{"id":622648,"date":"2018-10-09T04:35:02","date_gmt":"2018-10-09T04:35:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/egx-drops-to-its-lowest-level-in-over-a-year\/"},"modified":"2018-10-09T04:35:02","modified_gmt":"2018-10-09T04:35:02","slug":"egx-drops-to-its-lowest-level-in-over-a-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/egx-drops-to-its-lowest-level-in-over-a-year\/","title":{"rendered":"EGX drops to its lowest level in over a year"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> ** #2 <strong>EGX drops to its lowest level in over a year: <\/strong>The EGX30 fell 3.6% yesterday to its lowest level in over a year as 29 of the index\u2019s 30 constituents were \u201cdragged down by weakness in emerging markets and margin calls among local investors,\u201d <a href=\"https:\/\/www.reuters.com\/article\/mideast-stocks\/mideast-stocks-egypt-sinks-to-12-month-low-as-margin-calls-weigh-idUSL4N1WO2LM\">according to Reuters<\/a>, with shares including Juhayna, Emaar Misr, and Ibnsina Pharma losing between 8.0-8.5% at the end of yesterday\u2019s trading session. Domty was down 7.8%, while Elsewedy Electric dropped 7.0%, and Palm Hills lost 6.2%, while index heavyweight CIB was also down 1.8% \u201cIt is a mixture of both emerging market weakness and margin trading, and the closure of some margin trades,\u201d said Pharos Holdings\u2019 Radwa El Swaify. The EGX30 has lost 15% since August and 9.4% y-t-d and is now underperforming on the MSCI EM Index, which also dropped 1% yesterday. The valuation of Egypt\u2019s benchmark index is down to its lowest level since March 2016, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-10-08\/s-africa-cheapest-of-seven-em-stock-markets-worst-hit-by-rout\">Bloomberg says<\/a>.<\/p>\n<p><strong>The slide won\u2019t continue, one analyst suggests. <\/strong>London-based MENA Capital\u2019s Khaled Abdel Majeed blamed the combination of the broader EM-selloff \u2014 which has been causing <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/02\/fund-managers-have-turned-negative-on-egyptian-equities-amid-em-zombie-apocalypse\/\">concerns about capital outflows<\/a> from the Egyptian market \u2014 and some investors cashing in. He said he was positive, however, that \u201cthe slide would not continue, particularly with data showing that selling yesterday concentrated largely among locals \u2018who were hit by margin calls,\u2019 while net buyers were foreign investors.<\/p>\n<p><strong>Take heart: We\u2019re not alone. <\/strong>Valuations of benchmark indexes in South Africa, Pakistan, and the Philippines have dropped to record lows, Bloomberg notes. South Africa appears to be taking the hardest blow, with the EM crisis \u201cdragging the valuation of its benchmark index to the lowest level since the Taper Tantrum\u201d in 2013.<\/p>\n<p><strong>What does all of this mean for IPO season? <\/strong>It\u2019s really too early to say, particularly if you buy the argument of MENA Cap\u2019s Abdel Majeed (above) that the downturn has almost run its course for Egypt. That hasn\u2019t stopped <a href=\"https:\/\/almalnews.com\/Story\/393019\/11\/%D9%82%D8%A8%D9%84-%D9%8A%D9%88%D9%85%D9%8A%D9%86-%D9%85%D9%86-%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D9%87%D8%A7%D8%A1----%D8%AA%D8%BA%D8%B7%D9%8A%D8%A9-54%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9-%D9%85%D9%86-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D9%84%D9%80-%D8%AB%D8%B1%D9%88%D8%A9--\">Al Mal<\/a> from citing market chatter about allegedly low retail appetite for consumer and structured finance player <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/04\/sarwa-institutional-offering-10-38x-oversubscribed-final-share-price-set-at-egp-7-36\/\">Sarwa\u2019s IPO<\/a>. Take that story with a cup of salt: It cites \u201csources.\u201d Retail investors were grumpy AF yesterday. Institutional appetite for the offering was more than 10x the shares on offer. And the subscription period runs through close of play tomorrow. It\u2019s not yet time to panic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #2 EGX drops to its lowest level in over a year: The EGX30 fell 3.6% yesterday to its lowest level in over a year as 29 of the index\u2019s 30 constituents were \u201cdragged down by weakness in emerging markets and margin calls among local investors,\u201d according to Reuters, with shares including Juhayna, Emaar Misr, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":622649,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"70c6a5fa-dd51-4b3a-ae1b-5bc2c5707101","order":"0","is_powered_by":true,"section_story_id":"3d62a3bd-da66-42ea-8ff7-c9cf51451350","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/10\/1565.jpg","photo_position":"above","related_issue":[622639],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. The broader EGX70 index was harder hit,\u2026","rel":"","context":"In &quot;EGX&quot;","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569864,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/egx-enters-bear-market-as-covid-19-oil-shock-batter-stocks\/","url_meta":{"origin":622648,"position":1},"title":"EGX enters bear market as covid-19, oil shock batter stocks","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"EGX is now in a bear market as covid-19 fears and the oil shock batter stocks: The benchmark EGX30 index fell yesterday to its lowest level since October 2016 as the threat of an oil price war combined with fears about the spread of covid-19 extended the sell-off into a\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624704,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off\/","url_meta":{"origin":622648,"position":2},"title":"Arrests over alleged stock market manipulation trigger EGX sell-off","author":"enterpriseam admin","date":"17 September 2018","format":false,"excerpt":"**#1 Arrests in Al-Watany Bank insider trading case trigger EGX selloff: The EGX30 dropped to its lowest level since January 2017 yesterday following the arrest of Gamal and Alaa Mubarak on charges of stock market manipulation, Filipe Pacheco and Tamim Elyan write for Bloomberg. The benchmark EGX30 was down 3.6%\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/9\/503.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egx-sell-off-continues-as-shares-fall-7\/","url_meta":{"origin":622648,"position":3},"title":"EGX sell-off continues as shares fall 7%","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"The selloff on the EGX continued yesterday, tripping circuit breakers yet again: The sell-off on the EGX continued at pace yesterday, with the benchmark EGX30 index finishing 7.1% in the red and the wider EGX100 falling more than 6%. CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558235,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/what-can-you-send-to-the-moon\/","url_meta":{"origin":622648,"position":4},"title":"What can you send \u201cto the moon\u201d","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"The EGX has changed up its list of shares eligible for same-day trading, margin trading and short-selling as part of its biannual rebalancing, the bourse said in a statement (pdf) yesterday. The number of companies on the EGX\u2019s category \u2018A\u2019 list (pdf) \u2014 which permits same-day trading and margin trading\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565157,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/egx-claws-back-losses-after-5-plunge\/","url_meta":{"origin":622648,"position":5},"title":"EGX claws back losses after 5% plunge","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"The benchmark EGX30 lost another 0.6% today, clawing its way back after a sharp plunge in the broad-based EGX100 index early in the session triggered an automatic suspension of trading to allow things to cool off. Today\u2019s trading was light, with turnover of EGP 1.1 bn (32.1% below the 90-day\u2026","rel":"","context":"In &quot;SPEED ROUND: MARKET WATCH&quot;","block_context":{"text":"SPEED ROUND: MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/526.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\/622648","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=622648"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622648\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622649"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622648"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622648"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}