Al Ahly Pharos

Market Overview  COMI ADIB CCAP BTFH GBCO ATQA Prepared by Mayada Amin - CETA, CFTe

Unemployment rate inched up to 7.1% in 3Q23. The European Union is said to be mulling a package of investment in Egypt that could clock in at nearly USD10 billion in sectors including digital, energy, agriculture and transport. Afreximbank is looking to extend USD11 billion in credit facilities to a number of Egyptian companies.    The EGP weakened to a record low against the greenback in the para...

Market Overview  COMI MCQE ORWE CCAP BINV CIRA EGTS PHDC Prepared by: Mayada Amin - CETA, CFTe

A digital platform for those looking for a fast-track golden investor license will be available within the next few days. Egyptian exports to African countries are projected to climb 10% to USD5.5 bn in 2023. US inflation declined for the first time since August to 3.2%, reassuring investors that the Fed’s aggressive tightening cycle is at an end. GBCO (FV: EGP10.55,OW) released 3Q23 financials sh...

Market Overview  prepared by: Mayada Amin- CETA, CFTe

The overall budget deficit rose during the first two months of FY2023/24 to 3.2% of GDP, compared to 1.4% for the same period of the last fiscal year, under pressure from increased expenditures, especially interest on government debt. Afreximbank has agreed to extend USD3 billion of credit facilities to Egyptian companies. Emirati state-owned port operator DP World will break ground on its USD80 m...

Market Overview 

Core inflation slowed to 38.1% y-o-y in October from 39.7% in September. On a monthly basis, core inflation slowed to 1.8% from 3.0% in September. Minister of Tourism said that the official opening of the Grand Egyptian Museum will be probably between February and May of 2024. Egypt is considering implementing trade exchange operations with Russia, Turkey, and some African countries through a “bar...

Market Overview  RTVC ETRS AJWA prepared by: Mayada Ami - CETA, CFTe

Annual urban inflation cooled down, recording 35.8% YoY in October, down from 38% in September.  Favorable base effect and the deceleration of most items on a monthly basis allowed for the inflation decline. Euroclear requires that all bills and bonds issued by the Finance Ministry be exempt from tax, a condition that has been “categorically rejected” by the government. The government aims to offe...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

The EGX30 climbed 2.5% during trading yesterday, leaving it just shy of 24k by the end of the session. The benchmark index is up 64% year-to-date in EGP terms. The combination of a widely anticipated devaluation and concerns about the impact of the war in Gaza have caused the rally to accelerate over the past month. The EGX30 and gold have both climbed more than 20% in the past five weeks alone. T...

Market Overview  COMI CIEB HDBK ORWE Prepared by:  Mayada Amin- CETA CFTe

Market Overview  COMI HRHO ORAS prepared by: Mayada Amin- CETA, CFTe

The Suez Canal revenues jumped in October to USD880.1 million, an increase of 24%, compared to USD709.5 million during the same month of 2022.  The cabinet reviewed some 58 draft laws on its priority list ahead of submitting them to the parliament at a future date. These include draft laws to help facilitate privatization and the sale of state assets to investors, with an ambitious plan in place t...

Egypt is on track to meet its target of attracting 15 million tourists this year despite the impact of the war in Gaza. The Environment Ministry is aiming to attract USD600 million in investment into six projects during 2024. The Ministry of Finance will present the new draft law on income taxes for social dialogue during the coming period for approval before taking the necessary measures to refer...

Market Overview  COMI ORAS ELSH UASG GGCC MENA ZMID Prepared by: Mayada Amin- CETA, CFTe

The government is going to invite private-sector players to manage the nation’s airports, Prime Minister said.  Net International Reserves reached USD35.10 billion at the end of October 2023 compared to USD34.97 billion at the end of September. Raising fuel prices saves the state’s budget about EGP13 million per day, equivalent to EGP400 million per month. The cost of electricity subsidies reporte...

Market Overview  COMI HRHO CCAP BTFH ESRS SUGR ATQA Prepared by: Mayada Amin- CETA- CFTe

The Ministry of Petroleum announced on Friday that it is raising fuel prices for various octanes. The price of diesel remains steady at EGP8.25.  Aligned with expectations, the MPC of the CBE decided at its meeting on Thursday to maintain the key interest rates at their current levels. Egypt's PMI shrank to 47.9 in October from 48.7 in September, as inflation, supply chain problems, and a lac...

Market Overview  COMI HRHO BINV CCAP ACGC ACAMD  Prepared by: Mayada Amin - CETA -CFTe

The Federal Reserve held benchmark interest rates steady in a target range between 5.25%-5.5% amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.  The CBE's MPC is scheduled to meet today to decide on interest rates. We expect the CBE to prefer to keep rates unchanged, until further notice, linking interest rate movement to a...

Market Overview  COMI ADIB ORWE PHDC AMOC

Abu Dhabi’s sovereign wealth fund ADQ has inked contracts with the Sovereign Fund of Egypt (SFE) to finalize its acquisition of minority stakes in three state-owned oil and petrochemical companies. The fund will pay USD 800 mn for the stakes. The government will start receiving final offers to purchase Wataneya petroleum products sales and distribution stations affiliated with the NSPO next week. ...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe