KEY THEMES
Yesterday was a quiet trading session; turnover barely crossed the EGP600mn mark, with individuals making up around 80% of the trading activity. Such a mix has been normal over the past few weeks, if not months. The market has mainly been driven by retail investors who have been bidding up small-cap stocks to unprecedented levels. In effect, the market in 2020 has become a story of two segments, with each segment (retail and institutions) playing their own game. As we continue to read into Q3 earnings reports, we think the latter segment (institutions) will see more opportunities pop up. Yesterday, for example, we saw Oriental Weavers Carpet [ORWE] and Cairo for Investment & Real Estate Development [CIRA] post strong earnings reports. The former advanced by 2.9% on the day, extending its 3-day winning streak to +6.5%. Meanwhile, the latter was marginally higher (+0.1%). Investors in general will most likely look forward to CIB’s [COMI] earnings release later on tonight for reassurance of its already-sound balance sheet.