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By WM Intelligence
August 3, 2016 | 10:10 | Dubai
July proved to be a fairly robust month for Equities globally, with most benchmark indices closing in the green. With the immediate uncertainties out of the way in terms of global events, it was the bullish sentiment which took charge. The EGX 30 (Egypt) returned the highest for the month with a 15% gain – the market has been buoyant amidst reports indicating finalization of the IMF bailout towards the Egyptian economy to the tune of USD 10 billion – USD 12 billion.
The immediate sentiment is largely expected to be stock specific, influenced by the previous quarter’s earnings season. The next major event remains the run-up to the US Presidential elections, which would decide a winner a November.
For the year to date, the EGX 30 is the top performer, triggered by the gains made over the month of July. The DFM General has continued to remain a steady performer, maintaining its position amongst the top performing indices. The Nikkei 225 and Shanghai Composite have seen the largest erosion of wealth with double digit negative returns.