Central bank turbulence has not swayed investors away from Turkey: Turkey’s sovereign wealth fund’s debut international bond issuance was met with a strong investor appetite, despite the sudden leadership change within the country’s central bank last week. The Turkey Wealth Fund reeled in some USD 7 bn in orders for its USD 500 mn USD-denominated bond issuance yesterday, according to a term sheet seen by the Financial Times.

Remember: Last week, President Recep Tayyip Erdogan appointed Fatih Karahan to lead the country’s central bank, replacing former governor Hafize Gaye Erkan, who stepped down just eight months into occupying the position.

ALSO WORTH NOTING-

#1- OQ preps to IPO two units: Omani state energy firm OQ wants to list its explorationand production and its methanol and liquefied petroleum gas units, having already invited banks to apply for roles within the IPOs. (Bloomberg)

#2- Samsung boss acquitted of financial crimes: Chairman of the South Korean electronics giant, Jay Y Lee, was found not guilty of allegations of fraud and stock manipulation related to a 2015 merger by a Korean court. (Reuters)

EGX30

27,906

+2.3% (YTD: +12.1%)

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

12,166

+0.8% (YTD: +1.7%)

ADX

9,355

+0.2% (YTD: -2.3%)

DFM

4,162

+0.2% (YTD: +2.5%)

S&P 500

4,995

+0.8% (YTD: +4.7%)

FTSE 100

7,629

-0.7% (YTD: -1.4%)

Euro Stoxx 50

4,679

-0.3% (YTD: +3.5%)

Brent crude

USD 79.21

+0.8%

Natural gas (Nymex)

USD 1.97

-2.1%

Gold

USD 2,052

0.0%

BTC

USD 44,162

+2.3% (YTD: +4.6%)

THE CLOSING BELL-

The EGX30 rose 2.3% at yesterday’s close on turnover of EGP 6.3 bn (74.1% above the 90-dayaverage). Foreign investors were net buyers. The index is up 12.1% YTD.

In the green: Sidpec (+12.8%), Oriental Weavers (+8.2%) and Telecom Egypt (+5.1%).

In the red: GB Corp (-6.3%), Ibnsina Pharma (-5.0%) and Juhayna (-4.0%).

Asian shares are mixed this morning in early trading.The Kospi and Nikkei are comfortably in the green, but shares in Shanghai and Hong Kong are weakly in the red as traders look for direction and wait for inflation numbers. Futures suggest major European benchmarks will open largely in the green, with Paris’ CAC 40 being the sole exception. And look for a weak open on Wall Street absent a change in momentum.

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