{"id":596577,"date":"2019-07-02T12:57:42","date_gmt":"2019-07-02T12:57:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egx30-falls-4-3-in-2q2019\/"},"modified":"2019-07-02T12:57:42","modified_gmt":"2019-07-02T12:57:42","slug":"egx30-falls-4-3-in-2q2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egx30-falls-4-3-in-2q2019\/","title":{"rendered":"EGX30 falls 4.3% in 2Q2019"},"content":{"rendered":"

<\/a> The EGX30 fell 4.3% y-o-y in 2Q2019<\/b>, the Egyptian Bourse said in its quarterly report (pdf)<\/a>. Total market capitalization came in at EGP 756.1 bn at the end of the period, falling 7.4% y-o-y during the quarter. The total trade volume for the quarter was EGP 50.8 bn, down from EGP 91.9 bn in 2Q2018 and from EGP 82.6 bn in 1Q2019.<\/p>\n

Banks are leading the pack:<\/b> Banking stocks rose 5.3% during the quarter, making them the biggest winners, followed by telecoms (which rose 1.5%) and healthcare and pharma stocks (up 0.9%). The biggest losers were construction material stocks, which fell a whopping 27.2%.<\/p>\n

GTH dispute had a hand in this drop:<\/b> \u201cThe prolonged dispute with Global Telecom Holding (GTH) has impacted sentiment and trust among investors and caused trading volumes to fall,\u201d Sherif Shebl, vice president of GCC sales at Pharos Holding, told Enterprise. Veon subsidiary Global Telecom Holding (GTH) ended its long, drawn-out tax dispute with the government last week, signing a USD 136 mn<\/a> settlement agreement. Shebl added that the performance of state companies was not good during the quarter, with some reporting losses, coupled with a slowdown in the real estate sector, whose shares fell 8.8% y-o-y in 2Q2019.<\/p>\n

Global headwinds, monetary policy had an impact as well:<\/b> CBE monetary policy and global economic headwinds also hit the market during the quarter, Shuaa said in a report last week (pdf)<\/a>. The CBE\u2019s decision to hold off<\/a> on rate cuts in May, the appreciation of the EGP<\/a> against the greenback, and a pickup in flows to Saudi Arabia<\/a> and Argentina reduced inflows into Egyptian equities. Trade friction between the US and China and political tensions in the Arabian Gulf also had an impact on investors\u2019 sentiment, Shuaa said.<\/p>\n

What does this mean for the state privatization program?<\/b> When looking at the results, it is perhaps unsurprising that there has not been a move in the state privatization program since Eastern Tobaccosold a 4.5% stake<\/a> back in early March. Public Enterprises Minister Hisham Tawfik said companies selected to IPO under the program could begin listing as early as September, but noted that investment banks advising on the program would still need to determine when market conditions would be right for companies looking to pull the trigger on an additional share sale. With the GTH dispute settled, things are looking like they are moving forward, however. Advisers on the share sale by state-owned Alexandria Containers and Cargo Handling Company (ACCH) have concluded roadshows<\/a> in Dubai and London, whilepreparations are underway<\/a> to kickstart the bookbuilding process of a 30% stake sale in Sidi Kerir Petrochemicals (Sidpec).<\/p>\n

Golden ticket for those seeking cheaper valuations: <\/b>Based on 2019 price-to-earnings ratio projections, Egypt is the sixth-cheapest among global markets in terms of valuations and is the third regionally behind Oman and Dubai, Shuaa says. Based on current market prices and earnings estimates for 2019, EGX30 is trading at a PtE of 9.6x, or 26% less than the MSCI EM index\u2019s 13.0x, and is 15% below its 6-year historical average of 11.4x. \u201cThe heat on local equities, however, opens the door for global or regional investors who are looking to buy the dips,\u201d Shuaa said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX30 fell 4.3% y-o-y in 2Q2019, the Egyptian Bourse said in its quarterly report (pdf). Total market capitalization came in at EGP 756.1 bn at the end of the period, falling 7.4% y-o-y during the quarter. The total trade volume for the quarter was EGP 50.8 bn, down from EGP 91.9 bn in 2Q2018 […]<\/p>\n","protected":false},"author":1,"featured_media":596578,"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":[68,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egx","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0eda83cd-d201-4384-a2b2-497c1cd69e8e","is_powered_by":true,"section_story_id":"a1cdc2d2-a56b-4bf6-b53e-03b74b3f35ef","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/821.jpg","photo_position":"above","related_issue":[596570],"teaser":"","voice_url":""},"yoast_head":"\nEGX30 falls 4.3% in 2Q2019 - 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\/07\/02\/egx30-falls-4-3-in-2q2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX30 falls 4.3% in 2Q2019\" \/>\n<meta property=\"og:description\" content=\"The EGX30 fell 4.3% y-o-y in 2Q2019, the Egyptian Bourse said in its quarterly report (pdf). 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Revenues for the quarter doubled y-o-y to EGP 1 bn as net contracted\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":596926,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/earnings-watch-egypts-qnb-al-ahli-reports-egp-2-2-bn-in-2q2019-profits\/","url_meta":{"origin":596577,"position":1},"title":"Earnings watch: Egypt\u2019s QNB Al Ahli reports EGP 2.2 bn in 2Q2019 profits","author":"enterpriseam admin","date":"11 July 2019","format":false,"excerpt":"EARNINGS WATCH- QNB Al Ahli reported a net profit of EGP 2.2 bn in 2Q2019, up 18.4% y-o-y from EGP 1.9 bn in the same quarter last year, according to an EGX filing (pdf). Revenues for the quarter recorded EGP 8.1 bn, up from 7.3 bn in the same quarter\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":547233,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/we-like-debt-and-insurance-but-hate-stocks\/","url_meta":{"origin":596577,"position":2},"title":"We like debt and insurance, but hate stocks","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"The Financial Regulatory Authority is out with its quarterly report (pdf) detailing the state of capital markets in 1Q2022, and it was a mixed bag. 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Revenues fell 3% year-on-year to USD 702\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":595681,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/04\/earnings-watch-abu-dhabi-islamic-bank-and-juhayna\/","url_meta":{"origin":596577,"position":4},"title":"Earnings watch: Abu Dhabi Islamic Bank and Juhayna","author":"enterpriseam admin","date":"4 August 2019","format":false,"excerpt":"EARNINGS WATCH- Abu Dhabi Islamic Bank\u2019s net profits after tax rose by 74% y-o-y to EGP 658.5 mn in 1H2019, up from EGP 378.2 mn a year earlier, according to a bourse filing (pdf). Revenues increased to EGP 1.8 bn during the period, a 25% y-o-y rise. Juhayna Food Industries\u2019\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":596831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/earnings-watch-cib-reports-13-y-o-y-increase-in-2q2019-bottom-line\/","url_meta":{"origin":596577,"position":5},"title":"Earnings watch: CIB reports 13% y-o-y increase in 2Q2019 bottom line","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"EARNINGS WATCH- Our friends at CIB delivered a 13% y-o-y increase in net income of EGP 2.71 bn in 2Q2019 on revenues of EGP 5.21 bn, which rose 4% y-o-y. CIB recorded a capital adequacy ratio of 25.8% by the end of the quarter, which is above the minimum regulatory\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596577","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=596577"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596577\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596578"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596577"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596577"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}