{"id":582728,"date":"2023-03-16T00:00:00","date_gmt":"2023-03-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/egx-suffers-biggest-single-day-loss-since-2020-on-global-banking-turmoil\/"},"modified":"2023-03-16T00:00:00","modified_gmt":"2023-03-16T00:00:00","slug":"egx-suffers-biggest-single-day-loss-since-2020-on-global-banking-turmoil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/egx-suffers-biggest-single-day-loss-since-2020-on-global-banking-turmoil\/","title":{"rendered":"EGX suffers biggest single-day loss since 2020 on global banking turmoil"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Global banking turmoil hits EGX:<\/span><span style=\"\"> The EGX30 saw its biggest single-day drop in three <\/span><span style=\"font-weight:400;\">years yesterday as the fallout from the US banking crisis continued to send tremors through global financial markets. The benchmark index slipped 4.2% during trading, its worst day since 18 March 2020 at the height of the covid-triggered market panic.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The index has now fa<\/span><span style=\"font-weight:700\">llen almost 11% thi<\/span><span style=\"font-weight:700\">s week: <\/span><span style=\"\">The EGX30 has suffered a four-day losing <\/span><span>streak in the wake of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/13\/us-to-bail-out-svb-depositors-hand-emergency-loans-to-banks-to-avert-financial-crisis-99502\/\" style=\"\">collapse of three banks<\/a><\/span><span> in the US last week, almost eras<\/span><span>ing all of its 2023 gains.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Leading the declines: <\/span><span style=\"\">Qalaa Holding suffered the heaviest losses, slipping 14.9%, followed <\/span><span style=\"font-weight:400;\">closely by Sidi Kerir Petrochemicals (-13.2%), and Heliopolis Housing and Development (-13.1%). Only two EGX30 companies \u2014 CIRA and Eastern Company \u2014 finished higher.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Banking stocks continued to fall:<\/span><span style=\"\"> The EGX30 Banks Index fell another <\/span><span style=\"\">3.2%<\/span><span style=\"\"> yesterday, taking <\/span><span>its losses to more than 10% since Silvergate Bank announced last Wednesday that it would be winding down operations. Credit Agricole Egypt led declines, falling -8.3% during the session, while Export Development Bank of Egypt (-7.6%) and QNB Alahli (-7.4%) also saw hefty losses. CIB \u2014 the largest constituent of the EGX30 \u2014 slipped 1%, leaving it dow<\/span><span>n 8.6% th<\/span><span style=\"font-weight:400;\">is week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Contagion:<\/span><span style=\"\"> The declines on the EGX are being triggered by foreign investors exiting the market <\/span><span>amid panic triggered by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/silicon-valley-bank-collapse-leaves-dozens-of-local-startups-in-the-lurch-99375\/\" style=\"\">collapse of Silicon Valley Bank<\/a><\/span><span> (SVB) and the potential contagion in European and Asian banking sectors, EGX board member and president of 3way Securities Rania Yacoub told Enterprise<\/span><span>.<\/span><span style=\"font-weight:400;\"> Fears that the crisis could cause embattled Credit Suisse to collapse caused shares in the banking giant to plunge as much as 30% yesterday, triggering a heavy sell-off in European bank shares.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Okay, but if European shares are tumbling, why are we going along for the ride? <\/span><span style=\"\">There are probably two factors. First, fund and portfolio managers might choose to cash out gains in Egypt to cover losses elsewhere. Second: There\u2019s a bit of a risk-off sentiment these days, so it\u2019s natural enough for EM to get hit. And third: <\/span><span style=\"font-weight:700;\">There\u2019s no more a \u201cherd\u201d investor than a local day trader \u2014 retail investors accounted for 68% of all selling activity yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Local factors also played a part:<\/span><span style=\"\"> Arab and foreign investors also sold shares ahead of an <\/span><span>anticipated rate hike by the Central Bank of Egypt later this month and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/14\/this-morning-global-bank-sell-off-sends-egx-30-to-a-nine-week-low-99864-2\/\" style=\"\">EGP-USD exchange-rate volatility<\/a><\/span><span>, said HC<\/span><span> Brokerage Managing Director Shawkat El Maraghy. Some analysts expect the central bank to deliver a huge <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/14\/this-morning-global-bank-sell-off-sends-egx-30-to-a-nine-week-low-99864-2\/\" style=\"\">300-bps rate hike<\/a><\/span><span> when the Monetary Policy Committee meets on 30 March in a bid to curb <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/inflation-surges-to-five-and-a-half-year-high-in-february-far-above-analysts-expectations-99377\/\" style=\"\">soaring inflation<\/a><\/span><span style=\"font-weight:400;\"> and bring investors back into the market.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- What does all this mean for the privatization program?<\/span><span style=\"\"> It\u2019s TBD. Renewed volatility in the global financial markets comes as Egypt is moving ahead with the sale of stakes in state companies to investors as part of its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">rebooted privatization program<\/a><\/span><span style=\"\">. Volatility and a downward swing in prices of public assets is generally a bad thing. At this juncture, though, we\u2019d be much more concerned if the state were planning to exit stakes through IPOs \u2014 but <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/09\/this-morning-strategic-investors-public-share-sales-says-madbouly-99192\/\" style=\"\">senior officials have made clear they prefer (at this juncture) to do stake sales through private placements<\/a><\/span><span style=\"\"> rather than via initial public offerings. Privatization drives <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions-17820\/\" style=\"\">have been derailed<\/a><\/span><span style=\"font-weight:400;\"> several times by global market turmoil.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGX30 has fallen almost 11% this week amid panic in global financial markets<\/p>\n","protected":false},"author":1,"featured_media":582729,"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":[8987],"tags":[68,72,119],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egyptian-exchange","tag-egx","tag-enterpriseam","tag-financial-markets","wpautop","entry"],"acf":{"mongo_id":"e10acd52-6009-4d18-8458-78e76307f90e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/EGX-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egyptian shares tumble again on global banking rout, post their biggest single-day loss since 2020","related_issue":[582719],"teaser":"The EGX30 has fallen almost 11% this week amid panic in global financial markets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.3d3d3e50-7b7b-43e7-9475-8709a7f75591.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. 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