Al Ahly Pharos

If History Were to Repeat Itself, Post-2016 Flotation Moves: Stocks that rose more than 75% in 2 months: ESRS, IRAX, ALCN, AMOC, ORWE, ECAP, LCSW, ADIB, CIEB Net Foreign Assets (NFAs) in the banking system remained broadly stable in July at USD-19.4 billion compared to USD-19.7 billion in June.  El-Sisi issued a decision yesterday to increase the exceptional financial support for families using ra...

- Market Overview - COMI - ETEL - UASG - PHAR - OIH  -MPCO - ATLC - ACGC  -Prepared by: Mayada Amin - CETA, CFTe

Goods that have been piling up at Egypt’s ports are expected to be released in the coming days as the government rolls out a basket of measures to clear shipments that have been held up at customs, the Finance Ministry said.   Importers who have finalized all their customs procedures, except for processing the Form 4 customs document, will be able to receive their shipments from customs, Finance M...

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

Prime Minister has met with the central bank governor and Trade and Industry Minister to discuss allowing importers to purchase certain goods — including raw materials and manufacturing essentials — via documentary collection rather than L/Cs. The EGP continued to slide yesterday, hitting 19.26 against the USD. Finance Minister denied that there are any requirements by the IMF that affect social p...

- Market Overview - COMI - EKHO - MTIE - ISPH - PHDC - DSCW - EMFD - AIH - SVCE - Prepared by: Mayada Amin - CETA, CFTe

Prime Minister and CBE Governor discussed some proposed measures, within a specific time frame, to deal with the current economic situation to ensure complete integration and coordination in financial and monetary policies.  According to the medium and long-term external debt repayment schedule, Egypt must repay USD8.57 billion during 2H2022 and USD 9.33 billion in the 1H2023. Egypt is also schedu...

- Market Overview - COMI - ABUK - ALCN - ORWE  -PHDC - TMGH - AUTO - AMOC - CCAP - EFIH - FWRY Prepared by: Mayada Amin - CETA, CFTe

Talks with the IMF are still ongoing and are in the “final stages.”  The government will roll out new emergency social protection measures this Thursday, where one million families join the Takaful and Karama programs as the state also raises ration card allowances and disburses emergency aid.  CBE will go much faster in terms of currency adjustment; not a sudden devaluation, but at a faster pace....

- Market Overview - COMI - EFIH - AUTO - Prepared by: Mayada Amin - CETA, CFTe

CBE Acting Governor Hassan Abdalla has appointed Hisham Ezz Al Arab and Mohamed Naguib as his advisors.  The meetings held yesterday by the CBE and key cabinet members have stoked expectations that they may be looking for ways to ease import restrictions.  According to local press, the process of opening letters of credit necessary to import some commodities and production components witnessed rel...

Market Overview (EGX30 - EGX70 EWI) - COMI -CLHO - AUTO - HRHO - ISPH - MNHD - FWRY - SKPC - ABUK - Prepared by: Mayada Amin - CETA, CFTe

Remittances hit a record high in FY2021/22, rising 1.6% YoY to USD31.9 billion. During the period from April through June 2022, remittances increased by 3% YoY to record about USD8.3 billion. GASC bought 240,000 tons of Russian wheat directly from suppliers for delivery in September, October, and November.  Minister of Trade and Industry will hold a meeting with the CBE Acting Governor to discuss...

- Market Overview - COMI - MNHD - HELI -  PHDC - TMGH - ELSH  Prepared by : Mayada Amin - CETA, CFTe

The Egyptian government is in the final stage of talks with the IMF on new funding. FDI outflows from Egypt last year recorded about USD367 million. The volume of FDI inflows to Egypt last year were about USD5.122 billion. Ministry of Supply signed agreements to establish commercial and logistical zones in Kafr El-Sheikh, Suez, and Dakahlia, with investments exceeding EGP4.5 billion. Volume of loc...

- Market Overview - COMI - ABUK - AUTO - CCAP - FWRY - HELI - ISPH  -ORHD - EGCH - EXPA - ETEL Prepared by: Mayada Amin- CETA, CFTe

The government is considering the return of import with documentary collection for some raw materials and production requirements. UAE investments in Egypt increased during 1HFY2021-22 by 169.1% to reach USD1.9 billion. The Ministry of Electricity decided to postpone the implementation of some number of electricity production projects to reduce expenses and financial burdens. During a meeting with...

- Market Overview - COMI - ABUK - ORWE - EFID  -SWDY - ESRS - GDWA - SPMD - Prepared by : Mayada Amin - CETA, CFTe

Hassan Abdalla was appointed as Acting Governor of the Central Bank of Egypt (CBE).  The CBE left interest rates on hold on Thursday, in line with our expectations. Cabinet has given its approval to pay EGP10.0 billion out to exporters in the fifth phase of its program to repay overdue subsidies. Cabinet approved a EUR250.0 million loan from the European Bank for Reconstruction and Development to...

All eyes on CBE's next moves; Priority will be exchange rate followed by IMF assistance program Since all eyes are on the CBE and what the next move will be, we assume that the exchange rate flexibility and unlocking the IMF support facility will be the number one priority. What does this mean? This means that the FX movement will be a key theme over the short term and we need to create posit...

- Market Overview  - AUTO - COMI - HELI - HRHO Prepared by; Mohamed Othman- CETA, CFTe

Tarek Amer has stepped down as governor of the Central Bank of Egypt (CBE). Prominent successor names include Hassan Abdallah, Hesham Ezz El-Arab, Hala El Said, Rania El Mashat, and Gamal Negm.  Two Chinese companies are close to being awarded construction work for renewable energy plants in Egypt, by EMEA Power, a subsidiary of the Emirati Al-Nowais Group. The project investments exceed USD1.2 bi...

- Market Overview - COMI - EMFD - MTIE - ORWE - HRHO - Prepared by: Mayada Amin - CETA, CFTe

Egypt is in talks with Chinese officials to issue CNY-denominated bonds in the world’s second-largest bond market, Finance Minister told Enterprise. The minister declined to be specific about the size of the potential offering. The Madbouly cabinet will soon review a bill that, if passed, would allow businesses to deduct the healthcare tax from taxable income, Finance Minister said. MPC meets tomo...

- Market Overview - COMI - CLHO - EGTS - ISPH - FWRY - MNHD - ORWE - Prepared by: Mayada Amin - CETA, CFTe