{"id":565118,"date":"2021-03-21T13:45:53","date_gmt":"2021-03-21T13:45:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/who-are-the-foreign-buyers-in-the-egx-then-vs-now\/"},"modified":"2021-03-21T13:45:53","modified_gmt":"2021-03-21T13:45:53","slug":"who-are-the-foreign-buyers-in-the-egx-then-vs-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/who-are-the-foreign-buyers-in-the-egx-then-vs-now\/","title":{"rendered":"Who are the foreign buyers in the EGX? Then vs now."},"content":{"rendered":"

<\/a> Who are the foreign buyers in the EGX? Then vs now:<\/strong> In the great March selloff of 2020<\/a>, the EGX saw the sharpest single-day decline since 2012, falling 9.3% to catch up with global equity markets, which tumbled the previous week as the covid-19 pandemic put travel bans and lockdowns into effect across the globe. Foreign institutional investors have largely been sitting on the sidelines of the market ever since, leaving the market to be dominated by retail investors.<\/p>\n

IN THE HOT SEAT TODAY<\/strong>- Renaissance Capital\u2019s head of MENA research Ahmed Hafez<\/strong>, Beltone Securities\u2019 senior VP of institutional sales Mohammad A. Waked.<\/strong><\/p>\n

Historically, the biggest buyers of Egyptian equity stories are the frontier market funds<\/strong>, which \u201cat one point in time had 10-11% invested in Egypt, which is sizable for an off-benchmark market,\u201d says RenCap\u2019s Hafez. This reflects the \u201csqueeze\u201d that\u2019s happening to frontier markets as more are upgraded to emerging market status \u2014 and the limited investment opportunities for frontier fund managers, he adds.<\/p>\n

But even the frontier market funds were among the biggest to exit in the March selloff<\/strong>, sending their exposure to Egypt down to lows of 7-8%, he says. It\u2019s natural in a risk-off.<\/p>\n

A pre-covid lull made worse: <\/strong>\u201cMost foreign investors were not increasing their positions in 2019,\u201d says Hafez. By the end of 2020, based on a trend indicator of the net international investment position number against the percentage of total market cap, \u201cwe were looking at 5-6 year lows of foreign ownership in the market.\u201d But take this with a grain of salt, he says, \u201cas it\u2019s not a proxy of the actual overall ownership in the market, as it doesn\u2019t take into account GDRs, and ownership past a certain threshold are calculated as foreign direct investment.\u201d<\/p>\n

\u201cThe foreigners who didn\u2019t exit last March are not currently active,\u201d <\/strong>says Beltone\u2019s Waked. \u201cWhen they take positions now, they hold them for shorter periods of time,\u201d he adds. \u201cWe had captured decent inflows for Ibnsina Pharma, but they immediately cut their losses during the issues over 3elagi,\u201d he adds, citing the Pharmacist Syndicate boycott of Ibnsina Pharma<\/a> in November over its acquisition<\/a> of a 75% stake in the pharma app.<\/p>\n

Egypt is on the fringe of global emerging-market funds<\/strong>, says Hafez, by virtue of Egypt\u2019s 0.1% weight in the MSCI EM index. And many investors who do take positions in Egypt are simply buying CIB as a proxy for the wider market, he adds.<\/p>\n

Appetite for commodity-based names improved only relatively in 1Q2021, but primarily among local investors<\/strong>, and to a lesser extent in GCC institutions, says Waked. Foreign appetite for two of the sector\u2019s biggest names has been muted: ElSewedy Electric could be bumped from the MSCI EMs index<\/a> by Fawry, while Abu Qir Fertilizers isn\u2019t about to offer another stake soon as it looks to get a new new fair value<\/a> report.<\/p>\n

\u201cThe consumer and traditional banking sectors are seeing less enthusiasm in favor of the penetration story,\u201d <\/strong>says Hafez, citing fintech, education, and healthcare among the underserved industries.<\/p>\n

That said, \u201cearly signs are positive\u201d that the foreigners are coming back,<\/strong> based on the low level of ownership, the high valuation gap between MSCI EM and Egypt, and inflows early in the year, says Hafez, who argues this could spill over to regional investors as well.<\/p>\n

African funds, even in most dire times, maintained \u201csignificant\u201d exposure to Egypt<\/strong>, he adds, citing Egypt\u2019s attractiveness relative to other African markets, despite any economic issues Egypt was facing pre-EGP float. What\u2019s more, sizeable South African funds have a mandate to make minimum commitments to African equities outside South Africa, effectively channeling AUM to Cairo, Nairobi and Lagos.<\/p>\n

Ultimately, only a wave of IPOs will change the stocks foreign investors are looking at<\/strong>, says Beltone\u2019s Waked. \u201cFor the big players, the issue remains a lack of investment options that qualify for mandates from a liquidity perspective,\u201d says RenCap\u2019s Hafez.<\/p>\n

\n

The EGX30 fell 1.1% at today\u2019s close<\/strong> on turnover of EGP 696 mn (52.8% below the 90-day average). Regional investors were net sellers. The index is down 0.4% YTD.<\/p>\n

In the green: <\/strong>Eastern Co. (+2.0%), Orascom Investment (+1.6%) and Orascom Financial (+1.0%).<\/p>\n

In the red: <\/strong>GB Auto (-5.2%), Ibnsina Pharma (-4.7%) and Heliopolis Housing (-4.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Who are the foreign buyers in the EGX? Then vs now: In the great March selloff of 2020, the EGX saw the sharpest single-day decline since 2012, falling 9.3% to catch up with global equity markets, which tumbled the previous week as the covid-19 pandemic put travel bans and lockdowns into effect across the globe. 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Maybe, says RenCap: A strong rebound in equity inflows to emerging markets could spill over to Egypt, potentially reversing the 2020 trend that saw foreign institutional investors firmly positioned as net sellers every month on the EGX,\u2026","rel":"","context":"In "SENTIMENT"","block_context":{"text":"SENTIMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/sentiment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548098,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/the-egx-wants-to-bring-local-institutional-investors-back-into-the-market\/","url_meta":{"origin":565118,"position":3},"title":"The EGX wants to bring local institutional investors back into the market","author":"enterpriseam admin","date":"26 July 2022","format":false,"excerpt":"The EGX wants state institutions to invest more in capital markets, with EGX officials having held recently a series of meetings with state-owned institutions in a bid to increase the amount of domestic institutional money in Egypt\u2019s equity market and raise liquidity, a source with first-hand knowledge of the push\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586181,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/what-the-markets-are-doing-on-7-april-2023\/","url_meta":{"origin":565118,"position":4},"title":"What the markets are doing on 7 April, 2023","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"MARKET NEWS-Juhayna Food Industries is paying out dividends of EGP 0.15 per share on its 2022 earnings, the company said in an EGX disclosure (pdf). MARKET ROUNDUP-The EGX30 fell 0.4% at today\u2019s close on turnover of EGP 1.25 bn. Foreign investors were net buyers. The index is up 18.1% YTD.In\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592196,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/what-the-markets-are-doing-on-1-august-2023\/","url_meta":{"origin":565118,"position":5},"title":"What the markets are doing on 1 August, 2023","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"EARNINGS WATCH-Alexandria Mineral Oils Company\u2019s (AMOC) consolidated net income rose 11% y-o-y to EGP 1.3 bn in FY 2022-23, according to an EGX disclosure (pdf). Revenues, meanwhile, climbed 31.3% to EGP 24.2 bn during the fiscal year. MARKET ROUNDUP-The EGX30 fell 0.2% at today\u2019s close on turnover of EGP 3.55\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565109"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}