{"id":595538,"date":"2019-09-30T04:13:12","date_gmt":"2019-09-30T04:13:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/egx30-extends-rally-after-central-bank-loosens-policy\/"},"modified":"2019-09-30T04:13:12","modified_gmt":"2019-09-30T04:13:12","slug":"egx30-extends-rally-after-central-bank-loosens-policy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/egx30-extends-rally-after-central-bank-loosens-policy\/","title":{"rendered":"EGX30 extends rally after central bank loosens policy"},"content":{"rendered":"

<\/a> EGX30 extends rally after CBE loosens monetary policy: <\/b>The benchmark EGX30 index climbed 3.3% at session close yesterday in response to the central bank\u2019s 100 bps interest rate cut<\/a> on Thursday and muted protests over the weekend. All of EGX30 shares rose yesterday, led by Qalaa Holdings, which surged 13.7%. Index heavyweight CIB rose 2.5%. The EGX30 has now rallied for three consecutive sessions following last week\u2019s abysmal performance<\/a> when the first three trading days of the week saw it nosedive 11% on the back of investor anxiety about protests, almost wiping out 2019 gains. A recovery on Wednesday and Thursday helped the index claw back some of the losses, finishing the week down 6%.<\/p>\n

A quiet weekend and the CBE rate cut are driving the rebound, <\/b>Bloomberg quoted<\/a> Naeem Brokerage\u2019s Allen Sandeep as saying. Investors \u201cmiscalculated\u201d the risk of political instability which caused them to dump stocks, he said. Raffaele Bertoni, head of debt capital markets at Gulf Investment Corp, added that, \u201cThe repricing of near-term political risk through a sell-off in Egyptian assets has already happened and investors should continue to look for confirmation that the good macro story is intact before taking any more aggressive positions in the country.\u201d Reuters also took note<\/a> of the recovery.<\/p>\n

The EGP strengthened on Sunday<\/b> to 16.31 to the greenback compared to 16.38 at the end of last week, CBE data showed<\/a>. Banking sources told Reuters<\/a> the appreciation was driven by inflows sparked by last week\u2019s interest rate cut. \u201cWe are seeing hot money flooding the gates before the yields go down any further,\u201d an unnamed banker told the newswire. \u201cThe EGP carry trade is still the most attractive in the world<\/b>.\u201d<\/p>\n

Commentary on last Thursday\u2019s interest rate cut continues to roll in:<\/b> Beltone Financial said in a note yesterday it expects the Central Bank of Egypt (CBE) to sustain its monetary easing cycle in the coming months, with \u201ca favorable base effect and EGP strength\u201d helping to keep inflation rates within the CBE\u2019s targets through the end of the year. Beltone doesn\u2019t expect the currency to rally beyond the EGP 16 \/ USD 1 mark, with limited fluctuations that will help keep inflation in check and allow for further rate cuts. The firm sees another 50 bps rate cut at the Monetary Policy Committee\u2019s next meeting in November, with a further 300 bps worth of cuts coming in 2020.<\/p>\n

Falling interest rates and slowing inflation will provide a boost to consumer spending<\/b>, HC said in a research note yesterday (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX30 extends rally after CBE loosens monetary policy: The benchmark EGX30 index climbed 3.3% at session close yesterday in response to the central bank\u2019s 100 bps interest rate cut on Thursday and muted protests over the weekend. All of EGX30 shares rose yesterday, led by Qalaa Holdings, which surged 13.7%. Index heavyweight CIB rose 2.5%. […]<\/p>\n","protected":false},"author":1,"featured_media":595539,"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":[72,125,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-investment-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7419683f-a83b-448e-a82f-0692c8bcdbeb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/920.jpg","photo_position":"above","related_issue":[595533],"teaser":"","voice_url":""},"yoast_head":"\nEGX30 extends rally after central bank loosens policy - 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\/30\/egx30-extends-rally-after-central-bank-loosens-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX30 extends rally after central bank loosens policy\" \/>\n<meta property=\"og:description\" content=\"EGX30 extends rally after CBE loosens monetary policy: The benchmark EGX30 index climbed 3.3% at session close yesterday in response to the central bank\u2019s 100 bps interest rate cut on Thursday and muted protests over the weekend. 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The EGP strengthened to 16.31 against the greenback on Sunday compared to 16.38 on Thursday.\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":595538,"position":1},"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":570233,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/","url_meta":{"origin":595538,"position":2},"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":[]},{"id":570018,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/","url_meta":{"origin":595538,"position":3},"title":"EGX30 tumbles 9.3% in worst showing since 2012","author":"enterpriseam admin","date":"16 March 2020","format":false,"excerpt":"EGX30 tumbles 9.3% in worst showing since 2012: The EGX30 caught up yesterday with last week\u2019s turbulence across global financial markets, closing down 9.3% in what was its sharpest one-day decline since November 2012. Index heavyweight CIB closed down 9.9%. The bourse suspended trading for half an hour after 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\/3\/184.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":595538,"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":570095,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/","url_meta":{"origin":595538,"position":5},"title":"EGX sell-off slows following CBE\u2019s surprise rate cut","author":"enterpriseam admin","date":"18 March 2020","format":false,"excerpt":"EGX sell-off slows following CBE\u2019s surprise rate cut: The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session and went on to\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\/212.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\/595538","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=595538"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595538\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595539"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595538"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595538"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}