while regional institutions and foreign institutions booked net outflows of EGP 229 mn and EGP 1.2 bn, respectively. On the retail side, foreign individuals were the only net buyers, posting a modest EGP 35 mn inflow. Local and regional retail investors both ended the month in the red, selling EGP 524 mn and EGP 423 mn, respectively.

How we’re faring against regional peers: The EGX’s benchmark index outperformed Saudi’s TASI which shed 9.1% in November on liquidity pressures, as well as both Abu Dhabi’s ADX (-2.8%) and Dubai’s DFM (-3.0%).

BROKERAGE LEAGUE TABLE-

In November: EFG’s two brokerage arms topped the EGX brokerage league table (pdf) last month with a combined market share of 21.6%, followed by Thndr (9.6%) and CI Capital (7.3%).

YTD, EFG’s two brokerages retained the top spot with a 20.9% market share, beating Thndr (8%) and Mubasher (7.1%), according to the bourse’s ranking (pdf) which tracked firms’ performance between January and November.

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