{"id":595492,"date":"2019-09-29T04:18:05","date_gmt":"2019-09-29T04:18:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/late-week-egx30-rebound-has-helped-to-steady-share-slide\/"},"modified":"2019-09-29T04:18:05","modified_gmt":"2019-09-29T04:18:05","slug":"late-week-egx30-rebound-has-helped-to-steady-share-slide","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/late-week-egx30-rebound-has-helped-to-steady-share-slide\/","title":{"rendered":"Late-week EGX30 rebound has helped to steady share slide"},"content":{"rendered":"

<\/a> Late-week EGX30 rebound helped stymie share slide:<\/b> 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<\/a>. In the first three trading days of the week, the benchmark index plummeted 11% on the back of investor anxiety about protests, almost wiping out nearly all its 2019 gains<\/a>. The bond market also felt the impact, with Citi estimating that some USD 800 mn has flowed out of Egyptian government debt since the protests started. The fall was \u201crandom and politically motivated because of the protests,\u201d said Abd Rabbo Abdel Megid, head of trading at Shuaa Securities.<\/p>\n

The market is now up 1.9% for the year<\/b> after closing up by the same amount on Thursday.<\/p>\n

Virtually all constituents of the EGX30 closed up in the final two trading sessions of last week<\/b> (29 on Wednesday, and 27 on Thursday). Shares in index heavyweight CIB, which were trading above EGP 80 prior to the protests, hit a low of EGP 70.5 on Tuesday, but have since rebounded to nearly EGP 77. Leading education play CIRA surged 10% on Thursday, according to Reuters<\/a>.<\/p>\n

Foreign investors were net buyers of the stocks<\/b>, just as they were leading the sell-off earlier in the week.<\/p>\n

High inflation and austerity may be driving protests, but the economy is still going strong:<\/b> While speculation is rife about the protests and their significance, analysts still see the economy as being on track and likely to remain stable. Gary Greenberg, head of global emerging markets at Hermes, says the protests turning into a revolution is something \u201cwe don\u2019t see happening at this point.\u201d Thursday\u2019s 100 bps interest rate cut is also being widely viewed as a sign that the economy remains on track.<\/p>\n

EGX chief Mohamed Farid is among those saying the rally will continue<\/b>, calling the losses<\/a> \u201can unjustified reaction and not significant compared to (other) stock markets.\u201d Renaissance Capital\u2019s global chief economist Charles Robertson is of the same mind: \u201cThe market says we have priced in a bit of political anxiety through the falls earlier in the week but from this point on, there might be bargains to be found.\u201d Although investors with memories of 2011 may have been unnerved, \"our channel checks suggest margin calls on retail investors are mostly done and we expect the market to recover next week supported by the large caps,\" said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 benchmark index plummeted 11% on […]<\/p>\n","protected":false},"author":1,"featured_media":595493,"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":[82,102,380,68,72,164,125,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-capital-markets","tag-currencies","tag-egx","tag-enterpriseam","tag-equities","tag-investment-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0e55b2f1-7ded-4fbf-8ebc-cac19d212cb5","is_powered_by":true,"section_story_id":"785966f3-4750-484d-b6ed-3127264e9e60","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/259.jpg","photo_position":"above","related_issue":[595485],"teaser":"","voice_url":""},"yoast_head":"\nLate-week EGX30 rebound has helped to steady share slide - 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\/29\/late-week-egx30-rebound-has-helped-to-steady-share-slide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Late-week EGX30 rebound has helped to steady share slide\" \/>\n<meta property=\"og:description\" content=\"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. 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All of EGX30 shares rose yesterday, led by Qalaa Holdings, which surged 13.7%.\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\/9\/920.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":595492,"position":1},"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":576397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/egx-positioned-for-rebound-in-2021-on-strong-fundamentals-positive-growth-outlook-credit-suisse\/","url_meta":{"origin":595492,"position":2},"title":"EGX positioned for rebound in 2021 on strong fundamentals, positive growth outlook: Credit Suisse","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"The EGX is well-positioned for a comeback next year, thanks in large part to Egyptian equities currently being cheap because of the covid-19 market slump, Credit Suisse\u2019s Head of Middle East Research Fahd Iqbal told Bloomberg. The EGX30 is currently the region\u2019s worst-performer \u2014 down 22% year-to-date \u2014 and trails\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\/11\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595411,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/25\/egx-share-slide-continues-wiping-out-2019-gains\/","url_meta":{"origin":595492,"position":3},"title":"EGX share slide continues, wiping out 2019 gains","author":"enterpriseam admin","date":"25 September 2019","format":false,"excerpt":"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\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\/9\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639946,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/18\/global-stocks-record-best-week-in-nine-months-as-us-data-calm-recession-fears\/","url_meta":{"origin":595492,"position":4},"title":"Global stocks record best week in nine months as US data calm recession fears","author":"enterpriseam admin","date":"18 August 2024","format":false,"excerpt":"This comes as markets rebound from a \u201cbrutal\u201d sell-off during the first week of August","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1486.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632674,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/wall-street-finishes-best-week-in-years\/","url_meta":{"origin":595492,"position":5},"title":"Wall Street finishes best week in years","author":"enterpriseam admin","date":"18 February 2018","format":false,"excerpt":"So, is the correction over? The EGX30 gained 1.1% on Thursday and Wall Street on Friday \u201cfinished its best week in years as stocks staged a recovery from a tumultuous period that pushed major indexes into correction territory, a sign that bullish sentiment remained intact,\u201d the Wall Street Journal writes.\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/2\/1216.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595492","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=595492"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595492\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595493"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595492"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595492"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}