{"id":569410,"date":"2020-02-24T04:43:34","date_gmt":"2020-02-24T04:43:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/strengthening-egp-to-put-pressure-on-corporate-earnings-pharos\/"},"modified":"2020-02-24T04:43:34","modified_gmt":"2020-02-24T04:43:34","slug":"strengthening-egp-to-put-pressure-on-corporate-earnings-pharos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/strengthening-egp-to-put-pressure-on-corporate-earnings-pharos\/","title":{"rendered":"Strengthening EGP to put pressure on corporate earnings -Pharos"},"content":{"rendered":"

<\/a> Strengthening EGP to put pressure on corporate earnings -Pharos:<\/strong> Corporate earnings will come under pressure over the next four quarters as the EGP continues to strengthen against the USD, Pharos Holding\u2019s head of research Radwa El Swaify wrote in a report. The research house forecasts the currency changing hands in the EGP 14.50 to 15.50 band against the greenback this year and predicts \u201ca gradual weakness in earnings over the next four quarters\u201d through both a direct impact and \u201cindirect effects.\u201d On that last bit, El Swaify suggests that when the \u201cexchange rate was depreciating, consumers were rushing into buying to avoid higher cost in the near future. Now, that exchange rate is weakening, the purchase decision is postponed until prices find a bottom.\u201d<\/p>\n

In short: The appreciating currency is going to sap export sales and prompt consumers to hold back <\/strong>from major purchases as they wait to see whether prices have hit bottom.<\/p>\n

Earnings may also be buffeted by macro headwinds: <\/strong>Cheaper commodity prices, slowing global trade or lower infrastructure spending in Egypt may place further pressure on corporate earnings. \u201cWe expect the market to continue to be trapped by these dynamics until the strength in the FX rate comes to a stop or global commodity prices find a floor,\u201d the report says.<\/p>\n

Corporate earnings had recovered to pre-float levels at the end of last year<\/strong>, with inflation decelerating rapidly, FX reserves reaching an all-time high, and economic growth clocking in at more than 5.6% in 2019, Bloomberg said in November<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strengthening EGP to put pressure on corporate earnings -Pharos: Corporate earnings will come under pressure over the next four quarters as the EGP continues to strengthen against the USD, Pharos Holding\u2019s head of research Radwa El Swaify wrote in a report. The research house forecasts the currency changing hands in the EGP 14.50 to 15.50 […]<\/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":[8572],"tags":[279,104,72,276,348,10276,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569410","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-gdp","tag-ratio","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ffa4dfcf-1155-4725-8c1c-c8eaf44cd354","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[569405],"teaser":"","voice_url":""},"yoast_head":"\nStrengthening EGP to put pressure on corporate earnings -Pharos - 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\/2020\/02\/24\/strengthening-egp-to-put-pressure-on-corporate-earnings-pharos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strengthening EGP to put pressure on corporate earnings -Pharos\" \/>\n<meta property=\"og:description\" content=\"Strengthening EGP to put pressure on corporate earnings -Pharos: Corporate earnings will come under pressure over the next four quarters as the EGP continues to strengthen against the USD, Pharos Holding\u2019s head of research Radwa El Swaify wrote in a report. 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Earlier this week, the Finance Ministry reversed a decision to set the customs exchange rate\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\/1\/776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/why-did-the-egp-gain-against-the-greenback-yesterday\/","url_meta":{"origin":569410,"position":2},"title":"Why did the EGP gain against the greenback yesterday?","author":"enterpriseam admin","date":"29 January 2019","format":false,"excerpt":"Connecting the dots: The EGP keeps strengthening, yields keep falling: The EGP continued rising against the USD this week, strengthening to a selling price of 17.70 to the USD from around EGP 18.00 last Wednesday. 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