Pre-Trading Thoughts
Manage episode 334608766 series 2987212
IMF and Egyptian officials held “productive discussions” on a fresh assistance program during staff-level talks, which took place between 26 June and 7 July.
Fuel Pricing Committee decided to hike fuel prices by an average of 7.5% compared to 2Q2022, and increase diesel prices to EGP7.25/L from EGP6.75/L.
Net International Reserves (NIR) dropped by 6% MoM by end of June to USD33.38 billion, as the foreign currencies component decreased by USD2 billion.
President El-Sisi met with US President Joe Biden during the Jeddah Summit, and they discussed aspects of bilateral cooperation in several areas, and the Renaissance Dam developments.
A senior US official said that the US will allocate USD1 billion in new aid in the short and long term for food security in the Middle East and North Africa region.
Cabinet had agreed that the budget would bear the real estate tax due on industrial sectors for a period of 3 years starting from 1 January 2022, at an estimated cost of EGP3.3 billion. The decision included the automotive industry, spinning and weaving, cement, iron, and ceramics.
Energy, metals, and food commodity prices have started to normalize or level off as investors bet that an oncoming economic downturn will curb global demand.
Saudi Arabia has agreed to boost oil production following President Joe Biden's meeting. Brent futures are currently trading at USD97.59/bbl.
Agthia will acquire 60% of Auf Group for EGP 2.9 bn.
Mobile phone sales recorded a decline of around 20% YoY during 5M2022 to stand at 5.49 million devices (MTIE).
SWDY signed two contracts worth EGP545 million and EGP484 million, to be also implemented over 24 months period.
Questions are raised by steel producers about the new steel manufacturing licenses that were offered by the Industrial Development Authority, about 8 months ago, in November 2021, and which were scheduled to be decided upon last April.
Banque du Caire has postponed the offering of its shares on the Egyptian Stock Exchange due to the current market conditions of poor liquidity and low trading values.
Saybad for Industrial Investments submitted a non-binding offer to buy 90% of Pachin’s shares with an initial buying price range is EGP16.00 to EGP16.50 per share.
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