{"id":570203,"date":"2020-03-23T04:14:15","date_gmt":"2020-03-23T04:14:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/23\/egypt-goes-full-kuroda-cbe-to-directly-purchase-equities-in-a-bid-to-stem-egx-sell-off\/"},"modified":"2020-03-23T04:14:15","modified_gmt":"2020-03-23T04:14:15","slug":"egypt-goes-full-kuroda-cbe-to-directly-purchase-equities-in-a-bid-to-stem-egx-sell-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/23\/egypt-goes-full-kuroda-cbe-to-directly-purchase-equities-in-a-bid-to-stem-egx-sell-off\/","title":{"rendered":"Egypt goes full Kuroda: CBE to directly purchase equities in a bid to stem EGX sell-off"},"content":{"rendered":"

<\/a> CBE to directly purchase equities in a bid to stem EGX sell-off:<\/strong> The Central Bank of Egypt (CBE) will buy up to EGP 20 bn worth of shares listed on the EGX to support asset prices amid sustained market volatility caused by the covid-19 outbreak, a senior official at the central bank told Enterprise last night. This amounts to more than 5% of the total EGX100 market cap, which currently stands at a little over EGP 380 bn. President Abdel Fattah El Sisi announced earlier in the day<\/a> that the CBE would allocate EGP 20 bn to support the exchange but didn\u2019t elaborate on how the funds would be deployed.<\/p>\n

The CBE isn\u2019t the only central bank to enter the equities market<\/strong>, but it is one of the few to do it on this scale. The Bank of Japan, which under its governor, Haruhiko Kuroda, launched in 2010 an unprecedented equity-purchase program<\/a> as part of a package of measures designed to drag the country out of deflation and support asset prices. That program now sees the BoJ on track to become the biggest holder of Japanese equities. Globally, central banks were thought last year to hold more than USD 1 tn in equities<\/strong>, Bloomberg<\/a> reported at the time, \u201cas they sought to diversify their reserves away from low-yielding bonds.\u201d The Bank of Israel and the Swiss National Bank \u201care among those to have publicly disclosed investments in stocks in the past,\u201d the business information service adds.<\/p>\n

There\u2019s no clarity this morning on how the CBE plans to move into the market <\/strong>or a timeframe for the program. But the Bank of Japan buys exchange-traded funds<\/strong>, which seems to us to be the least-disruptive way to enter the market. With a paucity of ETF options, it will be interesting to see how the CBE will move into (and later get out of) the market without causing disruption. As Nikkei Asian Review notes: \u201cAnd unlike bonds, ETFs lack maturities. The bank will have to sell them back to the market if it decides to decrease its holdings -- but slowly and carefully to keep from driving prices down.\u201d<\/p>\n

The <\/strong>CBE\u2019s statute (pdf)<\/a><\/strong> gives it wide leeway to intervene <\/strong>under articles 12 and 13, including authorizing it to \u201ctake whatever measures it deems relevant \u2026 in case of a financial disturbance\u201d to \u201cmeet the necessary needs in the financial markets.\u201d<\/p>\n

Traders didn\u2019t get a chance to react to El Sisi\u2019s late-afternoon announcement, but the <\/strong>exchange still closed in the green yesterday:<\/strong> The EGX30 gained another 5.92% in trading yesterday, reaching intraday highs of 6.48% on announcements that state-owned National Bank of Egypt (NBE) and Banque Misr were plowing a combined EGP 3 bn into the market<\/a>. This was the second consecutive day of gains<\/a> after the benchmark index shed nearly 18% last week on covid-19 fears; the EGX30 rose 5% on Thursday.<\/p>\n

The EGX is no longer the worst performing index in the region <\/strong>after two days of gains and as the sell-off in Dubai resumed yesterday. It is now down a little over 30% YTD compared to 37%<\/a> at the end of Wednesday\u2019s session.<\/p>\n

Don\u2019t expect that two days of gains means the volatility is over<\/strong>, analysts warn. A record-breaking emergency 300 bps interest rate<\/a>, tax breaks for EGX investors and energy price cuts<\/a> together with the Banque Misr and NBE stimulus have sent the right signals. But you can expect the market to remain highly sensitive to how the covid-19 outbreak develops \u2014 and impacts the global economy \u2014 over the next three months, Pharos Holding head of research Radwa El Swaify tells Enterprise. Market movements \u201cwill also rely on how the government responds to the outbreak. If there is a complete shutdown, it\u2019s only natural stock prices will continue to fall,\u201d El Swaify says.<\/p>\n

Listed companies are still supporting their stock prices through buybacks.<\/strong> Eastern Tobacco (pdf)<\/a>, Madinet Nasr for Housing (pdf)<\/a>, Odin Investments (pdf)<\/a>, Raya Contact center (pdf)<\/a>, and Egypt Kuwait Holding (pdf)<\/a> each said yesterday they are planning to or have already pulled the trigger on share buybacks. The companies are capitalizing on temporarily relaxed rules<\/a> from the Financial Regulatory Authority on buybacks.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE to directly purchase equities in a bid to stem EGX sell-off: The Central Bank of Egypt (CBE) will buy up to EGP 20 bn worth of shares listed on the EGX to support asset prices amid sustained market volatility caused by the covid-19 outbreak, a senior official at the central bank told Enterprise last […]<\/p>\n","protected":false},"author":1,"featured_media":570204,"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":[102,271,68,72,164,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets","tag-central-bank-of-egypt","tag-egx","tag-enterpriseam","tag-equities","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7b4ddba3-8def-4cd8-bf0c-92394f17dd73","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/258.jpg","photo_position":"above","related_issue":[570198],"teaser":"","voice_url":""},"yoast_head":"\nEgypt goes full Kuroda: CBE to directly purchase equities in a bid to stem EGX sell-off - 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The allocation for the fund, which the Financial Regulatory Authority gave the green light\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\/3\/311.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":570203,"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":570279,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/egx-slides-after-three-days-of-gains\/","url_meta":{"origin":570203,"position":2},"title":"EGX slides after three days of gains","author":"enterpriseam admin","date":"25 March 2020","format":false,"excerpt":"The EGX is back in the red again after three days of gains: The EGX30\u2019s three-day bull run came to an end yesterday after investors exited shares on the government\u2019s announcement of a partial curfew. 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":570164,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/","url_meta":{"origin":570203,"position":3},"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":569651,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/","url_meta":{"origin":570203,"position":4},"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":[]},{"id":561756,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/beltone-on-board-to-manage-cbe-margin-trading-support-fund\/","url_meta":{"origin":570203,"position":5},"title":"Beltone on board to manage CBE margin trading support fund?","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"The Central Bank of Egypt (CBE) has reportedly tapped Beltone Financial to manage a new margin trading fund with a preliminary allocation of EGP 1 bn that will be deployed to support margin lending through brokerages, Al Mal reports, quoting what it says are sources in the know. The fund\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"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\/570203","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=570203"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570203\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570204"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570203"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570203"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}