The Egyptian stock market has so far seemed to have followed the saying “Sell in May and go away”. EGX 30 is down 7.4% mtd in May, paring its ytd gains to only 5.9%. However, in USD terms, the index is up 11.1% ytd on a stronger EGP (+5% ytd). The “sell in May” here has so far been driven in a good part by individual investors. Below we try to list a few drivers that we think played out so far in May:
For more details, please read the full report below.