{"id":579208,"date":"2023-01-30T04:13:18","date_gmt":"2023-01-30T04:13:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves\/"},"modified":"2023-01-30T04:13:18","modified_gmt":"2023-01-30T04:13:18","slug":"egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves\/","title":{"rendered":"EGX gains, high-yield CDs, and rate hikes on the airwaves"},"content":{"rendered":"

It was another econ-heavy evening on the talk shows last night<\/strong>, with the talking heads cheering a good day for the EGX yesterday; totting up inflows to high-yield CDs ahead of the finish line tomorrow; and looking into their crystal balls to see whether a rate hike is in the cards when central bank policy makers meet on Thursday.<\/p>\n

<\/a> The EGX30\u2019s market cap <\/strong>yesterday<\/strong> surpassed EGP 1.1 tn <\/strong>for the first time<\/strong>,<\/strong> rising 3.7% on turnover of EGP 2.5 bn (43.7% above the 90-day average). The index is now up 19.3% YTD.<\/p>\n

Investors are excited about the listing pipeline: <\/strong>The blue-chip index\u2019s strong performance was driven by PM Madbouly on Saturday<\/a> saying that the government will soon reveal the details of the state-owned firms it plans to offer on the EGX this year, EGX board member Rania Yacoub told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 8:45<\/a>.) \u201cEgyptian stocks are now becoming the best and cheapest alternative to lure investments by individual investors,\u201d Yacoub said, as opposed to real estate or gold, which are more closely tied to inflation. The devaluation of the EGP and moves to clear the imports backlog have reflected positively on the bourse, Egyptian Capital Market Association (ECMA) chairman Mohamed Maher told Salet El Tahrir (watch, runtime: 5:54<\/a>)<\/p>\n

<\/a> Savers have so far poured some EGP 460 bn into the record high-yield 25% CDs <\/strong>introduced earlier this month by the National Bank of Egypt (NBE) and Banque Misr, Banque Misr Chairman Mohamed El Etreby told El Hekaya (watch, runtime: 18:15<\/a>). Some 30% of subscriptions at Banque Misr were fresh deposits, he said. \u201cThis reflects confidence by investors or institutions to invest again in treasury bills or the EGP,\u201d he said, while stressing caution over part of the comeback \u201cbeing hot money.\u201d NBE Deputy Chairman Yehia Aboul Fotouh told Salet El Tahrir that savers invested some EGP 285 bn in CDs at his bank alone, with 50% of the money taken out of other CDs (watch, runtime: 3:47<\/a>.) Both banks are set to pull the CDs<\/a> from the market tomorrow.<\/p>\n

More rate hike predictions: <\/strong>The CBE will likely raise interest rates by 150-200 basis points in its upcoming meeting on Thursday on the back of surging inflation, Yacoub told El Hadidi (watch, runtime: 1:15<\/a>.) Ever the contrarian, Ahmed Moussa insisted economists are all forecasting the CBE to keep rates unchanged in its first meeting of the year (watch, runtime: 6:41<\/a>.) Four of the seven analysts and economists we surveyed in our rate poll<\/a> see the Monetary Policy Committee raising rates by 100-200 bps later this week.<\/p>\n","protected":false},"excerpt":{"rendered":"

It was another econ-heavy evening on the talk shows last night, with the talking heads cheering a good day for the EGX yesterday; totting up inflows to high-yield CDs ahead of the finish line tomorrow; and looking into their crystal balls to see whether a rate hike is in the cards when central bank policy […]<\/p>\n","protected":false},"author":1,"featured_media":579209,"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":[7232],"tags":[68,6563,72,349,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-nights-talk-shows","tag-egx","tag-egypt-inflation","tag-enterpriseam","tag-interest-rates","tag-last-nights-talk-shows","wpautop","entry"],"acf":{"mongo_id":"7919ba20-f384-4b68-875f-eace4a3e9236","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/511.jpg","photo_position":"above","related_issue":[579194],"teaser":"","voice_url":""},"yoast_head":"\nEGX 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the talking heads last night, as the government\u2019s upcoming announcement on its listing pipeline and tomorrow\u2019s rate policy meeting at the central bank took top billing on the airwaves.Lamees urges \u201csignificant\u201d EGX listings \u2014 not only strategic stake sales: Noting that cabinet did not\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584615,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/last-nights-talk-shows-el-sisi-in-saudi-new-high-interest-cds\/","url_meta":{"origin":579208,"position":1},"title":"Last Night\u2019s Talk Shows: El Sisi in Saudi + new high-interest CDs","author":"enterpriseam admin","date":"3 April 2023","format":false,"excerpt":"Declining rate CDs on offer because inflation will slow, says Banque Misr\u2019s El Etreby","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/Ala-masouleety-3-4-23-1600.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":579208,"position":2},"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":578677,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/talking-heads-keep-score-as-25-cds-rise\/","url_meta":{"origin":579208,"position":3},"title":"Talking heads keep score as 25% CDs rise","author":"enterpriseam admin","date":"10 January 2023","format":false,"excerpt":"The economy topped the talk shows once again last night, as the pundits focused on Prime Minister Moustafa Madbouly\u2019s budget cutbacks (see our Economy section, above) and the rising tally of investments pouring into the new 25% certificates of deposit (CDs). Investors have so far poured some EGP 155 bn\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544817,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/","url_meta":{"origin":579208,"position":4},"title":"The float of the EGP, interest rate hike and expansion of the social safety net dominated the airwaves last night","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"Egypt\u2019s airwaves were dominated by yesterday\u2019s policy blitz (if you don\u2019t know what we\u2019re talking about here get out from underneath your rock \u2014 or just scroll to the top of the issue). Let\u2019s jump right in.New price caps on unsubsidized baladi bread and fino loaves have been introduced with\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/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":590817,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/last-nights-talk-shows-new-usd-cds-the-ongoing-heatwave\/","url_meta":{"origin":579208,"position":5},"title":"Last Night\u2019s Talk Shows: New USD CDs + the ongoing heatwave","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"NBE and Banque Misr launch new USD certificates of deposit","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1054.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\/579208","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=579208"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579208\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579209"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579208"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579208"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}