{"id":562252,"date":"2021-05-17T04:15:51","date_gmt":"2021-05-17T04:15:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/what-the-markets-are-doing-on-17-may-2021\/"},"modified":"2021-05-17T04:15:51","modified_gmt":"2021-05-17T04:15:51","slug":"what-the-markets-are-doing-on-17-may-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/what-the-markets-are-doing-on-17-may-2021\/","title":{"rendered":"What the markets are doing on 17 May 2021"},"content":{"rendered":"

<\/a> Global remittance flows have held up in the face of the pandemic:<\/strong> Remittances to low- and middle-income countries fell only 1.6% to USD 540 bn in 2020, according tothe World Bank<\/a>, despite widespread expectations that covid-19 disruptions would cause flows to tank. Fiscal stimulus and the rapid adoption of fintech helped remittances stay more or less stable through the year, despite the economic crisis wrought by the pandemic.<\/p>\n

In comparison:<\/strong> The global fall in remittance flows was less than that seen during the global financial crisis (-4.8%) and was far less than the fall in FDI flows to low and middle-income countries (excluding China), which saw a 30% drop last year.<\/p>\n

An 11% increase in remittance flows from Egypt helped buoy figures from the Middle East<\/strong>, with the region witnessing a 2.3% growth in remittances to USD 56 bn, the World Bank report found. Of those, a record high of USD 30 bn flowed into Egypt, the WB said. Central bank figures<\/a> released earlier reported Egypt\u2019s remittances growth as 10.5% during 2020 and put the total amount at some USD 29.6 bn. This is an increase from the USD 26.8 bn recorded in 2019, even as GCC countries \u2014 where most Egyptian expats are based \u2014 were rocked by the twin shocks of covid shutdowns and collapsing oil prices.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\"Up\"<\/td>\nEGX30 <\/strong><\/td>\n10,768<\/td>\n+0.8% (YTD: -0.7%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nUSD (CBE)<\/strong><\/td>\nBuy 15.63<\/td>\nSell 15.73<\/td>\n<\/tr>\n
\"None\"<\/td>\nUSD at CIB<\/strong><\/td>\nBuy 15.61<\/td>\nSell 15.71<\/td>\n<\/tr>\n
\"None\"<\/td>\nInterest rates CBE<\/strong><\/td>\n8.25% deposit<\/td>\n9.25% lending<\/td>\n<\/tr>\n
\"Up\"<\/td>\nTadawul<\/strong><\/td>\n10,323<\/td>\n+0.9% (YTD: +18.8%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nADX<\/strong><\/td>\n6,428<\/td>\n+3.5% (YTD: +27.4%)<\/td>\n<\/tr>\n
\"Down\"<\/td>\nDFM<\/strong><\/td>\n2,665<\/td>\n-1.2% (YTD: +6.9%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nS&P 500<\/strong><\/td>\n4,174<\/td>\n+1.5% (YTD: +11.1%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nFTSE 100<\/strong><\/td>\n7,044<\/td>\n+1.2% (YTD: +9.0%)<\/td>\n<\/tr>\n
\"None\"<\/td>\nBrent crude<\/strong><\/td>\nUSD 68.73<\/td>\n\n
    \n
  • <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\"Up\"<\/td>\nNatural gas <\/strong>(Nymex)<\/td>\nUSD 3.04<\/td>\n+2.6%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nGold<\/strong><\/td>\nUSD 1,852.50<\/td>\n+0.8%<\/td>\n<\/tr>\n
\"Down\"<\/td>\nBTC<\/strong><\/td>\nUSD 44,986.56<\/td>\n-6.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.8% at Tuesday\u2019s close<\/strong> on turnover of EGP 1.11 bn (10.5% below the 90-day average). Foreign investors were net sellers. The index is down 0.7% YTD.<\/p>\n

In the green: <\/strong>Edita (+8.9%), Fawry (+5.0%) and MM Group (+4.2%).<\/p>\n

In the red: <\/strong>Cleopatra Hospital (-3.4%), Credit Agricole (-0.9%) and Madinet Nasr Housing (-0.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Global remittance flows have held up in the face of the pandemic: Remittances to low- and middle-income countries fell only 1.6% to USD 540 bn in 2020, according tothe World Bank, despite widespread expectations that covid-19 disruptions would cause flows to tank. Fiscal stimulus and the rapid adoption of fintech helped remittances stay more or […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[107,104,72,119,125,122,734,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562252","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-covid-19","tag-economy","tag-enterpriseam","tag-financial-markets","tag-investment-watch","tag-planet-finance","tag-sovereign-wealth-funds","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"fee18695-3f9f-4d32-9ae5-62db710d9481","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562230],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 17 May 2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/what-the-markets-are-doing-on-17-may-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 17 May 2021\" \/>\n<meta property=\"og:description\" content=\"Global remittance flows have held up in the face of the pandemic: Remittances to low- and middle-income countries fell only 1.6% to USD 540 bn in 2020, according tothe World Bank, despite widespread expectations that covid-19 disruptions would cause flows to tank. 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Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world\u2019s\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568511,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/egypts-remittance-inflows-could-take-a-hit-next-year-as-gcc-economies-feel-the-crunch\/","url_meta":{"origin":562252,"position":1},"title":"Egypt\u2019s remittance inflows could take a hit next year as GCC economies feel the crunch","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"Egypt\u2019s remittance inflows could take a hit next year if GCC economies feel the crunch: Remittances from Egyptians working abroad \u201care likely to eventually decline\u201d as slower economic growth in Gulf countries and lower oil prices take a toll on workers\u2019 ability to send money home, the World Bank said.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/19.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546341,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/","url_meta":{"origin":562252,"position":2},"title":"Remittances from Egyptians abroad to grow 8% in 2022, says World Bank","author":"enterpriseam admin","date":"12 May 2022","format":false,"excerpt":"It\u2019s not all dim on the macro front: Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank\u2019s latest forecast (pdf). The lender says that flows will pick up due to an \u201caltruistic\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573425,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/egypts-tourism-losses-could-top-2-of-gdp-this-year-imf-says\/","url_meta":{"origin":562252,"position":3},"title":"Egypt\u2019s tourism losses could top 2% of GDP this year, IMF says","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"Egypt could lose out on tourism revenues worth more than 2% of its GDP this year due to global travel restrictions, the International Monetary Fund (IMF) said in its 2020 External Sector Report. The forecast is based on a scenario laid out in a UN World Tourism Organization (UNWTO) study\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562348,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/","url_meta":{"origin":562252,"position":4},"title":"NBE partners with UAE\u2019s LuLu on remittance transfer service","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"Egypt was one of the top five remittance destinations in 2020","rel":"","context":"In "REMITTANCES"","block_context":{"text":"REMITTANCES","link":"https:\/\/enterpriseam.com\/egypt\/category\/remittances\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/168.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","url_meta":{"origin":562252,"position":5},"title":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. 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