Week ending October 31, 2020

EGX 30: 10,515 (-4.3%) weekly change, (-24.7%) YTD  
Traded Value 1W Avg:
EGP 656M , (+6.7%) above 90D Avg.  
EGP:USD:
15.70 (0.0%) weekly change 

Local Pick-up

Telecom Egypt is building Egypt’s largest international data center facility

Telecom Egypt’s new data center is getting connected to all of the 10 Mediterranean and Red sea subsea landing stations, giving it access to more than 60 countries around the globe. This facility will accommodate up to 2,000 racks in a complex of four modular facilities. (Company disclosure)

Egypt’s Commodities Exchange (Egycomex) will begin trading in H1 2021

Egycomex will launch with only wheat as a tradeable commodity, to be followed with rice, sugar, and corn, as well as steel, cotton and gold. Egypt, the world’s largest wheat importer, established the exchange to provide protection for small farmers and producers and make their stocks available to the wider market. (Zawya)

Orascom Construction, Hassan Allam, Samcrete reportedly hold stakes in newly-established National Company for Railways

Orascom Construction, Samcrete and Hassan Allam will hold stakes in the National Company for Railways Industries, a newly-established company that will produce, repair and renovate railway cars at the Suez Canal Economic Zone (SCZone). The company will invest USD 240M in two factories, one for producing railcars and the other for manufacturing components. (Enterprise)

Global Pick-up

Big Tech shed USD 220B in market value as shares slump after earnings

Apple, Amazon, and Facebook shares slumped on Friday as investors expressed their dissatisfaction with the trio’s earnings on Thursday. Apple closed 5.6% lower, Amazon slumped 5.5%, and Facebook dropped 6.3%, wiping almost USD 250B off their combined market capitalizations. On the other hand, Google shares closed 3.8% higher after the group results that crushed Wall Street’s expectations. (Source: Business Insider)

Market wrap up

Stay informed by checking out our weekly wrap up of financial markets performance here.

Weekly Thunderstrike!

Egypt has become the world’s largest exporter of oranges by volume – Financial Times