Al Ahly Pharos

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Annual urban inflation rose to 16.2% in October up from 15.0% in September, while MoM, urban inflation rose to 2.6% in October from 1.6% in September. Emirati investments to Egypt could rise by 20-40% by the end of the year. The US, Germany, and other European countries have pledged to provide more than USD550 million to help Egypt decarbonize its power infrastructure and install new renewable ene...

- Market Overview  - RMDA - ESRS - FWRY - ISPH - HELI  - AMOC - CIRA  Prepared by: Mayada Amin -CETA, CFTe

The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has deposited USD1 billion into the Central Bank of Egypt. Egypt has signed a number of partnerships with international finance institutions and development partners to implement projects worth USD15 billion under its Nexus on Water, Food and Energy (NWFE) program. The EGX yesterday announced it would set up Africa’s first volunt...

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

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

Fitch Ratings has cut its outlook on Egyptian debt from “stable” to “negative” due to deterioration in the country’s external liquidity position, keeping Egypt’s B+ rating. Egypt unveiled initiative to help poor countries adapt to climate change, a plan that envisions channeling billions of USD into the world’s poorest countries by 2030. The General Authority for Supply Commodities (GASC) canceled...

- Market Overview - EFIH - HRHO  -CLHO - CIEB - ORWE - Prepared by: Mayada Amin - CETA, CFTe

Egypt will sign today several partnership agreements and letters of intent with international finance institutions and development partners to implement projects under its Nexus on Water, Food and Energy (NWFE) program. The Suez Canal Economic Zone (SCZone) will announce soon the first production of green ammonia at Sokhna Industrial Zone.  Non-oil exports rose to reach USD27.5 billion during 9M20...

-Market Overview - COMI - ORHD - ORWE - CLHO - CIEB - AUTO - Prepared by: Mayada Amin - CETA, CFTe

The International Finance Corporation could provide USD83 million to an Emirati-Japanese consortium to part-fund their planned 500 MW wind farm in Ras Ghareb. An EGX subsidiary has signed an agreement with the Agricultural Bank of Egypt and Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage, and issue carbon certificates. Building materials exports recorded USD5...

- Market Overview - COMI - AMOC - HRHO - ESRS - ORHD - CSAG - Prepared by: Mayada Amin - CETA, CFTe

Net International Reserves registered USD33.4 billion in October, an increase of USD214 million over September.  The PMI index registered 47.7 last month, climbing 0.1 points from September. Egypt’s natural gas exports reached 1.5 billion cubic feet per day starting November, up from 700 million cubic feet per day in September.  The World Bank intends to provide Egypt USD500 million to finance the...

- Market Overview - COMI - EFIH - ESRS - FWRY - AMOC - AUTO - ORWE - SWDY - ABUK - Prepared by: Mayada Amin- CETA, CFTe

The Federal Reserve raised interest rates 0.75 basis points to a target range of 3.75%-4%, the highest level since January 2008. The government plans to IPO four state-owned maritime and land transport companies during 1Q2023. Companies include Damietta Container & Cargo Handling Company (DCHC) and Port Said Container & Cargo Handling Company (PSCCHC). The Electricity Ministry is in talks...

- Market Overview - COMI - EFIH - FWRY - AMOC - AUTO - CLHO - ISPH - ESRS - Prepared by : Mayada Amin - CETA, CFTe

FX Gains and Losses| A Reminder of 1Q22 | Net FX Losses Percentage of Bottom Line, % | Company   | 1Q22 | ESRS  | -149.3% | IRAX  | -86.9% | ARCC  | -86.8% | AUTO  | -57.7% | ORWE  | -25.0% | ORHD  | -25.0% | DOMT  | -23.7% | OLFI  | -21.9% | EKHO  | -9.6% | *CCAP  | 209.9% | *CCAP reported net bottom line losses in 1Q22 | Companies Expected to Report FX Gains | Net FX Gains Percentage of Bottom L...

- Market Overview - COMI - ABUK - ALCN - AMOC - AUTO - CLHO - EFIH - ESRS - FWRY - HELI - HRHO - SWDY - TMGH - Prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today* The UN International Fund for Agricultural Development and partner organizations will provide USD2 billion in financing to enhance food security in Egypt. Funding will be channeled to the Egyptian government through loans up to a year 2030. The IMF’s Middle East and Central Asia boss has praised the CBE's policy recent moves, saying that the shift to a flexible e...

- Market Overview - COMI  -SWDY - FWRY - ESRS - AUTO - Prepared by: Mayada Amin- VETA, CFTe

The EGP registered a new record low, closing the day at 24.1 to the USD.  The House Manpower Committee approved yesterday disbursing a EGP300 bonus in November to public-sector employees and pensioners. Some importers said that the banks started to arrange the required USD to release the goods that had been held at ports for weeks. The Sovereign Fund of Egypt will begin the roadshow for its pre-IP...

It’s Rally Time: Our Top 5 Picks COMI: The bank is well-capitalized and has always managed to maintain very strong margins above 5%, versus peers. EFIH: The company has successfully managed to provide leading digital payment solutions across the nation by establishing and developing a digital financial network that forms the backbone of the Egyptian government’s digital transformation strategy. OR...

- Market Overview - FWRY - CLHO - MNHD - HELI - AUTO - HRHO - ISPH - CCAP Prepared by: Mayada Amin- CETA , CFTe

The government is pushing ahead with a raft of fresh social protection measures: Freezing household electricity prices, postponing the previously planned increases to mid-2023 instead of 2022-end. The ration cards package will continue into 30 June 2023, instead of 2022-end. The state should distribute an EGP300 bonus next month to employees in the public sector and at state-owned enterprises, and...

- Market Overview - COMI - ABUK - AMOC - CIEB - CLHO - HELI - HRHO - MNHD - ORAS - ORWE - Prepared by : Mayada Amin - CETA, CFTe