{"id":570233,"date":"2020-03-24T04:16:33","date_gmt":"2020-03-24T04:16:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/"},"modified":"2020-03-24T04:16:33","modified_gmt":"2020-03-24T04:16:33","slug":"egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/","title":{"rendered":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention"},"content":{"rendered":"

<\/a> Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention:<\/strong> 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<\/a>. The EGX30 soared 6.8% during morning trading before falling back to 3.04% by the closing bell on an afternoon sell-off by foreign investors. Qalaa Holdings led the rally, rising 11.9% during the session. Elsewedy Electric and AMOC both gained 10.6%. Index heavyweight CIB ended the day up 0.4%.<\/p>\n

This was the third-consecutive day of gains on the exchange<\/strong>, a winning streak that has seen the EGX climb more than 14% from Thursday\u2019s three-year lows.<\/p>\n

And the exchange is now besting the EM average: <\/strong>The EGX30\u2019s performance since the beginning of the year is now better than the average across emerging markets. The index is down 28% YTD, compared to the 31% the MSCI EM Index has shed since the beginning of the year, according to Bloomberg.<\/p>\n

EGX circuit breakers partially suspended:<\/strong> The Financial Regulatory Authority has approved an EGX proposal to suspend circuit breakers for upward moves on the wider EGX100, the exchange said in a statement<\/a>. Yesterday trading was suspended for 30 minutes<\/a> after the EGX100 index climbed more than 5%. The FRA decision means that from now on rallies will be allowed to continue uninterrupted, with circuit breakers only kicking in if the market falls by 5%.<\/p>\n

CBE intervention fuels rally:<\/strong> The latest gains come a day after President Abdel Fattah El Sisi announced that the CBE would provide EGP 20 bn in support to the stock market. A CBE official later told Enterprise that the bank would intervene directly to purchase shares, without elaborating further.<\/p>\n

With few details released so far, we\u2019re still uncertain of exactly how the CBE is moving into the market.<\/strong> The CBE\u2019s investment will likely be long term to \u201cgive it enough time to exit the market without rushing, make a profit (despite not being a profit-seeking entity), support the economy, and still maintain its stability in the long run,\u201d said Pioneers Holding analyst Mohamed Gaballah.<\/p>\n

Look for the CBE to effectively try to buy the EGX30 <\/strong>to stabilize the market \u2014 and with only one ETF, it will have to create its own approximation.<\/p>\n

B<\/strong>rokerage companies are asking the CBE for soft loans to support the bourse<\/strong>, as many market players seek more funding to stabilize their positions, unnamed sources told Al Mal<\/a>.<\/p>\n

Meanwhile, the share buyback spree is showing no signs of abating.<\/strong> Among the companies saying yesterday they are planning or have completed buybacks: Eastern Company (pdf<\/a>), Electro Cable Egypt (pdf<\/a>), MNHD (pdf<\/a>), and Odin Investments (pdf<\/a>).<\/p>\n

In other market news- Yields on EGP t-bills fall:<\/strong> The yield on the nine-month EGP treasury bill plunged almost 200 bps in the space of a week at an auction yesterday, falling to 13.367% from 15.273%. The rate on the three-month bill fell marginally, down to 12.61% from 12.892% last week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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% during morning trading before falling […]<\/p>\n","protected":false},"author":1,"featured_media":570234,"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":[102,271,68,115,72,164,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570233","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-emerging-markets","tag-enterpriseam","tag-equities","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8e4599c6-df5d-41fe-8401-aa0fa06a0891","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/267.jpg","photo_position":"above","related_issue":[570228],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian equities join world\u2019s top performers as EGX soars on CBE intervention - 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\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention\" \/>\n<meta property=\"og:description\" content=\"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. 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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":561112,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/","url_meta":{"origin":570233,"position":2},"title":"CBE to provide EGP 1 bn to set up new EGX fund","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"A fund created yesterday to boost trading volumes on the EGX is getting EGP 1 bn as a preliminary allocation from the Central Bank of Egypt (CBE), CBE Deputy Governor Rami Aboul Naga tells Asharq Business. 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":570164,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egx30-ends-in-the-green-for-the-first-time-in-two-weeks\/","url_meta":{"origin":570233,"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":570279,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/egx-slides-after-three-days-of-gains\/","url_meta":{"origin":570233,"position":4},"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":595537,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/egp-egx-rally-after-cbe-rate-cut\/","url_meta":{"origin":570233,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570233","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=570233"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570233\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570234"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570233"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570233"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}