{"id":630778,"date":"2018-03-01T04:21:01","date_gmt":"2018-03-01T04:21:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/01\/what-were-tracking-on-01-march-2018\/"},"modified":"2018-03-01T04:21:01","modified_gmt":"2018-03-01T04:21:01","slug":"what-were-tracking-on-01-march-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/01\/what-were-tracking-on-01-march-2018\/","title":{"rendered":"What we\u2019re tracking on 01 March 2018"},"content":{"rendered":"

It\u2019s now March, ladies and gentlemen. <\/strong>The back third of Q1. As our father always told us: Time accelerates as you age.<\/p>\n

<\/a> FIRST LOOK- The EGX recorded a meteoric rise in volume yesterday driven almost entirely by record-setting foreign institutional trading<\/strong>, with foreigners accounting for EGP 3.1 bn of the EGP 4 bn traded. That\u2019s both the highest foreign trading volume of all time and the highest overall mark since March 2008, by our math.<\/p>\n

Why the spike? <\/strong>Wednesday was D-Day for the MSCI Egypt Index rebalancing, with Eastern Tobacco coming in and EFG-Hermes swapping out. We spoke to our friend Mohamed Ebeid, Co-CEO of the investment bank at EFG-Hermes, who noted that what was remarkable was that the record-setting volume came from pure trading\u2014no special transactions were executed yesterday.<\/p>\n

Institutions like EFG, passive inflows boost Eastern: <\/strong>Both Eastern Tobacco (+1.4%) and EFG Hermes (+4.3%) outperformed a down market, with the former seeing buying coming from passive investors following the index and the latter defying the MSCI index exit with huge active buying from foreign institutions, Ebeid said.<\/p>\n

Is it sustainable? <\/strong>Although yesterday\u2019s volume was an anomaly, Ebeid expects the daily traded average in the next period to tick up to the EGP 1.5-2 bn range from the EGP 1-1.2 bn range at which it\u2019s been lingering.<\/p>\n

***A handful of us are in Dubai from Sunday attending the EFG Hermes One on One<\/strong> and then meeting with friends later in the week. We may have a few meeting slots free in the second half of the week. Email editorial@enterprise.press if you\u2019d like to talk about having coffee.<\/p>\n

The Central Bank is expected to announce foreign reserve figures \u201cwithin days,\u201d<\/strong> a banking official had told Youm7<\/a>. Finance Minister Amr El Garhy said last week<\/a> that proceeds from the recent USD 4 bn eurobond sale had already hit Egypt, bringing the country\u2019s net FX reserves to around USD 41 bn.<\/p>\n

Egypt\u2019s M2 money supply was up 20.45% y-o-y in January to EGP 3.25 tn (USD 185 bn)<\/strong>, the CBE said on Wednesday, according to Reuters<\/a>.<\/p>\n

The CBE <\/strong>also held yesterday<\/strong><\/a> its biggest EGP variable rate CD auction since the EGP float<\/strong>, with EGP 205 bn on offer, coming on the back of the 100 bps rate cuts earlier this month.<\/p>\n

The Investment Ministry <\/strong>released yesterday its Annual Report (pdf)<\/strong><\/a> for 2017<\/strong>. The report includes a recap of legislation passed as well as of loans and grants received to finance development projects. The report shows foreign direct investment growing 14.5% y-o-y to USD 7.9 bn in FY2016-17.<\/strong> The report claims that the first phase of the ministry's long awaited investment map has been released, though we\u2019ve seen no sign of it online.<\/p>\n

President Abdel Fattah El Sisi is scheduled to inaugurate today the new cities of New Alamein, New Obour, New Ismailia today<\/strong>, Youm7 reports<\/a>.<\/p>\n

You may want to double back for a second look at VanEck Vectors Egypt Exchange-Traded Fund (EGPT)<\/strong>, the only Egypt ETF trading in the US. The ETF \u201cis up more than 3% this year and nearly 19% over the past 12 months,\u201d says FXStreet<\/a>. And while Egypt \u201cis not for the faint of heart \u2026 there are signs of improvement in the Egyptian economy,\u201d the report notes, adding that, \u201cEGPT\u2019s three-year standard deviation of 27.9% is nearly double the comparable metric on the MSCI Emerging Markets Index.\u201d<\/p>\n

<\/a> Egypt is among the top five banking markets in Africa in terms of growth and profitability. <\/strong>Angola, Nigeria, South Africa, and Morocco, along with Egypt account for 68% of the continent\u2019s total banking revenue pool, new research by McKinsey and Company finds. The report, which says Africa is the world\u2019s second-largest banking market in terms of growth<\/strong>, separates the continents banking markets into four archetypes: Relatively mature, fast-growing transition market, sleeping giants, and nascent market. Egypt belongs to the first category along with South Africa. \u201cThese markets have higher branch penetration\u2026they also have higher credit bureau penetration of 22% of adults, double the African average.\u201d The report also projects that around 60% of total retail revenue growth in the next five years will come from Egypt, Morocco, South Africa, Ghana, and Nigeria. Click here for the full report (pdf)<\/a>.<\/p>\n

***<\/strong><\/p>\n

We\u2019re working on something new: <\/strong>We are partnering with our friends at CIB Wealth to produce a custom newsletter that will go out to CIB Wealth\u2019s clients and our readers once a month. We calling this \u201cYour Wealth\u201d and will be discussing in it how to get the most out of your time, your business and your wealth\u2014and maximize time with your family. We\u2019ll be sending out the first issue of Your Wealth this weekend.<\/strong> If you you\u2019d prefer not to continue receiving it each month, feel free to unsubscribe from it\u2014you\u2019ll still receive your regular issue of Enterprise every weekday.<\/p>\n

***<\/strong><\/p>\n

Norway\u2019s USD 1 tn sovereign wealth fund loves volatility:<\/strong> Norway\u2019s sovereign wealth fund thinks a spike in volatility may help its long-term allocation target of 70% in equities worth an estimated USD 40 bn. \u201cIncreased volatility is as much of an opportunity as a challenge,\u201d Yngve Slyngstad, CEO of Norges Bank Investment Management, which runs the fund, said in an interview with Bloomberg TV (watch, runtime: 4:14<\/a>). The last time the fund so an expansion in its equity holdings \u2014 raising it to 60% from 40% \u2014 was right before the global financial crisis, when it picked up stocks for cheap.<\/p>\n

Is the Chinese state behind Geely\u2019s accumulation of a stake in Mercedes-Benz owner Daimler? <\/strong>That\u2019s the suggestion in the Financial Times<\/a>, which also notes that Zhejian Geely Holding\u2019s also owns online trader Saxo Bank<\/strong>, among other companies.<\/p>\n

Meanwhile, the global business press is heading into the weekend obsessing over all things American<\/strong>, with front-page headlines from both sides of the pond zeroing in on Hope Hicks\u2019 resignation<\/strong> as White House communications chief after admitting she told \u201cwhite lies\u201d for the president (FT<\/a> | WSJ<\/a>), the dwindling power of Jared Kushner (FT<\/a> | WSJ<\/a>), and a move by Walmart, Dick\u2019s Sporting Goods and others to stop selling weapons to people under the age of 21 <\/strong>(FT<\/a> | WSJ<\/a> | Reuters<\/a>). The latter really seems to have sparked the imagination of the Journal, which warns that \u201cCEOs choose sides on gun control at their own risk<\/a>,\u201d while Business Insider says businesses are simply tracking to where consumers in America are moving<\/a> on social issues.<\/p>\n

\u201cMeet me there\u201d closes tomorrow:<\/strong> Hind El Hafez, our friend and the noted jewelry designer and artist, is helping organize the Cairo Artists Collective\u2019s group exhibition \u201cMeet Me There,\u201d which wraps up tomorrow in Zamalek. The event features her latest collection of contemporary art jewelry and has as its special guest Spain\u2019s Estela Saez Vilanova. Want to attend?<\/strong> Pop an email over to info@cairoartistscollective.com for the details.<\/p>\n

70\/20\/10\u2014something all of us should give some thought to this weekend<\/strong>, whether it\u2019s in our business or personal lives. As Evernote CEO Chris O\u2019Neill reminds readers of the Globe and Mail\u2019s Last Word column<\/a> : \u201cGoogle famously talks about 70\/20\/10\u201470% of time, energy and resources goes into the core product, 10% goes into adjacencies or extensions, and 10% goes into those moonshots. It'd be great if Canadian companies took 10% of their resources and said, \u2018We're going to [take some long shots], and some, if not most, of them will fail, but the one or two that do succeed will more than offset the investment.\u2019\u201d The rest of the as-told-to interview is worth reading, too.<\/p>\n

The Oscars are on Sunday, and PricewaterhouseCoopers hasn\u2019t been fired. <\/strong>The accounting giant will be in the wings again this year, and promises to hand over the right envelope to the right person at the right time this year after last year\u2019s gaffe, the Wall Street Journal<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s now March, ladies and gentlemen. The back third of Q1. As our father always told us: Time accelerates as you age. FIRST LOOK- The EGX recorded a meteoric rise in volume yesterday driven almost entirely by record-setting foreign institutional trading, with foreigners accounting for EGP 3.1 bn of the EGP 4 bn traded. That\u2019s […]<\/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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630778","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"39655ffe-af73-4a69-8488-ff9460b98e9a","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[630776],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 01 March 2018 - 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\/03\/01\/what-were-tracking-on-01-march-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 01 March 2018\" \/>\n<meta property=\"og:description\" content=\"It\u2019s now March, ladies and gentlemen. 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fintech wealth manager Kenzi Wealth and inked an MoU which will allow EFG Hermes to leverage Kenzi\u2019s AI\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\/2021\/1\/275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":667276,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/23\/valu-kicks-off-trading-on-the-egx-today-with-amazon-set-to-become-its-newest-direct-shareholder\/","url_meta":{"origin":630778,"position":1},"title":"Valu kicks off trading on the EGX today with Amazon set to become its newest direct shareholder","author":"enterpriseam admin","date":"23 June 2025","format":false,"excerpt":"Amazon will soon be able to boast a 3.95% stake in the local fintech giant","rel":"","context":"In "Capital 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