{"id":595411,"date":"2019-09-25T04:33:08","date_gmt":"2019-09-25T04:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/25\/egx-share-slide-continues-wiping-out-2019-gains\/"},"modified":"2019-09-25T04:33:08","modified_gmt":"2019-09-25T04:33:08","slug":"egx-share-slide-continues-wiping-out-2019-gains","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/25\/egx-share-slide-continues-wiping-out-2019-gains\/","title":{"rendered":"EGX share slide continues, wiping out 2019 gains"},"content":{"rendered":"

<\/a> EGX share slide continues, nearly wiping out 2019 gains:<\/b> The sell-off on the EGX accelerated yesterday, as investor concern about the impact of protests last weekend almost wiped out the index\u2019s 2019 gains. The benchmark EGX30 index fell 4.2% in a third successive day of losses after dropping 5.3% on Sunday<\/a> and 1.5% on Monday<\/a>. This week has seen the index post its longest losing streak in four years; it would need to fall again today and tomorrow to match its worst streak in 2011, Bloomberg noted<\/a>.<\/p>\n

The EGX30 is now up just 1% <\/b>since the start of the year.<\/p>\n

Index heavyweight CIB shed 5.2% yesterday<\/b>, while tobacco maker Eastern Company was down 7%. Chemical, real estate, and basic material shares also closed in the red, with Egyptian Iron & Steel down a further 6.7%, Ezz Steel dropping another 6.7%, and Kima falling 5.9%. Qalaa Holdings suffered the steepest fall yesterday, declining 7.4%.<\/p>\n

Foreigners are leading the sell-off:<\/b> \u201cToday, the sell-off was again led by foreigners who were net sellers. They accounted for 27% of the total turnover,\u201d said Allen Sandeep, head of research at Naeem Brokerage. With calls for further protests on Friday, the prospect of escalation is a concern for investors. \u201cWhat happened over the weekend was very minimal, but with what happened over previous experience, everyone is being very cautious. That\u2019s why everyone\u2019s cutting risk,\u201d said Ashraf Akhnoukh, director at Arqaam Capital.<\/p>\n

The government made clear yesterday it\u2019s staking the long view on stake sales and IPOs of state-owned companies. <\/b>Prime Minister Moustafa Madbouly said yesterday his government plans to sell stakes in five or six major companies on the EGX before the end of the fiscal year next June, according to a statement from the prime minister\u2019s office<\/a> in which the PM also called on the private sector to ramp up its investment in the domestic economy. The release came after the trading session closed and followed several news and TV reports<\/a> that the government has finalized procedures for state companies due to hit the EGX with additional stakes before the end of the year.<\/p>\n

Meanwhile, government-issued USD bonds came under pressure in the secondary market for a second day<\/b>, with longer-dated issues all falling more than USD 0.01 to their lowest point in around a month, Refinitiv data cited by Reuters shows<\/a>.<\/p>\n

The EGP also continued to soften against the USD:<\/b> 12-month non-deliverable forwards on the EGP ticking to 18.51 to the USD compared with 18.38 the day before, while greenbacks were changing hands for EGP 16.32 at the banks compared to EGP 16.29 the day before.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX share slide continues, nearly wiping out 2019 gains: The sell-off on the EGX accelerated yesterday, as investor concern about the impact of protests last weekend almost wiped out the index\u2019s 2019 gains. The benchmark EGX30 index fell 4.2% in a third successive day of losses after dropping 5.3% on Sunday and 1.5% on Monday. […]<\/p>\n","protected":false},"author":1,"featured_media":595412,"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":[82,380,68,72,164,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-currencies","tag-egx","tag-enterpriseam","tag-equities","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"cbecf5f7-ba5a-40b8-baeb-ecbd4c4c51d3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/1097.jpg","photo_position":"above","related_issue":[595406],"teaser":"","voice_url":""},"yoast_head":"\nEGX share slide continues, wiping out 2019 gains - 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\/25\/egx-share-slide-continues-wiping-out-2019-gains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX share slide continues, wiping out 2019 gains\" \/>\n<meta property=\"og:description\" content=\"EGX share slide continues, nearly wiping out 2019 gains: The sell-off on the EGX accelerated yesterday, as investor concern about the impact of protests last weekend almost wiped out the index\u2019s 2019 gains. 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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":570126,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/19\/govt-fiscal-measures-fail-to-slow-egx-sell-off\/","url_meta":{"origin":595411,"position":1},"title":"Gov\u2019t fiscal measures fail to slow EGX sell-off","author":"enterpriseam admin","date":"19 March 2020","format":false,"excerpt":"The EGX30 index closed in the red yesterday for the fourth consecutive day as concern among investors over the economic impact of the covid-19 outbreak and turbulence in global markets showed no sign of lifting. The benchmark EGX30 index fell 3.8% in the first hour of trading, before extending its\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\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595492,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/late-week-egx30-rebound-has-helped-to-steady-share-slide\/","url_meta":{"origin":595411,"position":2},"title":"Late-week EGX30 rebound has helped to steady share slide","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Late-week EGX30 rebound helped stymie share slide: Despite the EGX30 being the second-worst performing equity index of last week, a late-week rebound has mitigated some of the damage, with the index finishing the week down 6%, writes the Financial Times. In the first three trading days of the week, the\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\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549474,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/","url_meta":{"origin":595411,"position":3},"title":"The EGX sell-off continues","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"EGX WATCH: Egyptian shares suffered their biggest single-day loss since early July yesterday amid growing investor concerns about global growth. 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. The broader EGX70 index was harder hit,\u2026","rel":"","context":"In "EGX"","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egx-sell-off-continues-as-shares-fall-7\/","url_meta":{"origin":595411,"position":4},"title":"EGX sell-off continues as shares fall 7%","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"The selloff on the EGX continued yesterday, tripping circuit breakers yet again: The sell-off on the EGX continued at pace yesterday, with the benchmark EGX30 index finishing 7.1% in the red and the wider EGX100 falling more than 6%. CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\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\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570233,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/","url_meta":{"origin":595411,"position":5},"title":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"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%\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\/267.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\/595411","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=595411"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595411\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595412"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595411"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595411"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}