{"id":707878,"date":"2026-06-04T00:00:00","date_gmt":"2026-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=707878"},"modified":"2026-06-04T02:56:55","modified_gmt":"2026-06-04T02:56:55","slug":"the-egx30-added-1-73-in-may-but-the-rally-has-rotated-down-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/04\/the-egx30-added-1-73-in-may-but-the-rally-has-rotated-down-market\/","title":{"rendered":"The EGX30 added 1.73% in May, but the rally has rotated down-market"},"content":{"rendered":"

The EGX30 added 1.73% in May to close the month at <\/strong>roughly 52.7k points<\/strong>, according to the bourse\u2019s latest monthly report (pdf<\/a>)<\/a> \u2014 a far cry from April\u2019s 14.2% surge<\/a> but still a solid showing since the month was shortened by four trading sessions for Eid El Adha. Total market cap climbed 2.48% to EGP 3.76 tn. Broader indices outperformed the blue-chip benchmark by a wide margin, with the EGX70 gaining 4.44% and the EGX100 rising 4.52%, suggesting the rally that started in large caps in April is working its way down the market.<\/p>\n

ZOOMING OUT- The mild pickup is a relative outperformance.<\/strong> Regional markets finished May ankle-deep in the red, with TASI dipping roughly 1%, the ADX sliding 0.8%, and the DFM shedding roughly 0.1% of its value during the month, due to renewed geopolitical tensions, according to a report (pdf)<\/a> by Kamco Invest.<\/p>\n

Stocks accounted for 11%<\/strong> of main market turnover<\/strong>, slightly higher than April\u2019s 8.4% equity share but not unusual, and the remaining 89% dominated by bonds and T-bills.<\/p>\n

Why the cool-off<\/p>\n

April\u2019s outsized gain was always going to be a tough act to follow<\/strong>, especially because its two main engines weren\u2019t available for a repeat. \u201cWe didn\u2019t see a continuation of the EGP depreciation; it was sort of range-bound, going up a little and down a little,\u201d CI Capital managing director and head of research Monsef Morsy tells EnterpriseAM. The FX repricing dynamic that lifted stocks broadly in April (a pattern Morsy says played out consistently across multiple cycles over the past five to seven years) simply wasn\u2019t in play last month. <\/p>\n

The liquidity picture also shifted. <\/strong>A significant chunk of the one-year CDs that matured through February, March, and April found its way into equities during April\u2019s rally. \u201cA big part of that liquidity already got deployed into the stock market during April,\u201d Morsy says. \u201cThis is the main reason for not seeing the same strong performance in May,\u201d he adds, noting that \u201cwe didn't see much happening on these specific points.\u201d<\/p>\n

\n

Playing catch-up<\/p>\n

The EGX70 and EGX100 beating the EGX30 by more than 250 basis points is pure market <\/strong>mechanics. <\/strong>\u201cBecause we initially saw strong performance from the larger caps in April, a rotation into the smaller names naturally followed,\u201d Morsy tells us. \u201cWhatever stocks caught up in May from the smaller caps were just catching up with what happened with the larger caps,\u201d he says. \u201cI wouldn\u2019t say this is driven by fundamentals whatsoever,\u201d he adds. <\/p>\n

\n

What moved the needle?<\/p>\n

Investors piled into travel, trade, and real estate stocks<\/strong>. <\/strong>Travel and leisure led gains (+20.6%), followed by trade and distributors (+9.3%), and real estate (+9.1%), marking the second straight month that travel and real estate rank among the EGX\u2019s top three performers. At the other end, basic resources fell 5%, food and beverages slid 1.9%, and industrial goods edged down 0.1%. Banks, which Morsy flagged in April as the re-rating trade to watch, etched out a 0.6% gain.<\/p>\n

The travel and leisure sector benefits structurally from FX exposure<\/strong> \u2014 all these companies are positively correlated to CY moves, Morsy notes, which still matters in an environment where some investors are pricing in the possibility of further depreciation at some point. The numbers back up what industry executives told us in March<\/a>: Egypt's travel and tourism sectors have largely avoided the fallout from the Iran war, with disruption mostly limited to GCC travelers facing flight cancellations.<\/p>\n

A<\/strong> one-off gain may also be behind the move.<\/strong> Egyptian For Tourism Resorts (ERC) closed the period up 50%, making it one of the sharpest single-stock moves on the main market in May. This coincided with a court ruling<\/a> that blocked an attempt to unseat the company\u2019s board and a separate international arbitration award ordering the return of Sahl Hasheesh land plots to ERC\u2019s inventory, which tightened the company\u2019s grip on one of Egypt\u2019s largest coastal tourism land banks.<\/p>\n

Real estate\u2019s 9.1% advance wasn\u2019t a sector-wide deployment either.<\/strong> \u201cA couple of developments are happening for the leading companies on the stock market, like TMG and Palm Hills,\u201d Morsy says. TMG closed up 2% at EGP 96, while Palm Hills surged 33.5% to EGP 15.17 \u2014 the latter\u2019s Ras El Hekma project developments are among the proximate catalysts Morsy cites. Both stocks ranked among the top three by value traded on the main market for the month.<\/p>\n

The thesis on banks\u2019 re-rating remains intact but untriggered.<\/strong> \u201cSometimes the re-rating takes time because there is no immediate, imminent catalyst for the stocks or the sector,\u201d Morsy says. The fundamental case is as strong as it\u2019s been (earnings visibility, margin resilience, strong 1Q results) but short-term triggers are absent. The clearest one Morsy can point to: any positive surprise on the regional front that sees the market begin to price in interest rate cuts \u2014 \u201cthat will serve as a strong catalyst for the re-rating of banking stocks,\u201d he says. <\/p>\n

\n

The foreign selling<\/p>\n

Local institutions led the rally with purchases of EGP 2.8 b<\/strong>n <\/strong>(excluding block trades)<\/strong>, while regional institutions dumped shares worth EGP 2.4 bn, and foreign institutions sold EGP 2.8 bn in EGX-listed stocks. Local (EGP 2.5 bn) and foreign (EGP 25 mn) retail investors recorded net purchases. Regional individual investors were net sellers to the tune of EGP 147 mn.<\/p>\n

On profittaking + a live test of Egypt\u2019s repatriation mechanics: <\/strong>Two things are happening at the same time here, Morsy says. First, non-Egyptian investors who are sitting on gains from April and early May are taking gains while they can. Second, and more telling: \u201cUsually, non-Egyptian investors, especially in periods where there are concerns or question marks on the overall FX market, tend to test the market. They want to see if they want to sell, does the repatriation of funds happen easily? Do they get their money right away from banks?\u201d<\/p>\n

Rest assured. The domestic picture, in Morsy\u2019s read, is materially better than the foreign <\/strong>selling implies. <\/strong>Inflation dynamics are contained, the energy sector is stable with no talk of shortages, and FX is holding. \u201cAll of this gives a positive sentiment and message on the domestic front,\u201d he says. \u201cEventually, this will reflect on foreign and Arab investor appetite going forward, as long as there is no further escalation on the regional front.\u201d <\/p>\n

\n

The new player on the board <\/p>\n

Korra<\/strong> Energi was the only company to IPO in May<\/strong>, the second one this year following Gourmet\u2019s blockbuster debut. The energy solutions firm\u2019s retail subscription closed 31.35x oversubscribed<\/a> before the Eid El Adha break, after its institutional offering was 5.7x covered<\/a>. Korra, which is floating an 11% stake<\/a>, is expected to hit the EGX trading floor in the coming weeks.<\/p>\n

May also brought six new listings. <\/strong>Egypt Education Platform<\/a> listed on 6 May with 199.4 mn shares at a par value of EGP 10. Chemical Industries Development, El Nasr Co. for Fertilizers and Chemical Industries, the Egyptian General Company for Tourism and Hotels, and Misr Travel all listed on 14 May<\/a>. OG Capital for Investments<\/a> listed on 19 May as a special purpose acquisition company \u2014 a relatively rare structure on the EGX. <\/p>\n

\n

The brokerage league table<\/p>\n

In May<\/strong>, Thndr topped the monthly table (pdf)<\/a> with a 15.4% market share, beating EFG Hermes\u2019s two brokerage arms (a combined 14.3%) and Mubasher (6.6%).<\/p>\n

Meanwhile, EFG\u2019s two brokerage arms dominated the YTD picture <\/strong>with a combined market share of 15.7%, ahead of Thndr (13.5%) and Mubasher (6.6%), according to the YTD ranking (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Foreign institutions sold EGP 2.8 bn of EGX-listed stocks last month, but analysts say part of the selling is a test of whether repatriation channels still function smoothly<\/p>\n","protected":false},"author":1,"featured_media":707879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-707878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"e0680782-2aef-48cf-9540-48597e8e2f08","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/1276.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Down-market rotation","related_issue":[707870],"teaser":"Foreign institutions sold EGP 2.8 bn of EGX-listed stocks last month, but analysts say part of the selling is a test of whether repatriation channels still function smoothly"},"yoast_head":"\nThe EGX30 added 1.73% in May, but the rally has rotated down-market - 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This is based on a request\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570233,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/egyptian-equities-join-worlds-top-performers-as-egx-soars-on-cbe-intervention\/","url_meta":{"origin":707878,"position":1},"title":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"Egyptian equities join world\u2019s top performers as EGX soars on CBE intervention: The benchmark EGX30 joined the ranks of the world\u2019s best-performing indices yesterday, fueled by the announcement on Monday that the Central Bank of Egypt (CBE) would intervene to prop up share prices, Bloomberg reports. The EGX30 soared 6.8%\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\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574277,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/the-market-yesterday-160\/","url_meta":{"origin":707878,"position":2},"title":"The Market Yesterday","author":"enterpriseam admin","date":"3 September 2020","format":false,"excerpt":"EGP \/ USD CBE market average: Buy 15.79 | Sell 15.89 EGP \/ USD at CIB: Buy 15.80 | Sell 15.90 EGP \/ USD at NBE: Buy 15.81 | Sell 15.91 EGX30 (Wednesday): 11,214 (-0.2%) Turnover: EGP 1.2 bn (11% above the 90-day average) EGX 30 year-to-date: -19.68% THE MARKET\u2026","rel":"","context":"In "The Market Yesterday"","block_context":{"text":"The Market Yesterday","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-market-yesterday\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572168,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/the-market-yesterday-108\/","url_meta":{"origin":707878,"position":3},"title":"The Market Yesterday","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"EGP \/ USD CBE market average: Buy 16.13 | Sell 16.23 EGP \/ USD at CIB: Buy 16.13 | Sell 16.23 EGP \/ USD at NBE: Buy 16.11 | Sell 16.21 EGX30 (Thursday): 10,832 (-0.9%) Turnover: EGP 804 mn (7% above the 90-day average) EGX 30 year-to-date: -22.4% THE MARKET\u2026","rel":"","context":"In "The Market Yesterday"","block_context":{"text":"The Market Yesterday","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-market-yesterday\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569482,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/the-market-yesterday-37\/","url_meta":{"origin":707878,"position":4},"title":"The Market Yesterday","author":"enterpriseam admin","date":"25 February 2020","format":false,"excerpt":"EGP \/ USD CBE market average: Buy 15.49 | Sell 15.62 EGP \/ USD at CIB: Buy 15.50 | Sell 15.60 EGP \/ USD at NBE: Buy 15.51 | Sell 15.61 EGX30 (Monday): 13,442 (-1.8%) Turnover: EGP 687 mn (19% above the 90-day average) EGX 30 year-to-date: -3.7% THE MARKET\u2026","rel":"","context":"In "The Market Yesterday"","block_context":{"text":"The Market 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