{"id":624704,"date":"2018-09-17T04:11:37","date_gmt":"2018-09-17T04:11:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off\/"},"modified":"2018-09-17T04:11:37","modified_gmt":"2018-09-17T04:11:37","slug":"arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off\/","title":{"rendered":"Arrests over alleged stock market manipulation trigger EGX sell-off"},"content":{"rendered":"

<\/a> **#1 Arrests in Al-Watany Bank insider trading case trigger EGX selloff: <\/strong>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<\/a><\/u>. The benchmark EGX30 was down 3.6% at yesterday\u2019s closing bell as EFG Hermes shares dropped 8.6% on news that former co-CEOs Yasser El Mallawany and Hassan Heikal were also ordered arrested. Qalaa Holdings was down 6% after the company said (pdf)<\/a><\/u> a staff member had been detained in connection with the case.<\/p>\n

EFG and Qalaa shares are being punished unfairly\u2026 <\/strong>This case dates back to 2012<\/a><\/u> \u2014 no new facts have been presented in court. Current EFG Hermes management has nothing to do with the case<\/a><\/u> (and, we\u2019d argue, even an adverse verdict for Heikal and El Mallawany has been priced-in for years). And the Qalaa staffer arrested has (a) also been embroiled in the case since it began and (b) been dragged into it for reasons having nothing to do with his current employer.<\/p>\n

\u2026Then again, so is everyone else: <\/strong>It was a sea of red at the closing bell yesterday, with index heavyweight CIB down 2.1%, Eastern off 6.1%, and MNHD down 8.4% and Palm Hills sinking 5.6% in a broad selloff from which few issuers escaped unscathed.<\/p>\n

Sentiment on the arrests was exacerbated by a wider emerging market sell-off. <\/strong>Stock markets in Saudi Arabia, Qatar, the UAE, and Bahrain were all down yesterday. \u201cInvestors are in a selling mood and the volumes are low \u2014 any negative news is merely an excuse for a fall,\u201d said Naeem Brokerage CEO Tarek Abaza in remarks to Bloomberg.<\/p>\n

Background: <\/strong>The arrests came on Saturday<\/a><\/u> on charges of insider trade in the sale of Al Watany Bank of Egypt to the National Bank of Kuwait. The accused were remanded to custody despite report from a court-appointed panel of experts recommending that most charges against the defendants be dropped. The report found that the transaction was largely compliant with capital market regulations.<\/p>\n

The story received prominent coverage on Hona Al Asema last night,<\/strong> where former Al Awael Portfolio Management Chairman Wael Enaba said that he expects the EGX to dip at the beginning of today\u2019s trading but to gradually start picking up toward the end of the day (watch, runtime: 4:14<\/a><\/u>). A<\/p>\n","protected":false},"excerpt":{"rendered":"

**#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% at yesterday\u2019s closing bell as […]<\/p>\n","protected":false},"author":1,"featured_media":624705,"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-624704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1674a629-e29e-4e25-ba10-e8d08c67085b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/9\/503.jpg","photo_position":"above","related_issue":[624693],"teaser":"","voice_url":""},"yoast_head":"\nArrests over alleged stock market manipulation trigger EGX sell-off - 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\/2018\/09\/17\/arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arrests over alleged stock market manipulation trigger EGX sell-off\" \/>\n<meta property=\"og:description\" content=\"**#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. 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CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\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\/2020\/3\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600555,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/03\/saudis-olayan-buys-5-mn-qalaa-holdings-shares-for-egp-19-mn\/","url_meta":{"origin":624704,"position":1},"title":"Saudi\u2019s Olayan buys 5 mn Qalaa Holdings shares for EGP 19 mn","author":"enterpriseam admin","date":"3 February 2019","format":false,"excerpt":"M&A WATCH- Saudi\u2019s Olayan acquires 5 mn Qalaa Holdings shares for EGP 19 mn: Olayan Saudi Investment Company (OSIC) has bought 5 mn Qalaa Holdings shares at 3.82 per share, EFG Hermes said in an EGX disclosure (pdf). OSIC now owns 5.17% of Qalaa, up from 3.71% previously. 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Omran\u2019s justification was that suspending trading alone would\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":595313,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/egx-has-worst-day-since-2016-after-weekend-protests\/","url_meta":{"origin":624704,"position":4},"title":"EGX has worst day since 2016 after weekend protests","author":"enterpriseam admin","date":"23 September 2019","format":false,"excerpt":"The EGX turned in its worst showing since 2016 yesterday as investors dumped shares following two nights of protests in Egyptian cities. The benchmark EGX30 index fell 5.32%, while the wider EGX100 closed down nearly 5.7%, its worst single-day decline since 2012. Chemical, real estate, and basic materials companies were\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\/2019\/9\/845.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624647,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/16\/gamal-alaa-mubarak-are-detained-again\/","url_meta":{"origin":624704,"position":5},"title":"Gamal, Alaa Mubarak are detained (again)","author":"enterpriseam admin","date":"16 September 2018","format":false,"excerpt":"**#2 Gamal, Alaa Mubarak are detained (again) along with Hassan Heikal, Yasser El Mallawany: A Cairo Criminal Court ordered the arrest of Gamal and Alaa Mubarak and seven others in the latest long-drawn out saga of what the local press likes to call the \u201cstock market manipulation\u201d case. The sons\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\/624704","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=624704"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624704\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/624693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/624705"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624704"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624704"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}