{"id":616581,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/planet-finance-breathes-a-sign-of-relief\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"planet-finance-breathes-a-sign-of-relief","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/planet-finance-breathes-a-sign-of-relief\/","title":{"rendered":"Planet Finance breathes a sign of relief"},"content":{"rendered":"

Planet Finance breathed a sigh of relief yesterday<\/strong> after the 600 bps interest rate hike and the float of the EGP. Local traders reallocated, while a handful of more adventurous foreign investors have started taking positions in the local market as they look to get exposure to high-yield instruments. <\/p>\n

#1- The EGX30 fell 3% at yesterday\u2019s close<\/strong>, ending the day in the red after rising as much as 5% in intraday trading before paring back its gains. Many investors had bought into equities as a hedge against an EGP worth 65 or more to the greenback. This is investors taking profits. <\/p>\n

The key thing to remember: <\/strong>The EGX30 just got much more attractive in USD terms to foreign portfolio investors.<\/p>\n

#2- Bonds soar: <\/strong>Egypt\u2019s USD-denominated debt \u2014 especially longer-dated bonds \u2014 surged on<\/a><\/a>the<\/a>news<\/a>, with those maturing in 2047 gaining as much as 3.7 cents during trading, narrowing the yield spread between Egyptian USD bonds and US treasuries to its narrowest margin since June 2021. The country\u2019s 2047 bonds ended the day trading up nearly 3% at 82.7 cents. <\/p>\n

#3- Gol<\/strong>d rush:<\/strong> The price of 24 karat gold surged almost 15% to EGP 3,657 per gram.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

29,743<\/p>\n<\/td>\n

\n

-3.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.43<\/p>\n<\/td>\n

\n

Sell 49.57<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at<\/strong>CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 50.5<\/p>\n<\/td>\n

\n

Sell 50.6<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,562<\/p>\n<\/td>\n

\n

+0.7% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,225<\/p>\n<\/td>\n

\n

-0.1% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,248<\/p>\n<\/td>\n

\n

+0.1% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,105<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,679<\/p>\n<\/td>\n

\n

+0.4% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,915<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.91<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.93<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,158.20<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 66,398.66<\/p>\n<\/td>\n

\n

+5.0% (YTD: +57.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The EGX30 was down 3% as traders locked in gains<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7210],"tags":[104,72,2234,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616581","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"de1fba64-c8ff-42b7-b0e5-4f42cf8cb464","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Planet Finance breathes a sign of relief as CBE takes action, gov\u2019t lines up USD 8 bn IMF facility","related_issue":[616552],"teaser":"The EGX30 was down 3% as traders locked in gains","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.a1343d25-0725-4d49-a207-1f84fc4dbd89.mp3"},"yoast_head":"\nPlanet Finance breathes a sign of relief - 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The Nasdaq index tracking Chinese firms, the Golden Dragon Index, saw a record one-day drop, closing down 14.4%, the FT writes. Foreign investors are worried\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/stocks-slip-as-investors-fret-over-ukraine-conflict\/","url_meta":{"origin":616581,"position":1},"title":"Stocks slip as investors fret over Ukraine conflict","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"US stocks continued to slip on Friday on the back of the war, with the tech-heavy Nasdaq falling 1.7% and the S&P 500 slipping 0.8% in volatile trading, the Financial Times reports. Investors flocked from equities to safe haven assets including gold and government bonds. EGX30 11,306 +1.0% (YTD: -5.4%)\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577904,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/what-the-markets-are-doing-on-thursday-8-december\/","url_meta":{"origin":616581,"position":2},"title":"What the markets are doing on Thursday, 8 December","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"THE CLOSING BELL- The EGX30 rose 2.0% at yesterday\u2019s close on turnover of EGP 3.2 bn. Foreign investors were net sellers. The index is up 23.8% YTD. In the green: EFG Hermes (+6.8%), Talaat Moustafa Holding (+6.1%) and Qalaa Holding (+5.9%). In the red: Rameda Pharma (-4.8%), Egypt Kuwait Holding-EGP\u2026","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\/2022\/12\/163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543762,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/planet-finance-new-york-stock-exchange-sets-nft-crypto-trading-in-its-sights\/","url_meta":{"origin":616581,"position":3},"title":"Planet Finance: New York Stock Exchange sets NFT + crypto trading in its sights","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"NYSE stakes a claim on cryptocurrency + NFT trading: The New York Stock Exchange has filed an application with the US patent and trademark office to provide an online marketplace for non-fungible tokens (NFTs) and cryptocurrencies, which could one day see it compete with NFT marketplaces like OpenSea and Rarible.\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548973,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/29\/the-short-sellers-are-massing\/","url_meta":{"origin":616581,"position":4},"title":"The short sellers are massing","author":"enterpriseam admin","date":"29 August 2022","format":false,"excerpt":"Is the summer US stock rally now history? 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Net short positions in the index, which has risen 11% since mid-June but remains down 15%\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555768,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/the-emerging-market-bears-are-massing\/","url_meta":{"origin":616581,"position":5},"title":"The emerging-market bears are massing","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"A quarter of investors surveyed by HSBC are bearish about investing in emerging markets, thanks to slowing economic growth and imminent monetary tightening by the US Federal Reserve, according to Reuters. 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