{"id":582598,"date":"2023-03-13T00:00:00","date_gmt":"2023-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/this-morning-egx-falls-more-than-3-in-biggest-single-day-loss-since-january\/"},"modified":"2023-03-13T00:00:00","modified_gmt":"2023-03-13T00:00:00","slug":"this-morning-egx-falls-more-than-3-in-biggest-single-day-loss-since-january","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/this-morning-egx-falls-more-than-3-in-biggest-single-day-loss-since-january\/","title":{"rendered":"THIS MORNING: EGX falls more than 3% in biggest single-day loss since January"},"content":{"rendered":"

Good morning, wonderful people. <\/span>We have 10 days to go until Ramadan \u2014 are you ready?<\/span><\/p>\n

Hang your lanterns and prep your iftar menu: <\/span>Thursday<\/span>,<\/span>23 March will be the first day <\/span>of Ramadan, according to the <\/span>National Research Institute of Astronomy and Geophysics<\/a><\/span>. <\/span><\/p>\n

<\/span>EGX WATCH- Shares on the EGX saw their biggest single-day loss since <\/span>January<\/span>yesterday, continuing a recent run of bad form that has <\/span>left it down 10% fr<\/span>om its recent high last month. The benchmark index fell 3.1% during trading yesterday to its lowest level in<\/span> five weeks<\/span>, leaving it up 9.2% year-to-date.<\/span><\/p>\n

Almost every component finished in the red:<\/span> Egypt Kuwait Holding was the only <\/span>EGX30 constituent to see gains yesterday, finishing the session up 0.7%. e-Finance (-7.8%), GB Auto (-7.7%), and Ezz Steel (-7.3%) posted the biggest dips.<\/span><\/p>\n

EGP WATCH- The EGP inched closer to the 31 mark against the greenback <\/span>yesterday<\/span>, easing<\/span> two piasters t<\/span>o 30.96, according to c<\/span>e<\/span>ntral bank figures. The currency has slipped around 1% since the beginning of March, and <\/span>some<\/a><\/span>analysts<\/a><\/span> have predicted larger falls in the coming weeks as we continue to grapple with a shortage of foreign currency. <\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

The Danish PM is in town: <\/span>Danish Prime Minister Mette Frederiksen is in Cairo for talks <\/span>with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly, her office said in <\/span>a statement<\/a><\/span> yesterday. The war in Ukraine, illegal immigration, climate, and regional security will all be on the agenda, according to the statement. Frederiksen <\/span>arrived in the capital<\/a><\/span> yesterday <\/span>and will stay until tomorrow.<\/span><\/p>\n

As is the Italian FM:<\/span> Italian Foreign Minister Antonio Tajani is heading to Egypt after visiting the <\/span>West Bank and Israel, Italian news agency <\/span>ANSA<\/a><\/span> said last week.<\/span><\/p>\n

El Molla speaks at BEBA:<\/span> Oil Minister Tarek El Molla will be guest of honor at a dinner <\/span>organized by the British Egyptian Business Association (BEBA Egypt) at Cairo Marriott Hotel.<\/span><\/p>\n

The SCZone is in Vietnam:<\/span> Representatives from the Suez Canal Economic Zone (SCZone) <\/span>are in Hanoi where they will meet with local businesses and investors in a bid to attract investment. The roadshow lasts through to Friday, 17 March.<\/span><\/p>\n

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THE BIG STORY ABROAD-<\/span><\/p>\n

Dominating the conversation in the global business press this morning: All you SVB <\/span>customers can breathe a sigh of relief<\/span> after US authorities announced they would guarantee all deposits in a bid to prevent a wider banking crisis. We have the full story in this morning\u2019s news well, below. (<\/span>AP<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>Wall Street Journal<\/a><\/span> | <\/span>CNBC<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>Washington Post<\/a><\/span>)<\/span><\/p>\n

It\u2019s Oscars night:<\/span> It\u2019s been a good night so far for folks behind All Quiet on the Western Front <\/span>and Everything Everywhere All at Once, which between them have walked away with seven of the 15 awards announced so far. Here are the big wins so far:<\/span><\/p>\n