KEY THEMES
Since the EGP flotation back on 3 November 2016, the EGX 30 in USD terms has slipped significantly to very low levels, as the denominator shot up considerably. It’s interesting to see that the all-time high recorded back on 29 April 2018 syncs with the peak witnessed in USD terms just before the flotation. This nearly renders our all-time high as the market only repricing the changes in FX rates, regardless of any changes in fundamentals.
The index still has not fully recovered since the slippage seen in the early days of COVID-19. In fact, given the current levels of the EGX 30 in USD terms, we are as attractive as the early days of flotation, standing at the levels registered on 15 November 2016.