KEY THEMES
Global markets seem to be pricing in a Biden win (which is as close as it can get), with U.S. markets ending the day after election day in the green across all indices, led by Nasdaq (+3.85%). Across the Atlantic, Europe was also up, led by France (+2.4%). Meanwhile, Asia was mostly up, led by China and even Russia (the United States’ No. 1 adversary according to Biden). But again, this is overseas. What about back home? All EGX indices were up, with all sectors ending the day on a positive note, except for banks which slipped slightly (-0.4%). Although CIB [COMI] has been propping up EGX 30 performance over the past couple of days, other banks fell, like Suez Canal Bank [CANA] and Credit Agricole Egypt [CIEB]—both of which fell 1.9% a piece. What perplexes us, however, is the fact that foreign investors continue to bet net sellers (mainly institutions), while Egyptians (also mainly institutions) are net buyers.