{"id":595362,"date":"2019-09-24T04:40:59","date_gmt":"2019-09-24T04:40:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/egx-sell-off-continues-amid-protest-fears\/"},"modified":"2019-09-24T04:40:59","modified_gmt":"2019-09-24T04:40:59","slug":"egx-sell-off-continues-amid-protest-fears","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/egx-sell-off-continues-amid-protest-fears\/","title":{"rendered":"EGX sell-off continues amid protest fears"},"content":{"rendered":"

<\/a> Shares on the Egyptian Exchange slid again yesterday<\/b> as investors and the business community alike continued to wrestle with the meaning of anti-government protests this weekend. The benchmark EGX30 fell another 1.5%, extending a sell-off that saw the index shed 5.3% on Sunday<\/a>. Steel companies were among the hardest hit, with Egyptian Iron & Steel down 7.0% and Ezz Steel off 6.3%. Orascom Investment Holding was the day\u2019s biggest loser, shedding 7.3%.<\/p>\n

Margin calls exacerbated selling pressure<\/b>, Naeem Brokerage\u2019s Allen Sandeep told Bloomberg<\/a>, noting that local investors began dumping shares after selling by Arab investors triggered a round of margin calls.<\/p>\n

Lest we forget, the EGX has been one of the best performing indexes this year: <\/b>\u201cIt should be still kept in mind that EGX 30 is one of the global outperformers\u2026 the reason for the outperformance being strong structural reforms undertaken by the government,\u201d Century Financial\u2019s Arun Leslie John said.<\/p>\n

Egyptian USD bonds, ETF dropped:<\/b> The 2049 USD bond dropped 3.1 cents to 106.1 cents in the USD, and the 2040 bond fell 1.9 cents to 96.7 cents, Reuters reported<\/a>, citing Refinitiv data. Egypt\u2019s domestic and external bonds \u201cmay come under some pressure in the coming days,\u201d Goldman Sachs said. The VanEck Vectors Egypt Exchange-Traded Fund (EGPT), the only Egypt ETF trading in the US, dropped 6.2% yesterday \u201cand broke below both its short- and long-term trendlines at the 50- and 200-day simple moving averages,\u201d according to ETF Trends<\/a>.<\/p>\n

Meanwhile, the 12-month non-deliverable forwards on the EGP spiked<\/b> to 18.38 to the greenback from yesterday\u2019s spot rate of EGP 16.29, marking the biggest rise since March 2017, according to Bloomberg<\/a> \u2014 meaning the market sees the EGP coming under pressure in the period ahead.<\/p>\n

The unrest shouldn\u2019t affect foreign inflows into Egyptian debt as real interest rates remain competitive<\/b> compared to other EM and developed countries, Monica Malik, chief economist at Abu Dhabi Commercial Bank, said.<\/p>\n

Is there more to this than just protests?<\/b> Protests this past weekend coincided with a number of factors that have combined to increase market volatility, Shuaa Securities\u2019 head of research, Amr Elalfy, wrote in a note yesterday. Rates on Egypt\u2019s five-year credit default swaps have risen sharply since the attacks on Saudi Aramco\u2019s oil facilities last week, which historically has negatively correlated with share prices. Stocks have also been de-rated in light of last week\u2019s appreciation of the EGP and forecasts for continued strengthening before the end of 2019.<\/p>\n

Either way, a new round of sustained protests is unlikely to do much good for the economy<\/b>, Jason Tuvey, senior EM economist at Capital Economics, wrote in a note yesterday. \u201cPast experience suggests that this would be disruptive for the economy and government efforts to quell unrest, such as fiscal loosening and keeping a tight grip on the currency, could fuel a renewed build-up of macro imbalances. Structural reforms needed to boost productivity growth and living standards would be put on the backburner,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares on the Egyptian Exchange slid again yesterday as investors and the business community alike continued to wrestle with the meaning of anti-government protests this weekend. The benchmark EGX30 fell another 1.5%, extending a sell-off that saw the index shed 5.3% on Sunday. Steel companies were among the hardest hit, with Egyptian Iron & Steel […]<\/p>\n","protected":false},"author":1,"featured_media":595363,"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":[82,102,68,72,164,127,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-capital-markets","tag-egx","tag-enterpriseam","tag-equities","tag-politics","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6b666112-20d5-4e4a-ae9e-084602ce5c56","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/1882.jpg","photo_position":"above","related_issue":[595357],"teaser":"","voice_url":""},"yoast_head":"\nEGX sell-off continues amid protest fears - 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\/2019\/09\/24\/egx-sell-off-continues-amid-protest-fears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX sell-off continues amid protest fears\" \/>\n<meta property=\"og:description\" content=\"Shares on the Egyptian Exchange slid again yesterday as investors and the business community alike continued to wrestle with the meaning of anti-government protests this weekend. 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The selling shareholders are National Textile S.A.E, which holds 56.0% of DICE\u2019s share capital, and other minority investors who\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622648,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/egx-drops-to-its-lowest-level-in-over-a-year\/","url_meta":{"origin":595362,"position":1},"title":"EGX drops to its lowest level in over a year","author":"enterpriseam admin","date":"9 October 2018","format":false,"excerpt":"** #2 EGX drops to its lowest level in over a year: The EGX30 fell 3.6% yesterday to its lowest level in over a year as 29 of the index\u2019s 30 constituents were \u201cdragged down by weakness in emerging markets and margin calls among local investors,\u201d according to Reuters, with\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\/2018\/10\/1565.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604468,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/egyptian-exchange-to-roll-out-short-selling-in-first-quarter-of-2019\/","url_meta":{"origin":595362,"position":2},"title":"Egyptian Exchange to roll out short-selling in first quarter of 2019","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"REGULATION WATCH- The EGX is looking to roll out short-selling as early as 1Q2019, EGX boss Mohamed Farid is quoted as saying by Youm7. Separately, regulations allowing brokerage firms to act as market makers will be announced in a few days, Farid added. Both tools are part of a four-year\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573596,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/the-egx-is-allowing-investors-to-short-smaller-companies\/","url_meta":{"origin":595362,"position":3},"title":"The EGX is allowing investors to short smaller companies","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"The EGX is allowing investors to short smaller companies: The EGX yesterday approved plans to allow investors to short smaller companies in a bid to encourage short selling activity which has failed to take off on the exchange since it was launched in December, it announced in a statement (pdf).\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\/8\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595452,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/egypts-benchmark-egx30-index-rises-3-2-after-eight-day-slide\/","url_meta":{"origin":595362,"position":4},"title":"Egypt\u2019s benchmark EGX30 index rises 3.2% after eight-day slide","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"EGX30 rises 3.2% after eight-day slide: The Egyptian Exchange rebounded yesterday, bringing a dose of much-needed positivity to a week that had seen shares experience their sharpest falls since 2015. The benchmark EGX30 closed up 3.2%, with 29 of the index\u2019s constituents rising. \u201cWhat is happening is just a breath-taking\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\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573643,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/12\/egypts-bourse-adds-16-new-companies-to-its-list-of-securities-eligible-for-shorting\/","url_meta":{"origin":595362,"position":5},"title":"Egypt\u2019s bourse adds 16 new companies to its list of securities eligible for shorting","author":"enterpriseam admin","date":"12 August 2020","format":false,"excerpt":"You now have more stock options for short selling: The EGX has added 16 new companies to its list of securities eligible for short selling, bringing the total number of stocks to 46, according to an EGX statement (pdf). The expanded list comes into effect at the opening bell today.\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\/8\/95.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\/595362","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=595362"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595362\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595363"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595362"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595362"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}