The EGX30 added 1.73% in May, but the rally has rotated down-market

The EGX30 added 1.73% in May to close the month at roughly 52.7k points monthly report (pdf ) April’s 14.2% surge

ZOOMING OUT- The mild pickup is a relative outperformance. report (pdf)

Stocks accounted for 11% of main market turnover

April’s outsized gain was always going to be a tough act to follow

The liquidity picture also shifted.

The EGX70 and EGX100 beating the EGX30 by more than 250 basis points is pure market mechanics.

What moved the needle?

Investors piled into travel, trade, and real estate stocks.

The travel and leisure sector benefits structurally from FX exposure told us in March

A one-off gain may also be behind the move. a court ruling

Real estate’s 9.1% advance wasn’t a sector-wide deployment either.

The thesis on banks’ re-rating remains intact but untriggered.

Local institutions led the rally with purchases of EGP 2.8 b n (excluding block trades)

On profittaking + a live test of Egypt’s repatriation mechanics:

Rest assured. The domestic picture, in Morsy’s read, is materially better than the foreign selling implies.

The new player on the board

Korra Energi was the only company to IPO in May 31.35x oversubscribed 5.7x covered an 11% stake

May also brought six new listings. Egypt Education Platform all listed on 14 May OG Capital for Investments

The brokerage league table

In May monthly table (pdf)

Meanwhile, EFG’s two brokerage arms dominated the YTD picture YTD ranking (pdf)