{"id":569651,"date":"2020-03-03T04:08:38","date_gmt":"2020-03-03T04:08:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/"},"modified":"2020-03-03T04:08:38","modified_gmt":"2020-03-03T04:08:38","slug":"egyptian-stocks-hold-steady-following-sundays-rout","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/","title":{"rendered":"Egyptian stocks hold steady following Sunday\u2019s rout"},"content":{"rendered":"

<\/a> Egyptian stocks hold steady following Sunday\u2019s rout:<\/strong> Egyptian equities stabilized yesterday as global markets rebounded from last week\u2019s sell-off on hopes that central banks around the world will launch coordinated stimulus to mitigate against the economic fallout of the covid-19 virus. The EGX30 closed 0.55% in the green, led by a recovery in banking, healthcare and industrial stocks. CIB \u2014 which accounts for almost a third of the benchmark index \u2014 finished up 0.1%. The EGX30 suffered its worst day\u2019s trading since 2012 on Sunday<\/a>, falling more than 6% as investors reacted to the intensifying covid-19 crisis.<\/p>\n

Trading was heavy with more than EGP 959 mn worth of shares changed hands<\/strong>, or around 63% more than the trailing 90-day average.<\/p>\n

Foreign investors slowed the pace yesterday at which they were exiting EGP bonds<\/strong>, a domestic press report<\/a> suggested. Investors offloaded EGP 4.1 bn worth of bonds on Sunday, but just EGP 297 mn worth yesterday, according to Mahmoud Naghlah, executive manager for fixed income at Al Ahly Financial Investment Management. Keeping this in perspective: <\/strong>That\u2019s a rounding error in the context of the EGP 289 bn worth of total foreign bond holdings as of the end of January, the most recent period for which we have figures.<\/p>\n

Amid the global risk-off, investors have been<\/strong> demanding higher yields at <\/strong>recent bond auctions:<\/strong> The CBE sold only half of the EGP 7.5 bn of three-year and seven-year treasury bonds in an auction yesterday amid investor pressure for higher yields. Investors bought just EGP 791 mn of the EGP 3.5 bn seven-year offering after the central bank accepted a yield of 13.979%, almost 300 bps beneath the rate targeted by investors. The EGP 4 bn three-year tranche was more than 2x oversubscribed, but the central bank sold EGP 3.189 bn at a 13.986% yield, more than 200 bps lower than investors\u2019 target rate. This was the third consecutive auction the government has failed to sell its targeted amount after falling short in t-bill auctions on Thursday<\/a> and Sunday<\/a>.<\/p>\n

EGP WATCH:<\/strong> The EGP eased one piaster against the USD yesterday to 15.59, off from a peak of 15.49 at the beginning of last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian stocks hold steady following Sunday\u2019s rout: Egyptian equities stabilized yesterday as global markets rebounded from last week\u2019s sell-off on hopes that central banks around the world will launch coordinated stimulus to mitigate against the economic fallout of the covid-19 virus. The EGX30 closed 0.55% in the green, led by a recovery in banking, healthcare […]<\/p>\n","protected":false},"author":1,"featured_media":569652,"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":[102,107,7106,1419,68,72,164,125,2380,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets","tag-covid-19","tag-debt","tag-egp","tag-egx","tag-enterpriseam","tag-equities","tag-investment-watch","tag-speed-round","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"b2b6f3be-9fbf-42f1-bed7-dccbc3b1a289","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/36.jpg","photo_position":"above","related_issue":[569646],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian stocks hold steady following Sunday\u2019s rout - 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\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian stocks hold steady following Sunday\u2019s rout\" \/>\n<meta property=\"og:description\" content=\"Egyptian stocks hold steady following Sunday\u2019s rout: Egyptian equities stabilized yesterday as global markets rebounded from last week\u2019s sell-off on hopes that central banks around the world will launch coordinated stimulus to mitigate against the economic fallout of the covid-19 virus. 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The index dipped during morning trading after an early surge before local and regional investors helped drive a mid-afternoon rally. The EGX30 heavyweight CIB slid 0.9%, while Egyptian Resorts soared 9.4% and\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\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571989,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/","url_meta":{"origin":569651,"position":2},"title":"Egypt\u2019s stocks nearly 5% higher after early SBA agreement","author":"enterpriseam admin","date":"8 June 2020","format":false,"excerpt":"EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF funding: The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) announced on Friday it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. The benchmark\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\/6\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/egx-positioned-for-rebound-in-2021-on-strong-fundamentals-positive-growth-outlook-credit-suisse\/","url_meta":{"origin":569651,"position":3},"title":"EGX positioned for rebound in 2021 on strong fundamentals, positive growth outlook: Credit Suisse","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"The EGX is well-positioned for a comeback next year, thanks in large part to Egyptian equities currently being cheap because of the covid-19 market slump, Credit Suisse\u2019s Head of Middle East Research Fahd Iqbal told Bloomberg. The EGX30 is currently the region\u2019s worst-performer \u2014 down 22% year-to-date \u2014 and trails\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\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569617,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/02\/egx30-suffers-worst-days-trading-since-2012-as-covid-19-outbreak-hits-middle-east-stocks\/","url_meta":{"origin":569651,"position":4},"title":"EGX30 suffers worst day\u2019s trading since 2012 as covid-19 outbreak hits Middle East stocks","author":"enterpriseam admin","date":"2 March 2020","format":false,"excerpt":"EGX30 suffers worst day\u2019s trading since 2012 as covid-19 outbreak hits Middle East stocks: The benchmark EGX30 index tumbled a bit more than 6% yesterday in its worst showing since 2012 as the spread of the covid-19 virus drove down oil prices and investors caught up with the Friday selldown\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\/21.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652883,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/22\/investors-dumping-kenyan-stocks-for-egyptian-ones\/","url_meta":{"origin":569651,"position":5},"title":"Investors dumping Kenyan stocks for Egyptian ones","author":"enterpriseam admin","date":"22 January 2017","format":false,"excerpt":"Africa\u2019s stock investors are turning to Egypt and away from Kenya, Adelaide Changole writes for Bloomberg. The EGX30 is at its highest level relative to Kenya\u2019s benchmark index since 2008 following the flotation of the EGP. Rencap chief economist Charles Robertson says the Kenyan government\u2019s decision to impose a cap\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\/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\/569651","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=569651"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569651\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569652"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569651"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569651"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}