Sat, Feb 28, 2015
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. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Adamas Asset Management and Ping An Insurance to co-manage $500m debt fund[more]

    Komfie Manalo, Opalesque Asia: Hong Kong-based Adamas Asset Management and Ping An Insurance Group, one of China’s largest financial institutions, have finalized a memorandum of und

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie