{"id":570164,"date":"2020-03-22T04:20:28","date_gmt":"2020-03-22T04:20:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/"},"modified":"2020-03-22T04:20:28","modified_gmt":"2020-03-22T04:20:28","slug":"egx30-ends-in-the-green-for-the-first-time-in-two-weeks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/","title":{"rendered":"EGX30 ends in the green for the first time in two weeks"},"content":{"rendered":"

<\/a> The EGX30 closed Thursday in the green for the first time in weeks:<\/strong> 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 global sell-off prompted by covid-19. The Madbouly government\u2019s cuts to energy prices as well as to stamp and dividend taxes<\/a> only slowed the selloff. Thursday\u2019s gains came as state-owned National Bank of Egypt and Banque Misr said they had pushed a combined EGP 3 bn<\/a> into equities in a sign of confidence in the market.<\/p>\n

Traders, EGX welcome the move:<\/strong> Pharos Head of Research Radwa El Swaify said<\/a> traders welcomed the stimulus from NBE and Banque Misr, while EGX boss Mohamed Farid welcomed the move, saying the banking sector and CBE had sent the right signal to boos investor confidence, according to a local press report<\/a>.<\/p>\n

Investor protection fund to enter the market? <\/strong>Also on Thursday, Financial Regulatory Authority Chief Mohamed Omran said in a statement<\/a> that the Investor Protection Fund could invest as much as 10% of its EGP 4 bn war chest in propping up the market. The proposal still needs cabinet signoff.<\/p>\n

The EGX closed the week down nearly 18%<\/strong> and is now off just a hair over 34% since the start of the year.<\/p>\n

EGX companies continued their wave of stock buybacks<\/strong> under the loosened rules<\/a> on the practice. We count 10 companies that have executed buybacks <\/strong>in the past few sessions, including EK Holding (in two transactions here<\/a> and here<\/a>), Arabia Investments<\/strong> here<\/a> and here<\/a>), GB Auto <\/strong>here<\/a> and here<\/a>) and both Raya Holding<\/strong> and Raya Contact Center<\/strong>.<\/p>\n

enterprise<\/a><\/p>\n

Bondholders sold EGP 23.1 bn of Egyptian debt<\/strong> in the secondary market from the second half of February to the end of last week, the local press reported<\/a>, citing market data. That\u2019s but a drop in the ocean:<\/strong> Foreign holdings of Egyptian bonds amounted to EGP 310 bn at the end of February.<\/p>\n

Still, debt investors are getting edgy: <\/strong>The cost of insuring against losses on Egyptian bonds over five years (the Egypt 5Y credit default swap) doubled to 519.5 bps from the third week of February to the end of last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 global sell-off prompted by covid-19. […]<\/p>\n","protected":false},"author":1,"featured_media":570165,"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":[576,68,72,164,76,125,4834,248,4833,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banque-misr","tag-egx","tag-enterpriseam","tag-equities","tag-financial-regulatory-authority","tag-investment-watch","tag-investors-protection-fund","tag-national-bank-of-egypt","tag-osoul","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3692bf0f-3aa2-4728-9b99-9faf272f4b27","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/242.jpg","photo_position":"above","related_issue":[570159],"teaser":"","voice_url":""},"yoast_head":"\nEGX30 ends in the green for the first time in two weeks - 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\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX30 ends in the green for the first time in two weeks\" \/>\n<meta property=\"og:description\" content=\"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. 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The benchmark index finished 2.76% in the red having surged 14% during the three previous\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\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/banque-misr-considers-launching-low-carbon-etf-tracker-fund\/","url_meta":{"origin":570164,"position":2},"title":"Banque Misr considers launching low-carbon ETF tracker fund","author":"enterpriseam admin","date":"5 October 2021","format":false,"excerpt":"A low-carbon ETF tracker fund could be coming to the EGX: Banque Misr is considering launching an EGX-listed tracker fund allowing traders to invest in companies included in Refinitiv and the Arab Federation of Exchanges\u2019 (AFE) MENA low-carbon index, Vice Chairman Akef El Maghraby told Al Borsa. Both Banque Misr\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\/2021\/10\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570312,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/egx-holds-steady-after-days-of-volatility\/","url_meta":{"origin":570164,"position":3},"title":"EGX holds steady after days of volatility","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"EGX holds steady after days of volatility: The EGX30 crept up yesterday to close 0.97% in the green. 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":635622,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/10\/sale-of-ncmp-to-cairo-three-a-closed-on-thursday\/","url_meta":{"origin":570164,"position":4},"title":"Sale of NCMP to Cairo Three A closed on Thursday","author":"enterpriseam admin","date":"10 December 2017","format":false,"excerpt":"M&A WATCH- Our friends Pharos Holding and Banque Misr Investment Banking (BMIB) announced on Thursday the closing of the sale of a 97.7% stake in National Company for Maize Products (NCMP) to Cairo Three A through a mandatory tender offer. \u201cI am delighted to witness the final closure of 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569651,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/","url_meta":{"origin":570164,"position":5},"title":"Egyptian stocks hold steady following Sunday\u2019s rout","author":"enterpriseam admin","date":"3 March 2020","format":false,"excerpt":"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\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\/36.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\/570164","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=570164"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570164\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570165"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570164"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570164"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}