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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-2404:21

*Key news articles for today*The Ministry of Finance reduced the allocations for the export burden rebate program in FY2024/25 budget to EGP23 billion, compared to EGP28 billion in the budget of the current fiscal year. The Chairman of the Export Council for Chemical Industries, said that this reduction will be offset by an acceleration in refunding companies’ export burdens, instead of the current delays.Ministry of Finance delivered the FY2024/25 budget statement to the House. The document assumes economic growth will accelerate to 4.2% in the coming fiscal year, up from an estimated 2.9% in FY 2023/24. Headline inflation will average 17.9% down from a projected 35.7% this fiscal year, according to the document.  Debt-to-GDP ratio seen falling to to 89.0% by the end of the current fiscal year, from 95.7% in the last fiscal year. The budget deficit seen rising to 7.3% of the country’s GDP in the next fiscal year, from 7.2% estimated in the budget for the current fiscal year.The statistical statement of the economic bodies on the draft general budget revealed that the economic authorities in the transportation sector intend to borrow EGP119 billion from abroad in FY2024/25, estimated at USD2.6 billion, according to the draft budget. The sector is also expected to borrow EGP91 billion from domestic resources.The Egyptian Electricity Holding Company set the price of the dollar in the budget for the next fiscal year 2024/25 at EGP49.55, compared to the price of EGP30.9 pounds in the budget for the current fiscal year.The Shalatin Mineral Resources Company, affiliated to the Oil Ministry delivered shipments of gold to the CBE ranging between 200 and 220 kilograms during 1Q2024, with a value exceeding EGP400 million.EGX-listed companies can buy or sell treasury shares on the open or secondary markets, under recent regulatory amendments issued by the FRA. The amendments aim to increase demand for treasury shares.BINV BoD approved a decision to increase the company’s share capital ahead of its share swap agreement with Orascom Financial Holding (OFH). The company will issue some 58.3 mn shares at a value of EGP5 per share, raising its capital from EGP800 mn to around EGP1.09 bn.SAUD has appointed Moataz Elkasaby as its chief operating officer. DOMT will distribute cash dividends of EGP0.5/share, implying a dividend payout of 31% and a dividend yield of 4.4%. Record date is on 8 May 2024 and distribution date is on 13 May 2024.The Egyptian government has contracted to purchase 500K tons of sugar, and this quantity is scheduled to arrive successively during the coming period.We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 27 April 2024.According to local media, the Madbouly government is looking to lease a re-gasification unit from Norwegian firm Höegh LNG, with the unit arriving by summer. The government is reportedly also in talks with BW Energy to lease a unit from the Norwegian-Singaporian company for a five-year period. Israeli exports of natural gas to Egypt are set to rise 300 mn cf/d to 1.5 bn cf\d starting from 2H2025.
Technical Analysis

Technical Analysis

2024-04-2401:47

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

Technical Analysis

2024-04-2301:30

Market Overview Prepared by: Mayada Amin - CETA,  CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-2204:45

The CBE's net foreign liabilities' position shrank in March by about 84% to be limited to USD1.38 billion, compared to USD8.7 billion in February, the lowest since March 2022.The IMF revealed that the government is developing an electronic system for government procurement and studying the strengths and weaknesses of the public procurement system to improve the management of public investments.Saudi Arabia’s Ajlan & Bros Holding has filed an offer to the government to secure a land plot in Sharm El Sheikh’s Ras Gamila for the establishment of ten hotels. The first phase will see Ajlan commit USD1.5 billion for the development of the hotels, excluding the price of the plot.Egypt has reportedly received the second USD820 million tranche under the IMF’s USD8 billion loan program. The Oil Ministry is reportedly stopping all LNG exports to European markets starting next month.The private sector is expected to pour close to EGP10 billion into setting up projects in former HQs of government ministries that are currently being offered up as part of the state’s privatization efforts, move to the new administrative capital, and plan to develop the downtown area, Planning Minister said.The disruptions in the Red Sea prompted the CBE to expect weak purchases of foreign currency revenues from the Suez Canal during the year starting from March 2024 until February 2025. The bank expected to buy about USD3.4 billion from the Suez Canal, which is a limited value compared to previous expectations of purchases.SWDY's general assembly approved a cash dividend distribution of EGP0.50/share for FY23, implying a payout ratio of 45.5% and a DY of 1.4%.SWDY's general assembly approved decreasing the company's issued and paid-in capital from EGP2.17 billion to EGP2.14 billion through redeeming 30 million treasury shares with a value of EGP30 million. The Madbouly government plans to launch tenders for an unspecified number of water desalination projects in the Mediterranean Sea, Red Sea, and the Suez Canal within weeks.MASR (FV: EGP5.24, OW) AGM approved the distribution of EGP0.20/share cash dividends (DY of 5.1%) over two tranches: EGP0.10/share in May 2024 and EGP010/share in October 2024.OLFI is distributing cash dividends of EGP0.95/share, implying a payout ratio of 81% and a DY of 8.4%. Record date is 2 May 2024 and distribution date is 5 May 2024.DSCW shareholders approved the distribution of cash dividends of EGP0.17/share, implying a payout ratio of 66.6% and a DY of 11.2%.According to local press, EDA approved increasing the prices of some drugs in light of the increase in production costs attributed to the EGP devaluation. Sourced added that price increases of some drugs reached 50%. The implementation of price increases will occur gradually over stages.BINV has finalized acquiring 68.9% of OFH (3.31 billion shares at an average price of EGP0.44/share). According to BINV’s CEO, the Sawiris family now owns around 20% in BINV after the transaction.Sohoula consumer finance, Banque Misr’s arm, aims for securitization issuances worth more than EGP1 billion divided into two issues each worth EGP500 million, one to be finalized in 1H24 and the second towards the end of the year. Shell Egypt will begin the 11th development phase of the West Delta Deep Marine offshore concession in 3Q24. Weekly Commodities Update
Technical Analysis

Technical Analysis

2024-04-2203:17

Market Overview CCAPUEGCESRSHRHO QNBAAIHPrepared by: Mayada Amin - CETA, CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-2103:16

The World Bank is considering providing a USD300 million loan to the Small and Medium Enterprises Agency, with the aim of enhancing the flexibility of small businesses in Egypt. Egypt's CDS rate rose during the past week, which witnessed an increase in geopolitical tensions in the Middle East, to 6.93% for 5 years at the close of trading on Friday, compared to 5.8% at the end of the previous week.The government aims to raise around USD1 billion through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year, and USD1.5 billion next year.The next stage for Egypt is to “to accelerate the pace of reform” by achieving four goals, IMF Middle East and Central Asia head Jihad Azour said on the sidelines of the IMF and WB spring meetup in Washington. The goals are:  1. To reduce the risks to the Egyptian economy. “The flexibility of the exchange rate contributes to this matter”.2. Bringing down inflation. 3. Raising the level of social protection.4. Promote the private sector and job creation.The price of non-subsidized bread will start falling starting today until it reaches normal levels. Minister of Supply announced a decrease in oil prices by 14%, in addition to previous reductions, bringing the total reductions on oil to 36%.Finance Minister and Planning Minister will head to the House tomorrow to give statements on the draft state budget and socioeconomic development plan for FY2024-25. Egypt has inked 14 agreements with Chinese companies to set up projects alongside our local private sector.The government aims to extend the average maturity of its debt instruments to 4.5-5 years as it focuses on longer-term bonds.The Egyptian government received seven offers from international hotel chains to take advantage of old ministries’ headquarters.Cabinet approved extending foreign operators’ exemption from airport fees until November 2024 as part of the state’s efforts to boost tourism.ADIB is in talks to purchase a 15% stake in Bank Syariah Indonesia, Indonesia's biggest Islamic bank, for USD1.1 billion.Mortgage finance firms could soon see their capital requirement doubled to EGP100 million local currency or its equivalent in FX, up from EGP50 million under new amendments. The FRA is working on developing a plan to implement Solvency II standards to enhance the financial and operational efficiency of insurance companies.PHDC (FV: EGP7.11, OW) confirmed that it is co-developing a 415 feddan project in Sidi Heneish on the North Coast and stated that expected revenue and revenue share are still to be determined. The project will be launched in 2Q24.According to local media, PHDC (FV: EGP7.11, OW) is preparing to take out a EGP1.7 billion loan.According to local media, natural gas production in Egypt declined to 4.286 bcf in February 2024 from 4.651 bcf in January 2024, the lowest since February 2018.Energean plc, an international hydrocarbon exploration and production company, expects to invest USD30-50 million in Egypt during 2024. SDX sold its 50% working interest in two blocks in the West Gharib concession in the Eastern Desert to Horizons LLC and NPC Petroleum Services for USD6.6 million. According to local media, in light of the decrease in price of locally produced cars, GBCO will compensate distributors for these price differences.
Technical Analysis

Technical Analysis

2024-04-2101:35

Market overview 
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-1804:09

The Finance Ministry yesterday released its preliminary budget report: growth projection slashed again to 4.0%, inflation targets revised upwards to an average of 18.1%, and budget deficit to widen slightly by 0.1 percentage point to 7.3%. The government is preparing to launch a USD1.1 billion program to implement the state ownership policy, and a document issued by the World Bank revealed that the government will obtain partial financing for the program worth USD250 million to cover the operating cost.Minister of Finance said that Egypt will receive about USD20 billion from the disbursement of the second tranche of the Ras El Hekma project by the end of May, in addition to the expected inflows of c. USD1 billion from the World Bank, in addition to EUR1.07 billion from the EU and USD820 million from the IMF until the end of June.Saudi Arabia’s Ajlan & Bros Holding has reportedly indicated its interest in developing an integrated tourism project in Ras Gamila in a letter to the government, unnamed sources said.The export councils are seeking to establish export intermediation companies whose mission is to market Egyptian products in the foreign markets, instead of producing companies. The Minister of Finance said that the government is trying to extend the maturity of some of its domestic debt held by public entities to alleviate some of the pressure on the state budget.Misr Clearing Company is preparing to collect capital gains tax from investors after completing the tax base and collection system within two months, sources said, adding that the collection process will be carried out for the entire year 2023 and six months of 2014.PHDC (FV: EGP7.11, OW) is co-developing a 420 feddan project in Sidi Heneish on the North Coast with Cleopatra Group whereby PHDC will be entitled to 67% of revenue as the developer and Cleopatra Group will be entitled to 33% of revenue as the land owner. The project is expected to generate revenue of over EGP100.0 billion within seven years. The US President called for more than tripling the existing 7.5% tariff on Chinese steel and aluminum imports, new pressure on Mexico to prevent China from shipping metals to the United States via Mexican ports, and an investigation of Chinese subsidies for its shipbuilding industry.Crude oil futures fell more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. June Brent futures were down USD2.73, or 3.03%, at settle at USD87.29/bbl.GBCO announced the launch of a new JV (GSK) to manage the MG Motor dealership in Jordon. GSK is a partnership between GB Auto and the former MG Motors distributor in Jordon.Beltone Financial Holding announced that its wholly owned subsidiary, Beltone Venture Capital, signed a partnership agreement with CI Venture Capital, a wholly owned subsidiary of Citadel International Holdings, an investment management firm in Abu Dhabi, to manage a USD30 million fund to back fast-growing startups.  OFH shareholders have responded to BINV’s MTO for a majority stake in the company, where owners of some 3.3 billion shares (a 69% stake in the company) responded to the offer. BINV will now need to complete the share swap. Several banks have recently issued savings certificates for large clients, amid increased interest rates and increased competition to maintain more liquidity. The minimum amount for purchasing those new savings certificates ranges between EGP1 million and EGP10 million, and the fixed interest rate on these certificates ranges between 21% and 25.5% with a monthly exchange period.
Technical Analysis

Technical Analysis

2024-04-1802:14

Market Overview MASRORHDEMFDESRSALCNprepared by : Mayada Amin- CETA, CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-1702:32

The IMF has maintained its projection for Egypt’s real GDP growth in FY2023/24 at 3%, and to rebound to 4.4 percent in FY2024/25.Interest payments in the state budget FY2024/25 are estimated at EGP1.8 trillion, about 70% of the total revenues of EGP2.63 trillion, due to higher estimation of average interest payment on treasuries, at 25%, compared to 18.5% in FY2023/24.The government is looking to restart a number of stalled state projects building social housing, waste management facilities, and water infrastructure.Qatar and Algeria will become our two main sources of LNG, as the government seeks to import up to 52.5 bn cubic feet to meet heightened summer demand, an unnamed government official saidEgypt’s exports grew 5.3% YoY in the first three months of the year to total USD 9.6 bn.The Minister of Finance said that the government hopes to achieve the targets of its companies sales' program in 3 to 5 years. He added that the government is not likely to issue Eurobonds during the current fiscal year.CBE is planning to increase the limits on transfers through Instapay and the digital channels of banks.FAIT’s standalone net profit expanded by 48% y/y in 1Q24 recording EGP6 billion, supported by strong r growth (+82.4% y/y) which stood at EGP10.17 billion.EGX announced the opening price of the subscription right for KIMA’s capital increase at EGP3.27/share.MNT-Halan, GB Capital subsidiary,  is considering launching a multi-sukuk issuance program worth EGP20 billion during the coming period. The program is still in its initial stages, and its aim is to finance the company’s subsidiaries “Halan, Mashroey and Tasaheel”. 
Technical Analysis

Technical Analysis

2024-04-1701:05

Market Overview Prepared by: Mayada Amin- CETA, CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-1605:28

The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs.World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage point drop from its previous forecast in January, exacerbated by the repercussions of the Middle East conflict on Suez Canal and tourism. Growth is expected to record 4.2% in FY2024/25.The Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year. The government unveiled its plans to build two solar power plants for EGPC worth over EGP1 billion, to be financed by a grant from the EU.Egypt's fuel imports increased to USD3.3 billion during 1Q24, an increase of 6% compared to the corresponding quarter of last year.ESRS (FV: EGP97.02, OW) reported its 4Q23 and FY23 consolidated financial results with solid operational performance. Net attributable income came in at EGP1.0 billion in 4Q23, 82% higher YoY, and reversing 3Q23 loss of EGP508.8 million. This brings FY23 attributable loss to EGP113.0 million vs. a net profit of EGP4.3 billion in FY22. ESRS is currently trading at FY24e P/E of 1.4x.ESRS’s Board of Directors is holding an extraordinary general assembly to consider reducing the company’s capital through retiring treasury shares worth EGP910.5 million.Qalaa Holdings (CCAP) has signed a debt settlement agreement with Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait whereby Qalaa settles the entirety of its debts for a total of EGP4.547 billion as follows:1.            Selling 239.1 million shares, representing 17.68% of TAQA Arabia, with Qalaa retaining the right to repurchase those shares within five years, and the banks having the right to resell those shares to Qalaa in the sixth year.2.            A registered 60,127 sqm land plot overlooking the Nile in Tibeen area.3.            Compensations for variations in exchange rate and stock prices. MOPCO clarified that the merged company net profit on 31 December 2023 was EGP3.59 billion, and the net profit of the merging company was EGP5.97 billion in the same period. It added that the merged company net profit was reported in the equity section of the merging company financial statement in FY23. Local free market urea prices increased from EGP16k to EGP20k per ton during the last month with the start of the summer cultivation season.Petrotreatment is planning to float its shares on EGX during the coming period.HELI (FV: EGP18.84, OW) expects to complete its financial assessment of the three offers it received from Hyde Park Developments, MASR (FV: EGP5.24, OW), and Mountain View to co-develop 500 feddans in New Heliopolis before the end of April 2024 in preparation for selecting an offer.DOMT shareholders approved cash dividend distribution of EGP0.50/share to be distributed in May 2024. This implies a dividend payout of 31% and dividend yield of 4.2%. Weekly Commodities Update|Last Price | WoW Change, % Brent, USD/bbl | 90.5 | -0.8% Diesel-HSFO Spread, USD/ton | 363.1 | -5.3% Egypt Urea, USD/ton | 328.0 | 0.0% Polyethylene, USD/ton | 1,030.0 | 0.0% Polypropylene, USD/ton | 970.0 | 0.0% Steel/Iron Ore Spreads, USD/ton | 394.1 | -3.3% LME Aluminum Cash Price, USD/ton | 2,448.1 | 1.5% Egyptia Retail Cement, EGP/ton | 2,095.0 | -0.1% Steam Coal FOB Newcastle Australia, USD/ton | 129.3 | 0.1% SMP, USD/MT | 2,550.0 | 0.0% Last price may vary week over week in some indices due to time difference
Technical Analysis

Technical Analysis

2024-04-1602:49

Market Overview ORWEHRHOSWDY EKHOASUGRESRSprepared by: Mayada Amin, CETA  - CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-1505:23

The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024. Annual urban inflation receded to 33.3% YoY in March, down from of 35.7% in February.  Monthly urban inflation dropped to 1% MoM from the record high of 11.4% recorded in February. The EU on Friday said it would provide Egypt with EUR1 billion (USD1.07 billion) in short-term financial aid to help stabilize the country's economy.Three exchange companies affiliated with the three largest government banks attracted FX amounting to EGP12.97 billion since the liberalization of the exchange rate early March.The World Bank is studying lending Egypt USD700 million to support a resilient, green, and competitive economy.The EBRD approved the provision of a long-term senior loan of up to USD140 million (c. EUR 129 million) to finance the acquisition of the Gabal El Zeit windfarm.The government allocated EGP858 billion to the education sector in the next fiscal year’s draft budget, up 45% y-o-y. Healthcare will see a nearly 25% increase in the draft budget, with EGP496 billion allocated to the sector. Social protection is set for a 20% increase, with EGP636 billion earmarked in the coming fiscal year’s draft budget.EGAS is looking to import no less than one LNG shipment a month until July or August in efforts to prevent a repeat of last year’s rolling blackouts. The Minister of Finance said that the overall budget deficit during 9MFY2023/24 declined to 5.42%, compared to 6.2% during the same period of the last fiscal year. A primary surplus of 3% of GDP was recorded at a value of EGP416 billion.EAST has raised the prices of cigarettes by an average of 12%, which was put into action starting Sunday, 14 April 2024. JUFO released 4Q23 full financials. Attributable net profit recorded EGP142 million in 4Q23 (-13.6%, YoY, -56.1% QoQ). FY23 net profit recorded EGP1,021 million (+60.1% YoY). JUFO is currently trading at a FY24f P/E of 9.4x and an EV/EBITDA of 5.0x.QNBA recorded a strong set of results with 1Q24 net profit post-minority interest recording EGP7,042 million (+90% q/q, +49% y/y). The stock is currently trading at 2024 multiples of P/B of 0.8x and P/E of 3.5x.Africa’s largest lender, Standard Bank Group, will set up a new representative office in Egypt by the end of the year.According to local media sources, financial leasing companies are facing difficulties in accessing debt markets after the recent controls issued by the CBE to regulate banks’ financing to the sector. EKHO will distribute cash dividends of USD0.06/share on 30 April 2024 to shareholders on record on 24 April 2024, implying a dividend yield of 6.7%.Oil prices, which hit a six-month high on Friday, might rise on Monday after Iran's attack on Israel over the weekend. Brent crude reached USD92.18/bbl on Friday, the highest since October. For the week, Brent declined 0.8% to settle at USD90.45/bbl. According to local media, PHAR aims to export to about 11 new countries by 2027.According to local media, EBRD will provide MNT-Halan microfinance subsidiary Tasaheel Finance with EGP700 million to on-lend to women-run SMEs in Egypt.
Technical Analysis

Technical Analysis

2024-04-1502:25

Market Overview ALCNEKHOA PHDCABUK MFPCprepared by: Mayada Amin- CETA, CFTe
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-0803:12

The National Council of Wages raised the minimum wage for private sector workers by 71% to EGP6,000 starting in May.The Central Bank of Egypt is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so.The Libyan Investment Authority is reportedly looking into acquiring a majority stake or 100% of an unnamed Egyptian commercial bank.The proceeds of FX concessions at three exchange companies affiliated with the three largest government banks recorded EGP11.246 billion since the liberalization of the FX rate on 6 March.According to local media, HELI (FV: EGP18.84, OW) received offers from Hyde Park Developments and La Vista Developments to co-develop 500 feddans in New Heliopolis. We remind you that HELI had also received an offer from Mountain View at the end of February 2024 to co-develop 517 feddans in New Heliopolis and an offer from MASR (FV: EGP5.24, OW) at the beginning of March 2024 to co-develop 580 feddans in New Heliopolis.EFIH is distributing cash dividends of EGP0.19/share (DPO: 28%, DY: 0.8%). Record date is on 24 April 2024 and distribution date is on 30 April 2024.OLFI's general assembly approved the proposed cash dividend distribution of EGP0.95/share, implying a payout ratio of 81% and a DY of 8.5%.GBCO declared cash dividends of EGP0.20/share, implying a payout ratio of 11.5% and a DY of 1.7%. Record date is on 21 April 2024 and distribution date is on 24 April 2024.KIMA is increasing its issued and paid-in capital through a rights issue from EGP5.9 billion to EGP9.9 billion by EGP4 billion distributed over 800 million shares at a par value of EGP5/share in addition to EGP0.05/share as issuance expenses.The Egyptian Drug Authority (EDA) is allowing companies to place two prices on packages, one for sale in the local market and the other for export.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 91.2 | 4.2% | Diesel-HSFO Spread, USD/ton | 384 | 6.0% | Egypt Urea, USD/ton | 328 | -1.4% | Polyethylene, USD/ton | 1,030 | -1.0% | Polypropylene, USD/ton | 970 | 0.0% | Steel/Iron Ore Spreads, USD/ton | 405 | -2.0% | LME Aluminum Cash Price, USD/ton | 2,413 | 5.1% | Egyptian Retail Cement, EGP/ton | 2,097 | -0.4% | Steam Coal FOB Newcastle Australia, USD/ton | 129 | 0.0% | SMP, USD/MT | 2,517 | 0.0% | Last price may vary week over week in some indices due to time difference
Technical Analysis

Technical Analysis

2024-04-0801:15

Market Overview 
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-0702:38

Trade deficit amounted to USD2.08 billion in January, compared to USD3.32 billion for the same month in 2023, a decrease of 37.2%.The Italian "Eni" revealed that it spent USD230 million in 2023 on the development works in Zohr Field, bringing its total expenses on the field to USD6.2 billion.The government discussed main criteria for establishing new special free zones, including the type of the activity, size of employment, exported portion of the output, dependence on local input, and others.Authorities are in talks to lease a floating storage regasification unit (FSRU), with plans to dock the terminal at the Gulf of Suez.The government has developed a mobile application to enable users to view and report commodity prices.Customers have sold nearly EGP10.5 bn worth of foreign currency at the National Bank of Egypt’s, Banque Misr’s, and Banque du Caire’s foreign currency exchange bureaus since the float of the EGP.The Real Estate Tax Authority targets EGP8 billion in revenue in the next fiscal year.Expats have until Monday, 29 April to register for the expat car-for-FX initiative.The government is embarking on a project to make Greater Cairo a more attractive tourist destination.El Sisi promised to continue implementing economic reforms based on “the localization of industry, expansion of the agricultural area, increase of foreign direct investment, and support for the private sector, while providing the necessary social protection measures for the most vulnerable classes.”ESRS (FV: EGP97.02, OW) reduced its local rebar and flat steel prices by 12% and 17% to EGP40.7k/ton and EGP41.7k/ton, inclusive of 14% VAT. The study of the technical and financial offers submitted for the rehabilitation of EGAL's facility is expected to take one month, according to local media. EFID declared cash dividends of EGP0.43/share for FY23, implying dividend payout ratio of 18.4% and dividend yield of 1.3%. Dividends will be distributed on April 24, 2024 and record date to be on April 21, 2024.ABUK and Helwan Fertilizers submitted a request for the government to revise the subsidized fertilizers prices due to the higher production cost after floatation. Investment management firm Act Financial is looking to raise EGP700 mn selling off a minority stake next month. EGP 500 mn will come from the sale to investors via private placement and the remaining EGP 200 mn will come from the public offering. The Cairo Twenty-Four website stated that Kuwaiti investors submitted an offer to acquire Banque du Caire.
Technical Analysis

Technical Analysis

2024-04-0701:16

Market Overview 
Pre-Trading Thoughts

Pre-Trading Thoughts

2024-04-0402:10

Net International reserves surged to record USD 40.46 billion in March, up from USD35.31 billion in February.Foreign investors have poured USD17.8 bn into Egyptian government debt in the first quarter of 2024.The cabinet approved the new EGP120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies — which offers financing at an interest rate of 15%.The cabinet approved the executive regulations for the new Building Reconciliation Act. The cabinet approved amendments to executive regulations of the Competition Act. The cabinet also approved amendments to the law regulating the importers registry with the aim of facilitating the registration process for importers. Egypt is negotiating with the European Union to get a EUR2 billion grant, within the framework of implementing electrical interconnection projects with Italy and Greece.ORWE approved cash dividends for FY23 of EGP1.25/share to be distributed in May 2024, implying payout ratio of 48% and dividend yield of 7.8%.According to local media, Tobacco distributors got the government’s approval to hike prices by up to 12%. EAST CEO said it will raise its prices by a lot less than the 12% cap. According to local media, the Egyptian Drug Authority (EDA) is studying a number of requests and proposals for new medicine pricing schemes put forward by local pharma companies. The Egyptian Railway Authority of the Ministry of Transportation plans to offer a tender worth USD300 million, early 2025, to develop the signaling and control systems for the Luxor-High Dam railway.EBRD agreed to provide a loan worth EGP700 million to Tasaheel Microfinance Company, to support the European Bank’s “Women in Business” program in Egypt, which targets supporting female entrepreneurs.
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