{"id":565157,"date":"2021-03-23T13:52:20","date_gmt":"2021-03-23T13:52:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/egx-claws-back-losses-after-5-plunge\/"},"modified":"2021-03-23T13:52:20","modified_gmt":"2021-03-23T13:52:20","slug":"egx-claws-back-losses-after-5-plunge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/egx-claws-back-losses-after-5-plunge\/","title":{"rendered":"EGX claws back losses after 5% plunge"},"content":{"rendered":"

<\/a> The benchmark EGX30 lost another 0.6% today<\/strong>, clawing its way back after a sharp plunge in the broad-based EGX100 index early in the session triggered an automatic suspension of trading to allow things to cool off. Today\u2019s trading was light, with turnover of EGP 1.1 bn (32.1% below the 90-day average), but still a bit ahead of yesterday\u2019s EGP 940 mn. Local investors were net buyers after initially being hit with margin calls at the start of the session.<\/p>\n

The exchange has absorbed a one-two punch delivered over two days<\/strong> \u2014 first by foreign investors, then by locals \u2014 that has wiped out all of the gains the bourse had made since the start of the year. The EGX30 is now at its lowest level since October 2020<\/strong> and is down 3.5% year-to-date, but is still nearly 30% up from the lowest point it touched during the pandemic-induced sell-off a year ago.<\/p>\n

Time to take a breather? <\/strong>A veteran market watcher we spoke with just before dispatch told us he thinks the EGX coming back from a sharp selloff early in the session suggests that the selldown may have lost steam and investors are now moving in from the sidelines to pick up well-priced names. Still, with three weeks left until Ramadan (when cash demand from retail investors is high)\u2026<\/p>\n

So, what happened? A pullback by foreign investors yesterday touched off today\u2019s wave of selling (probably forced, early in the session) by retail investors<\/strong>, analysts tell us. Foreign fund managers have been moving out of emerging markets \u2014 equities and fixed income alike \u2014 since mid-February, attracted by rising US treasury yields, says Pharos Head of Research Radwa El Swaify. A noisy political backdrop that includes uncertainty about talks over the Grand Ethiopian Renaissance Dam could also be dampening foreign appetite, adds Abou Bakr Emam<\/a>, head of research at Sigma Capital.<\/p>\n

Critically, there weren\u2019t many foreign investors left in the market <\/strong>compared to their pre-pandemic appetite for Egypt. Many who left in the global risk-off last year<\/a> are still sitting on the sidelines. Where allocations to Egypt from frontier fund managers were in the 10-11% range before covid-19, Egypt is now down to 7-8%, as we noted last week<\/a>. Conventional wisdom is that it will take a wave of compelling IPOs to bring global fund managers back en masse.<\/p>\n

That\u2019s left domestic investors in the driving seat. <\/strong>Since the second half of 2020, they\u2019ve accounted for 60-70% of market turnover every day, and where a foreign or domestic institution is more likely to take a \u201cbuy and hold\u201d approach, individual investors trade on momentum, jumping in and out of shares (or the market as a whole) based on news flow, rumors and their gut feelings.<\/p>\n

The speed and sharpness of yesterday\u2019s selloff probably forced \u201ca series of margin calls\u201d for retail investors<\/strong>, Prime Research suggested in a note today, extending the slump into today. And Sigma\u2019s Emam thinks domestic institutions probably don\u2019t have the liquidity they\u2019d want to have to jump into the market when margin calls are still ringing in the air. He also notes that the market hasn\u2019t exactly cheered the end of Eastern Tobacco\u2019s market monopoly with the prospect of a second license being issued. And why would they? Eastern is an easy play if you\u2019re in the mood for a steady dividend payer.<\/p>\n

A top exec at one of the country\u2019s most visible publicly traded companies says it isn\u2019t time to panic. <\/strong>Speaking on condition he not be named, the veteran market watcher said he thinks foreign investors were net sellers yesterday \u201cnot because they were exiting the market in a bulk \u2014 it\u2019s foreign investor, singular, not foreign investors, plural<\/strong>. If it was the latter, the trading in my share would have been big blocks, not the 100 here and 100 there that I saw yesterday.\u201d<\/p>\n

One catalyst to watch for: Dividends in general, and Telecom Egypt\u2019s in particular. <\/strong>Now that EFG Hermes has said it is not paying a cash dividend this year, many foreign pension funds \u2014 who invest for dividends before they do for share appreciation \u2014 will be waiting for next week before making a decision on Egypt. That\u2019s when Telecom Egypt\u2019s OGM is set to discuss (pdf)<\/a> a proposal to bump the teleco\u2019s dividend by as much as 50% after Vodafone Egypt approved a chunky EGP 2 bn cash dividend, of which some EGP 900 mn will be pocketed by TE.<\/p>\n

Surely the good news on domestic macro indicators and the vaccine rollout should boost sentiment? <\/strong>Don\u2019t count on it, Emam says. The top exec agrees, saying he believes that recent talk of there being a third wave of covid-19 \u2014 one that could gather strength during Ramadan \u2014 is probably at play. \u201cVolumes are low, and retail investors are not sophisticated. They see London, France and Germany closing up shop? They get hit by margin calls? And people need cash ahead of Ramadan anyway. I expect some thinness in volumes for the next while.\u201d El Swaify, meanwhile, says it\u2019s an open question what happens next. With retail investors now accounting for 70% of market activity, margin calls just magnify both volatility and the magnitude of the swings that follow.<\/p>\n

In the green today: <\/strong>CI Capital (+3.4%), Orascom Development (+3.0%) and GB Auto (+2.7%).<\/p>\n

In the red: <\/strong>Qalaa Holdings (-5.8%), Orascom Financial (-5.2%) and Export Development Bank (-5.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The benchmark EGX30 lost another 0.6% today, clawing its way back after a sharp plunge in the broad-based EGX100 index early in the session triggered an automatic suspension of trading to allow things to cool off. Today\u2019s trading was light, with turnover of EGP 1.1 bn (32.1% below the 90-day average), but still a bit […]<\/p>\n","protected":false},"author":1,"featured_media":565158,"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":[10110],"tags":[68,633,164,1301],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-market-watch","tag-egx","tag-enterprisepm","tag-equities","tag-market-watch","wpautop","entry"],"acf":{"mongo_id":"0d7613c8-7661-4801-b57e-9e3bae887bb7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/526.jpg","photo_position":"above","related_issue":[565153],"teaser":"","voice_url":""},"yoast_head":"\nEGX claws back losses after 5% plunge - 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\/03\/23\/egx-claws-back-losses-after-5-plunge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX claws back losses after 5% plunge\" \/>\n<meta property=\"og:description\" content=\"The benchmark EGX30 lost another 0.6% today, clawing its way back after a sharp plunge in the broad-based EGX100 index early in the session triggered an automatic suspension of trading to allow things to cool off. 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The benchmark EGX30 lost 1.5% today, recovering slightly after falling 2.5% in intra-day trading. This followed a 5% plunge in the broad-based EGX100 that triggered an automatic suspension of trading. Trading was light, with total turnover of EGP 872\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":595452,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/egypts-benchmark-egx30-index-rises-3-2-after-eight-day-slide\/","url_meta":{"origin":565157,"position":1},"title":"Egypt\u2019s benchmark EGX30 index rises 3.2% after eight-day slide","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"EGX30 rises 3.2% after eight-day slide: The Egyptian Exchange rebounded yesterday, bringing a dose of much-needed positivity to a week that had seen shares experience their sharpest falls since 2015. The benchmark EGX30 closed up 3.2%, with 29 of the index\u2019s constituents rising. \u201cWhat is happening is just a breath-taking\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\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595492,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/late-week-egx30-rebound-has-helped-to-steady-share-slide\/","url_meta":{"origin":565157,"position":2},"title":"Late-week EGX30 rebound has helped to steady share slide","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Late-week EGX30 rebound helped stymie share slide: Despite the EGX30 being the second-worst performing equity index of last week, a late-week rebound has mitigated some of the damage, with the index finishing the week down 6%, writes the Financial Times. In the first three trading days of the week, the\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\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566925,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/egx30-barely-in-the-green-in-todays-trading\/","url_meta":{"origin":565157,"position":3},"title":"EGX30 barely in the green in today\u2019s trading","author":"enterpriseam admin","date":"28 July 2021","format":false,"excerpt":"The EGX30 rose less than 0.1% at today\u2019s close on turnover of EGP 2.12 bn (42.1% above the 90-day average). Local investors were net sellers. The index is down 0.7% YTD.In the green: CI Capital (+3.6%), Ibnsina Pharma (+2.9%) and Cleopatra Hospital (+2.8%).In the red: AMOC (-2.5%), SODIC (-2.0%) and\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":569864,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/egx-enters-bear-market-as-covid-19-oil-shock-batter-stocks\/","url_meta":{"origin":565157,"position":4},"title":"EGX enters bear market as covid-19, oil shock batter stocks","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"EGX is now in a bear market as covid-19 fears and the oil shock batter stocks: The benchmark EGX30 index fell yesterday to its lowest level since October 2016 as the threat of an oil price war combined with fears about the spread of covid-19 extended the sell-off into a\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\/3\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549474,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/","url_meta":{"origin":565157,"position":5},"title":"The EGX sell-off continues","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"EGX WATCH: Egyptian shares suffered their biggest single-day loss since early July yesterday amid growing investor concerns about global growth. The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. The broader EGX70 index was harder hit,\u2026","rel":"","context":"In "EGX"","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565157","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=565157"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565157\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565158"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565157"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565157"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}