{"id":614333,"date":"2024-01-31T00:00:00","date_gmt":"2024-01-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/egx30-in-bull-market-territory\/"},"modified":"2024-01-31T00:00:00","modified_gmt":"2024-01-31T00:00:00","slug":"egx30-in-bull-market-territory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/egx30-in-bull-market-territory\/","title":{"rendered":"EGX30 in bull market territory"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s a tense morning in Cairo after the EGP hit 70 against the greenback. With the central bank set to meet tomorrow to discuss interest rates, speculation is rampant in the domestic and global press alike that we\u2019re both edging toward devaluation and closing in on agreement with the International Monetary Fund for a larger assistance package.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have the rundown on the state of play in this morning\u2019s news well<\/strong>, below, along with a guide to the 10 things on which you\u2019ll want to keep an eye whether on the road to a new agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>MEANWHILE- <\/strong><strong>The EG<\/strong><strong>X30 is now in bull market territory for 2024<\/strong>, with its year-to-date return rising to 21.9% after the index closed up 3.8% yesterday, according to market data. The index also surpassed the 30k point threshold for the first time in its history. The index has been on a months-long rally now as investors look to stocks as a hedge against high inflation and a weakening EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also want to keep up to date with everything finance and business in Saudi Arabia?<\/strong><strong> EnterpriseAM KSA has got your back. <\/strong>Our newest addition to the Enterprise family is written for business leaders in Saudi Arabia as well as investors, and others doing business or deploying capital there. It\u2019s published at 7am KSA, Sunday through Thursday. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Subscribe to receive your own copy<\/a> or you can <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">check out the website here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But what about the UAE? We\u2019ve also got you covered with EnterpriseAM UAE.<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Subscribe<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">here<\/a> or you can <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">head over to the website here<\/a>.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong>The US Federal Reserve will announce its decision on interest rates <\/strong>this evening following the end of its two-day policy meeting. We dive into analyst expectations and the rationale behind them in this morning\u2019s Planet Finance. <\/p>\n<p class=\"tag-border-left\">WAR WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>One step forward, two steps backward: <\/strong>Israel and Hamas appear to be on completely different pages regarding the proposed agreement that would see Israel halt fighting in Gaza in exchange for Hamas releasing hostages. Hamas showed openness to the agreement, with Hamas leader Ismail Haniyeh saying that the group is studying it and that the group would consider any agreement that would see the \u201ccomprehensive cessation\u201d of attacks on Gaza, \u201cserious prisoner exchange,\u201d and the IDF troops withdrawing from the enclave. Meanwhile, Israeli Prime Minister Benjamin Netanyahu rejected any agreement that stipulates withdrawing Israeli troops from Gaza or releasing Palestinian prisoners. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>A Hamas delegation is reportedly landing in Cairo today to discuss the proposal with Egyptian intelligence chief Abbas Kamel, <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/hamas-due-in-cairo-for-hostage-deal-talks-as-netanyahu-promises-no-large-concessions\/\" style=\"\" rel=\"noopener\">Times of Israel<\/a> wrote. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New details regarding the agreement: <\/strong>If implemented, the ceasefire agreement will see Israel release 100-250 Palestinians held in Israeli prisons in exchange for each Israeli held hostage by Hamas. The first phase of the agreement includes a 45-day ceasefire in exchange for the release of 35 hostages. Mediators are also hopeful that agreement will open the door for discussions regarding a permanent ceasefire. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We saw this coming: <\/strong>The agreement is the product of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa251d63-f340-4886-b43d-3c792acc96a5\" style=\"\" rel=\"noopener\">negotiations held in Paris<\/a> earlier this week between Kamel and a number of US, Israeli and Qatari leaders \u2014 including head of Israeli intelligence agency Shin Bet Ronen Bar and CIA head William Burns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is receiving a lot of attention: <\/strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c4dc6eef-b640-4d56-9caa-c1d1207ee3b9\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-30\/israel-rules-out-freeing-thousands-of-prisoners-in-hostage-deal?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-live-updates-1-30-2024-4b09e29180c6e6beaac566ffc4bbb1f7\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/jan\/30\/hamas-leader-ismail-haniyeh-discuss-gaza-ceasefire-proposal-cairo-israel-palestine\" style=\"\" rel=\"noopener\">The Guardian<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a><strong>Saudi Aramco drops plans to boost capacity<\/strong>, which would have pushed its production capacity to 13 mn barrels a day by 2027. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>READ BETWEEN THE LINES- <\/strong>\u201cIt\u2019s the clearest sign yet that the Kingdom is moderating its expectations of global oil demand growth in the coming years,\u201d Vanda Insights\u2019 Vandana Hari said in a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-30\/aramco-ordered-not-to-raise-oil-production-capacity-further?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGN OF THE TIMES- Elon Musk\u2019s Neuralink <\/strong><strong>implanted<\/strong><strong> a brain chip into its first patient<\/strong><strong> yesterday <\/strong>as part of the startup\u2019s plan to enable mortals like us \u2014 with a special focus on those suffering from paralysis \u2014 to control machines with our thoughts. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/technology\/2024\/jan\/29\/elon-musk-neuralink-first-human-brain-chip-implant\" style=\"\" rel=\"noopener\">The Guardian<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2020\/01\/Web-view-01.jpg\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at Egypt\u2019s real estate market, its performance over the past year, and what we can expect from it this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. It\u2019s a tense morning in Cairo after the EGP hit 70 against the greenback. With the central bank set to meet tomorrow to discuss interest rates, speculation is rampant in the domestic and global press alike that we\u2019re both edging toward devaluation and closing in on agreement with the International Monetary Fund [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":614334,"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":[7204],"tags":[68,72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egx","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e3cbcacc-56b4-43e0-956b-a8ff9f04571d","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/2679.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGX30 in bull market territory","related_issue":[614331],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.3500081c-8aec-4287-89ab-6ebff34ee5ae.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EGX30 in bull market territory - 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\/2024\/01\/31\/egx30-in-bull-market-territory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX30 in bull market territory\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. It\u2019s a tense morning in Cairo after the EGP hit 70 against the greenback. 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We have reached the midweek point as we approach the upcoming weekend and end of January (already). THE BIG STORY TODAY The EGX30 is now in bull market territory for 2024, with its year-to-date return rising to 21.9% after the index closed up\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"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":632674,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/wall-street-finishes-best-week-in-years\/","url_meta":{"origin":614333,"position":1},"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 &quot;What We're Tracking Today&quot;","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":[]},{"id":623412,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/is-the-nine-year-bull-run-coming-to-an-end\/","url_meta":{"origin":614333,"position":2},"title":"Is the nine-year bull run coming to an end?","author":"enterpriseam admin","date":"30 October 2018","format":false,"excerpt":"** #3 Wall Street went on a wild ride yesterday as investors \u201canticipate the end to a nine-year bull run\u201d amid trade and tech fears: US equities closed lower again yesterday after the \u201cwildest session since February\u2019s plunge\u201d the Financial Times says. Traders are \u201cfleeing the shares that were the\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/10\/2317.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623262,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egyptian-exchange-slumps-as-global-share-selloff-sees-us-markets-erase-the-years-gains\/","url_meta":{"origin":614333,"position":3},"title":"Egyptian Exchange slumps as global share selloff sees US markets erase the year\u2019s gains","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #4 We look set to end the week on a reasonably quiet note here at home \u2014 the EGX excepted. The benchmark EGX30 shed nearly 2.5% yesterday on moderate turnover, bringing its year-to-date return to -11.8%. Wednesday\u2019s performance came as a global share sell-off sent the Nasdaq into correction\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/10\/2261.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558723,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/this-morning-pfizer-gets-ok-from-fda-g7-talk-afghanistan-today\/","url_meta":{"origin":614333,"position":4},"title":"THIS MORNING: Pfizer gets OK from FDA + G7 talk Afghanistan today","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Welcome to hump day, wonderful people. There\u2019s no single story dominating the news agenda as the nation remains firmly set in \u201cvacation mode\u201d heading into the second-to-last weekend of summer.And frankly, we\u2019re still digesting the fact that the delta variant is now in Egypt. And the notion (it\u2019s smart policy)\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645906,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/01\/chinas-stock-market-is-now-in-bull-territory-as-stimulus-package-drives-extended-rally\/","url_meta":{"origin":614333,"position":5},"title":"China\u2019s stock market is now in bull territory as stimulus package drives extended rally","author":"enterpriseam admin","date":"1 October 2024","format":false,"excerpt":"The tech-heavy ChiNext index posted its best single-day performance since it was established in 2010","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/17.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\/614333","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=614333"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614333\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/614331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614334"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614333"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614333"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}