{"id":570095,"date":"2020-03-18T04:21:52","date_gmt":"2020-03-18T04:21:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/"},"modified":"2020-03-18T04:21:52","modified_gmt":"2020-03-18T04:21:52","slug":"egx-sell-off-slows-following-cbes-surprise-rate-cut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/","title":{"rendered":"EGX sell-off slows following CBE\u2019s surprise rate cut"},"content":{"rendered":"

<\/a> EGX sell-off slows following CBE\u2019s surprise rate cut: <\/strong>The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session<\/a> and went on to close down 2.41%. The EGX30 has shaved off 17% this week and is down 34% from its peak in early February. Yesterday\u2019s session came after the Central Bank of Egypt announced an emergency 300 bps rate cut<\/a> late on Monday.<\/p>\n

On the EGX30, index heavyweight CIB and Eastern Company were the best performers,<\/strong> closing up 0.9%, while Egyptian Resorts Company and EFG Hermes were each down 10%.<\/p>\n

Yesterday was the first session this week that the index\u2019s circuit breakers were left <\/strong>untriggered,<\/strong> but 40 companies saw their shares suspended after falling more than 5%. Ezz Steel (down 8.4%) and Madinet Nasr for Housing and Development (down 9.6%) were among the companies<\/a> that saw trading on their shares halted for 10 minutes.<\/p>\n

Buybacks continue to help falling shares:<\/strong> Egypt Kuwait Holding bought some 433k treasury stocks, Arabia Investments Holding bought back 1.4 mn stocks, and Odin Investments approved the purchase of close to 10 mn shares, according to regulatory filings (here<\/a>, here<\/a>, and here<\/a>\u2014 pdfs). A growing number of listed companies have been buying back stock<\/a> after the Financial Regulatory Authority eased rules<\/a> to allow companies to complete same-day buybacks in a bid to prop up share prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX sell-off slows following CBE\u2019s surprise rate cut: The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session and went on to close down 2.41%. The EGX30 […]<\/p>\n","protected":false},"author":1,"featured_media":570096,"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":[298,2728,4826,163,68,1668,4827,72,164,589,76,125,89,1165,296,83,219,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-dhabi","tag-arabia-investments-holding","tag-buybacks","tag-dubai","tag-egx","tag-egypt-kuwait-holding","tag-el-obour","tag-enterpriseam","tag-equities","tag-ezz-steel","tag-financial-regulatory-authority","tag-investment-watch","tag-israel","tag-odin-investments","tag-qatar","tag-real-estate","tag-saudi-arabia","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ecd6f981-a918-4acd-bdea-77ad483b98fd","is_powered_by":true,"section_story_id":"1154689d-294f-4d45-95b4-84a76d67466c","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/212.jpg","photo_position":"above","related_issue":[570086],"teaser":"","voice_url":""},"yoast_head":"\nEGX sell-off slows following CBE\u2019s surprise rate cut - 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\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX sell-off slows following CBE\u2019s surprise rate cut\" \/>\n<meta property=\"og:description\" content=\"EGX sell-off slows following CBE\u2019s surprise rate cut: The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session and went on to close down 2.41%. 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The benchmark EGX30 index fell 3.8% in the first hour of trading, before extending its\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\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570233,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/","url_meta":{"origin":570095,"position":1},"title":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention: The benchmark EGX30 joined the ranks of the world\u2019s best-performing indices yesterday, fueled by the announcement on Monday that the Central Bank of Egypt (CBE) would intervene to prop up share prices, Bloomberg reports. The EGX30 soared 6.8%\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\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595538,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/egx30-extends-rally-after-central-bank-loosens-policy\/","url_meta":{"origin":570095,"position":2},"title":"EGX30 extends rally after central bank loosens policy","author":"enterpriseam admin","date":"30 September 2019","format":false,"excerpt":"EGX30 extends rally after CBE loosens monetary policy: The benchmark EGX30 index climbed 3.3% at session close yesterday in response to the central bank\u2019s 100 bps interest rate cut on Thursday and muted protests over the weekend. All of EGX30 shares rose yesterday, led by Qalaa Holdings, which surged 13.7%.\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\/9\/920.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595537,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/egp-egx-rally-after-cbe-rate-cut\/","url_meta":{"origin":570095,"position":3},"title":"EGP, EGX rally after CBE rate cut","author":"enterpriseam admin","date":"30 September 2019","format":false,"excerpt":"The EGP flexed its muscles against the USD yesterday, rallying on the first market day after the central bank cut key interest rates by another 100 bps in last week\u2019s MPC meeting (watch, runtime: 02:22). The EGP strengthened to 16.31 against the greenback on Sunday compared to 16.38 on Thursday.\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570164,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/","url_meta":{"origin":570095,"position":4},"title":"EGX30 ends in the green for the first time in two weeks","author":"enterpriseam admin","date":"22 March 2020","format":false,"excerpt":"The EGX30 closed Thursday in the green for the first time in weeks: The benchmark EGX30 closed in the green on Thursday for the first time in two weeks, rising 5% by the closing bell. The index closed in the red since 10 March as investors fled equities amid 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\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646679,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/by-the-numbers-39\/","url_meta":{"origin":570095,"position":5},"title":"BY THE NUMBERS","author":"enterpriseam admin","date":"20 June 2017","format":false,"excerpt":"EGP \/ USD CBE market average: Buy 18.0465 | Sell 18.1459 EGP \/ USD at CIB: Buy 18.05 | Sell 18.15 EGP \/ USD at NBE: Buy 17.95 | Sell 18.05EGX30 (Monday): 13,508 (+0.1%) Turnover: EGP 753 mn (38% below the 90-day average) EGX 30 year-to-date: +9.4%THE MARKET ON MONDAY:\u2026","rel":"","context":"In "THE MARKETS YESTERDAY"","block_context":{"text":"THE MARKETS YESTERDAY","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-markets-yesterday\/"},"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\/570095","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=570095"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570095\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570096"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570095"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570095"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}