Thu, Apr 24, 2014
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

Banner
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. Opalesque Exclusive: Rainwater and Blue Sky - an Australian water fund emerges[more]

    Bailey McCann, Opalesque New York: Financial reporters often tout new funds and investments as uncorrelated investments, but few can say they are uncorrelated to everything but weather. Enter Blue Sky Alternative's water fund which invests in the permanent rights to Australia's water. Sev

  2. Regulatory – Expect greater SEC scrutiny of hedge funds that share information or collaborate in advance of their trades, Alternative funds to get SEC test for leverage, liquidity[more]

    Expect greater SEC scrutiny of hedge funds that share information or collaborate in advance of their trades From Thelawyer.com: A recent Wall Street Journal article — ‘Activist investors often leak their plans to a favoured few’ — focused attention on ‘activist’ investors and stock analy

  3. …And Finally – This week's least competent criminal is Austrian[more]

    From ABCnews.go.com: A German sought by authorities for alleged fraud has been arrested in Austria — after dropping into a police station to ask officers whether he was under investigation. Police in Salzburg said the 59-year-old man walked into a police station in the city on Friday night. Sp

  4. Investing – Hedge funds find pitfalls along with profits in real estate ventures, Marcato Capital Management makes new bet on Dillard’s[more]

    Hedge funds find pitfalls along with profits in real estate ventures From Law360.com: Hedge funds have joined the rush to real estate deals and development in recent months to close the financing gap left by tightening bank standards, but attorneys say many aren't prepared for the disclo

  5. South Korea’s state fund plans to double alternative investments[more]

    From Businessweek.com: Korea Investment Corp., the nation’s $72 billion sovereign wealth fund, plans to double alternative investments over the next 10 years to compensate for declining returns from stocks and bonds. “We’ll have to embrace the lower return expectation from traditional assets and tha