Egyptian equities continued to perform poorly for the second consecutive month in April, almost flattening the uptrend in January and February this year.Shallow liquidity and margin calls – among other factors – took their toll on most of the EGX’s sectors, in preparation for long vacations in late April. FTSE’s inclusion of Saudi Arabia in emerging markets (adding 10% of its equities mid-March and another 15% mid-April) absorbed some liquidity from the other emerging markets including Egypt.Like in most of 2018 and 2019 so far, Egypt’s market valuation remains very attractive.The EGX 30 index is currently trading at a discount to both MSCI EM and MSCI FM.In April, Egyptians turned into net sellers, foreigners eased their selling pressures, and Arabs kept their net buying position for the second month in a row–all on a year-to-date basis.Let’s cast a glance at the performance during April 2019.
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