Foreigners pick up EGP 1.4 bn in local equities as EGX30 gains 5.85% in July

After a full quarter of net selling and a red June, foreign investors turned net buyers of Egyptian equities last month bourse’s July monthly report (pdf)

We’re not out of the woods just yet

REFRESHER- July marks a reversal from a rough 2Q sold a net EGP 4.8 bn

Foreign buying at the banks

Foreigners were net buyers of the banking sector to the tune of EGP 1.24 bn.

“CIB holds the heaviest weight in the EGX30 index

CIB typically absorbs between 30% and 40% of the EGX30’s weight

The EGX70 jumped 17.61% in July to close at 18.2k points

Total market capitalization rose 7.0% over the period to EGP 3.9 tn.

Energy and support services led the month with a 21.7% gain.

At the bottom, shipping and transportation services closed the month flat

Turnover value fell 7.85% m-o-m to EGP 2.6 tn in July

When retail profittaking kicks in

Local institutions added exposure, while retail pulled back:

“Most Egyptian stocks still trade at very attractive valuations”

There’s more room to run, but not all at once.

The brokerages league table

Thndr topped the July brokerages league table (pdf) with a 17.9% market share

YTD- the EGX’s YTD ranking of brokerage firms (pdf)