Ein turbulenter Sommer für den ägyptischen Aktienmarkt

07.10.2015 13:49 - Bellevue Asset Management AG

Ein turbulenter Sommer für den ägyptischen Aktienmarkt

Ägyptens Börse erlebte einen sehr unruhigen Sommer. Heftige Korrekturen prägten den Juni, Juli und August. Der EGX30 durchbrach zahlreiche Unterstützungsniveaus und büsste insgesamt 17.5% ein. Unsere konservative Positionierung und raschen Portfolioanpassungen trugen dazu bei, die negativen Auswirkungen auf das Portfolio abzumildern. Nach diesem massiven Einbruch erschien uns allerdings eine Neubewertung des Investment Case für Ägypten erforderlich. Findet tatsächlich noch eine investitionsgetriebene Konjunkturerholung statt? Versprechen sich Unternehmen noch Vorteile von der Erholung? Der Markt ist voller negativer Top-Down-Ansichten und die Entwicklung in China hängt wie ein dunkler Schatten über den Schwellenländern, was im Kontrast zu dem optimistischeren Stimmungsbild steht, das sich uns im letzten Monat nach mehreren Treffen mit lokalen Unternehmen bot.

Im_Fokus_Afrika_Ägypten_1015.pdf

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