{"id":615896,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/egx30-drops-5-after-ras-el-hekma-announcement-softens-devaluation-forecasts\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"egx30-drops-5-after-ras-el-hekma-announcement-softens-devaluation-forecasts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/egx30-drops-5-after-ras-el-hekma-announcement-softens-devaluation-forecasts\/","title":{"rendered":"EGX30 drops 5% after Ras El Hekma announcement softens devaluation forecasts"},"content":{"rendered":"

The <\/strong>EGX<\/strong>30 fell 5.0% at the close of trading yesterday<\/strong>, after news of Abu Dhabi wealth fund ADQ\u2019s planned USD 35 bn investment<\/a><\/strong> in Egypt for development rights to Ras El Hekma on the North Coast over the weekend. <\/p>\n

It wasn\u2019t just the EGX30 that had a rough time: <\/strong>The USD on the local parallel market has fallen nearly 17% since ADQ\u2019s agreement with the government was announced on Friday and is now trading at around EGP 51. Safe-haven asset gold in the local market has also taken a hit, with 24 karat gold now exchanging hands for 12.7% less than what it was before the announcement. The EGP also strengthened in the market for twelve-month non-deliverable forwards, with traders putting the USD-EGP rate at the high 50s, down from a January peak of over 70 for a brief period.<\/p>\n

But some on the index had record days: <\/strong>Investors piled in on real estate and construction stocks following the news, with Talaat Moustafa Group \u2014 who announced it will \u201ccollaborate\u201d with Abu Dhabi wealth fund ADQ and the Emirati real estate developer Modon Properties<\/a> on the project in an EGX disclosure (<\/a>pdf<\/a>)<\/a> \u2014 seeing its share price jump 20% throughout the day. Even real estate developers and construction companies not yet connected to the colossal project saw their share price jump.<\/p>\n

For many investors, today seemed like the day to collect on their investments: <\/strong>Even after the 5% drop, the country\u2019s headline index is still up 11.8% YTD and up 67.4% for one-year returns as investors had been piling into equities as a hedge against devaluation \u2014 even pushing the index past<\/a> the 30k mark last month for the first time ever, Mubasher Capital Vice Chairman Ehab Rashad told Enterprise. Now that the expectation is that the devaluation will be more modest than previously believed, they're collecting on their investments. <\/p>\n

CIB shares are partially the reason: <\/strong>Shares in CIB has for some time been a prime target for many investors as a means of acquiring USD through arbitrage \u2014 that is, buying CIB shares in EGP from the EGX and then converting their shares into certificates of deposit in its LSE-listed GDRs, which they can then sell in foreign currency. As the EGP\u2019s value rose against the USD on the parallel market, CIB\u2019s share price fell 9.8% at yesterday\u2019s close. Because the bank is the largest component of the EGX30, taking up over 27% of the index, the decline in CIB shares was one of the determining factors for the EGX30\u2019s decline.<\/p>\n

Investors will be more choosy with their stocks for the coming period,<\/strong> as they look to avoid shares that would be affected by the rise in the value of the EGP against the greenback, and ones that rely primarily on exports, Rashad told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

The USD on the local parallel market has fallen nearly 17% since ADQ\u2019s agreement with the government was announced on Friday<\/p>\n","protected":false},"author":1,"featured_media":615897,"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":[7303],"tags":[102,68,72,7388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ras-el-hekma","wpautop","entry"],"acf":{"mongo_id":"d2c654eb-a364-4722-837e-9fd4dd94f590","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2470.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGX30 drops 5% after Ras El Hekma announcement softens devaluation forecasts","related_issue":[615891],"teaser":"The USD on the local parallel market has fallen nearly 17% since ADQ\u2019s agreement with the government was announced on Friday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.8c2f5a10-8827-4a5d-8721-d12a73851da8.mp3"},"yoast_head":"\nEGX30 drops 5% after Ras El Hekma announcement softens devaluation forecasts - 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We\u2019re starting off a new week that promises to be busy and bring us a very full pipeline of news, which most of us were anticipating after an eventful weekend. THE BIG STORY TODAY EGX falls 5%: The EGX30 fell 5.0% at the close of\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2022\/10\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615817,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/","url_meta":{"origin":615896,"position":1},"title":"EGP strengthens on parallel and derivatives markets","author":"enterpriseam admin","date":"25 February 2024","format":false,"excerpt":"Twelve-month NDFs saw the USD-EGP rate decline 11.5% throughout the day to 57.5 after the news of the ADQ sale broke","rel":"","context":"In "MARKET WATCH"","block_context":{"text":"MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615941,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/this-evening-all-is-quiet-on-our-newswire-for-the-moment\/","url_meta":{"origin":615896,"position":2},"title":"THIS EVENING: All is quiet on our newswire \u2014 for the moment","author":"enterpriseam admin","date":"26 February 2024","format":false,"excerpt":"Good afternoon, wonderful people, and welcome to a surprisingly quiet Monday. There\u2019s no real big story at home to speak of so far, although we know that could easily change overnight. THE BIG STORY ABROADNot much has changed since this morning, with Israeli Prime Minister Benjamin Netanyahu\u2019s plans for the\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2023\/12\/771.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616065,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/ras-el-hekma-once-again-dominated-the-airwaves-last-night\/","url_meta":{"origin":615896,"position":3},"title":"Ras El Hekma once again dominated the airwaves last night","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"The talking heads focused on the impact of the agreement on our USD bonds, the parallel market, and commodity prices","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2740.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620260,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/19\/government-readies-land-transfer-following-arrival-of-final-tranche-of-ras-el-hekma-funds\/","url_meta":{"origin":615896,"position":4},"title":"Government readies land transfer, following arrival of final tranche of Ras El Hekma funds","author":"enterpriseam admin","date":"19 May 2024","format":false,"excerpt":"The state will transfer the land \u201cin the coming days,\u201d cabinet spokesman Mohamed El Homsani said","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1396.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":671848,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/15\/uaes-modon-to-pour-egp-45-bn-into-ras-el-hekma-infrastructure-buildout\/","url_meta":{"origin":615896,"position":5},"title":"UAE\u2019s Modon to pour EGP 45 bn into Ras El Hekma infrastructure buildout","author":"enterpriseam admin","date":"15 September 2025","format":false,"excerpt":"Modon tendered 2k feddans of work \u2014 including roads and bridges, electricity networks, and water and sewage systems","rel":"","context":"In "Construction"","block_context":{"text":"Construction","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/construction\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1396.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\/615896","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=615896"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615896\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615897"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615896"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615896"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}