Al Ahly Pharos

United States inflation slowed to its lowest level in a year in December, to 6.5% from 7.1% in November, largely on the back of falling gas prices, raising hopes that this will prompt the US central bank to again slow the pace of rate hikes in its coming meeting to 25 bps on February 1. Signs that inflation may have peaked in the US and that monetary tightening could ease are prompting investors t...

Yesterday, the EGP fell to 32.20 to the USD before rebounding to close at 29.76. On the same day, the banking sector saw USD650-750 million change hands through the interbank market yesterday — as much as five times the recent daily average. Banks received strong inflows of foreign currency during yesterday's trading, with a value of more than USD250 million from major international instituti...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Pitch: Do Not Ignore Laggards; Money Rotation Will Eventually Happen. In 2017, all well-managed company stocks have gone up significantly post-flotation, even the ones that were negatively exposed to a weaker local currency. Some ideas: ORHD, CNFN, EKHOA, CICH, MCRO, QNBA, CIEB, JUFO, ISPH, CANA, CLHO, EAST, ADIB   Core inflation which strips out volatile items such as food and fuel rose to 24.4%...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Prime Minister has issued a number of regulations for state bodies to rationalize public expenditure amid the ongoing global economic crisis. Any new national projects that require significant FX expenditure, and where construction has yet to begin, will be delayed, according to the decision. Any FX spending at all by the ministries in question and their authorities will also require the Finance M...

Market Overview  Prepared by: Mayada Amin- CETA , CFTe

Pitch: FX-Sensitive Stocks: How high can we fly? Since the market has been over-rewarding FX-sensitive stocks (naturally), it is only logical to ask ourselves the question of how high those stock prices can go. We assume that an FX rate of EGP35-40/USD as an average over the five-year period (2023-2027) and check the impact on fair values. Conclusion: AMOC, ESRS, EGAL, and MFPC (some with high DY...

- Market Overview  - CIEB - HRHO - EFIH - EGCH -AJWA - EGAL Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - COMI - SWDY - ETEL - HRHO - EFIC  - ACGC prepared by: Mayada Amin- CETA, CFTe

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - COMI - MNHD - EFIH - SKPC - CCAP - EMFD - Prepared by: Mayada Amin - CETA , CFTe

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Market overview  Prepared by: Mayada Amin- CFTe , CETA

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - AMOC - ESRS - FWRY - HRHO - ISPH - ORWE - HELI - prepared by: Mayada Amin- CETA, CFTe

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

- Market Overview  - Prepared by: Mayada Amin- CETA, CFTe

The MPC will meet today to decide on policy rates in Egypt. We think inflationary pressures accompanied by the weakening FX and general risk aversion attitude by investors towards the EMs in general, and, more importantly, commitments implied by the IMF loan might induce the CBE to respond by a potential considerable hike, maybe 200bps. According to the Minister of Planning, the government allocat...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Around 4,000 expats have submitted requests to import vehicles under the government scheme, which will likely provide the state just USD62 million. An Egyptian-Dutch JV will build and manage a grain logistics hub at Alexandria port, under an MoU signed yesterday between the two companies and Alexandria Port Authority. The Suez Canal Authority (SCA) is in the process of acquiring 100% of South Red...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

The IMF will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month. The Suez Canal Authority expects revenues to rise 15% to hit a record USD8 billion in FY2022-2023. The SCA will continue granting dry bulk ships moving between West Africa and East Asian ports a 75% rebate on transit fees...

Market Overview  COMI ABUK AMOC JUFO CCAP ADIB prepared by: Mayada Amin- CFTe, CETA

Gold exporters will need to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector under new rules announced by the CBE. The Supply Ministry has set up a committee to determine the fair price of 10-15 kind of foods classed as strategic commodities amid soaring inflation.  The Parliament voted through amendment to the Unified Tax Procedur...