KEY THEMES
Five months have passed in what has so far proved to be a continuation of last year’s trend. EGX 70 EWI continues to outperform EGX 30 ytd, although it lagged by a big margin in March. Year-to-date, EGX 70 EWI is up 6.2%, while EGX 30 is down 4.9%. The former’s performance was led by Egyptian Real Estate Consortium [AREH] (+293%) and Rowad Tourism Co. [ROTO] (+66%), while the latter’s was pulled lower by CIB [COMI] (-9%) and Abu Qir Fertilizers [ABUK] (-19%). EGX 70 EWI ended May up 10%, led by ROTO (+95%) and AT Lease [ATLC] (+73%). Meanwhile, EGX 30 was down 1.6% in May, pulled lower by COMI (-8%) and Cleopatra Hospitals Group [CLHO] (-14%). Globally, MSCI EM and MSCI FM are up for the year 6.6% and 10.3%, respectively. This confirms that the Egyptian market has been mostly driven by local investors, while foreign investors have shun off large caps for the time being, as other global markets continue to do well.