Thu, Sep 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Egypt's stock market views the unrest as good news

Thursday, July 04, 2013

Benedicte Gravrand, Opalesque Geneva:

The Egyptian EGX 30 Price Return Index, which in the last month dropped by 14% and started rising again on 25th June, lost just 0.3% on July 3rd after gaining around 4.2% on July 2nd. According to Barron’s, the equity market rally may be derived from local buying rather than foreign.

"Whatever you think about the rights, wrongs, or even terminology of military intervention, I think the likelihood of getting better economic policy has increased, and ultimately I think that is a positive for financial markets," Gabriel Sterne, a senior economist at the boutique investment bank Exotix, told the Wall Street Journal.

Most of the market stress was in the cost of insuring the country’s debt against default which went up to 950 basis points on Wednesday, from 878 basis points on Tuesday, the WSJ quotes data provider Markit as saying.

However, finalising the $5bn loan from the IMF will now be even more difficult. And at the same time, Egypt is still grappling with a deteriorating fiscal position.

Meanwhile, energy producers advanced today after crude prices surged to a 14-month high a......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style