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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The Madbouly government is in the process of drafting an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma USD35 billion agreement. Egypt has bought 20 cargoes of liquefied natural gas (LNG) via the first tender issued to cover its winter demand since 2018, securing full volume…
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Market Overview Prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The government yesterday announced its first batch of new amendments to the tax system, which aim to ease the burden on taxpayers. Amendments include: Launching a central clearing system, putting a cap on late payment penalties such that the penalty does not exceed the original amount of tax due, establishing a pre-inquiry service for both local an…
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Market Overview MASR TMGH ORWE HRHO ETEL prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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*Key news articles for today* NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn. Annual urban inflation has accelerated to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July. Annual core inflation — whi…
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Market Overview Prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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Remittances from Egyptians working abroad increased during July 2024, for the fifth month in a row, by 86.8%. Transfers amounting to about USD3 billion The government is considering canceling the planned capital gains tax on all EGX transactions as part of a broader drive to improve the country’s investment climate, Investment Minister said. Deputy…
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Market Overview COMI EKHOA BTFH PHDC MASR Prepared by: Mayada Amin, CETA, CFTe由Al Ahly Pharos
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Egypt and Cyprus have begun serious steps to reach an agreement to build a 90-km marine natural gas pipeline to connect the two countries. A consortium made up of SPE Capital-run equity fund SPE PEF III, European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK government’s British Internationa…
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In line with our expectation, the Central Bank of Egypt left interest rates unchanged on Thursday. Net foreign reserves reached a new high of USD46.6 billion at the end of August 2024, up from July’s record figure of USD46.5 billion. The three-day Forum on China-Africa Cooperation, saw the government sign contracts and MoUs with Chinese companies a…
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Market Overview Prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Market Overview ETEL DOMT OLFI SUGR AMER Prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Egypt and Turkey seek to boost trade from USD5 billion to USD15 billion over the next five years. The two countries signed 18 MoUs to strengthen cooperation on transport, energy, defense, education, tourism, health, culture, agriculture, and finance. The Central Bank of Egypt’s (CBE) Monetary Policy Committee is meeting later today to review intere…
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Market Overview JUFO FWRY ALCN ABUK OLFI prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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*Key news articles for today* BP plans to invest USD400 million during the current fiscal year to drill two new wells at the Raven natural gas field in its North Alexandria concession. The two wells will add a combined daily 400 million cubic feet of gas to its output. The ratio of external debt service to public revenues increased during the last …
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*Key news articles for today* The headline PMI rose in August to 50.4, rising from 49.7 in July, to signal the first improvement in the health of the non-oil private sector since November 2020. The industry, transport, and investment ministries are mulling the creation of a freezone for African investors as part of the government’s long-term goal o…
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Market Overview ABUK JUFO SWDY prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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UAE’s Masdar, Infinity Power, and Hassan Allam Utilities will set up USD900 million worth of solar power plants in Upper Egypt with a combined capacity of 1 GW after the government greenlit the move, according to media. Tunisian-owned oil and gas company HBS International plans to invest USD65 million in gas development and production in the southw…
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Market Overview ABUK EGCH SKPC ORAS MASR prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The MPC will meet on Thursday, 5 September, to decide on key interest rates. We expect the CBE to keep the current rates on hold in its upcoming meeting on 5 September, with a potential rate cut in 4Q24, or - more conservatively - in 1Q25. Net foreign asset surplus expanded 3.5% to USD13.3 billion in July, up from USD12.9 billion in June. The gover…
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Market Overview EFIH EMFD TMGH MASR prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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Work is underway to make it possible for the government to commit to monthly payments to foreign companies working in the oil and gas sector, according to a cabinet statement, in a bid to boost investor appetite. The Finance Ministry will set up a central unit to facilitate customs and tax procedures for companies involved in automotive manufacturi…
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Market Overview SWDY ESRS ABUK GBCO EAST prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Head of the Trade Ministry's Commercial Representation Authority discussed potential investments in Egypt with representatives from major Indian companies. The IMF said that Egypt may abandon quarterly fuel price increases in exchange for a firm commitment to raise prices to levels “Cost recovery” by the end of the year. The Ministry of Finance is …
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Market Overview BTFH GBCO ETEL TMGH ATQA prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The International Monetary Fund is set to conduct the fourth review of our USD8 bn loan program by the end of September or in October at the latest. The state is reportedly studying a plan to provide EGP1.25k in cash assistance per family, while reducing the number of goods subsidized under the ration card system. The General Authority for Investme…
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Market Overview HRHO ORAS FWRY prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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A consortium of the UAE’s Al Shafar General Contracting (ASGC) Group and Saudi Egyptian Developers (SED) has backed out of an agreement to work on the USD5 billion redevelopment of the former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float. Alexandria Port Authority is gearin…
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Market Overview SKPC ESRS FWRY prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The Cabinet approved presidential decrees regarding three financing agreements with the EU, which will see Egypt unlock over EUR1 billion in funding. The state aims to add 28 GW of renewable energy to the country’s energy mix over the next 5-7 years. The government plans to announce “revolutionary” tax reforms next month, Prime Minister said, addin…
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Market Overview BINV ORHD GBCO TMGH PHDC Prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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There are no enforced FX withdrawal limits in the works. “Each bank has the discretion to determine its policy” for FX withdrawals, the CBE said in a statement yesterday following reports that led to online speculation that enforced limits are in the works. Prime Minister Moustafa Madbouly yesterday presided over a meeting where government official…
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Market Overview GBCO EAST BTFH Prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The government is set to hike electricity prices for the industrial sector. The price will rise by EGP0.55 per kWh to EGP1.94 per kWh, with the 39.6% increase slated to come into effect this month. Electricity tariffs will not be raised for low-voltage industries to cushion small- and medium-sized enterprises. The government is looking into raising…
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Market Overview COMI ADIB GBCO FWRY ESRS Prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Market Overview MFPC PHDC AMOC SKPC ARAB prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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The Electricity Ministry has completed its study on increasing electricity prices, with plans to introduce the hike in September following cabinet approval. Foreign investments in treasury bills increased last May by about USD2.04 billion, reaching USD37.5 billion at the end of May, compared to USD35.46 billion at the end of April. The Ministry of …
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AD Ports’ Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services. Egypt’s unemployment rate fell to 6.5% of the total workforce in the second quarter of this year, falling 0.2 percentage points from the previous quarter. Renewables firm Infinity Power, Emirati state-run renewables giant Mas…
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Market Overview COMI CIEB ADIB BTFH FWRY ALCN MFPC SKPC DSCW prepared by: Mayada Amin - CETA, CFTe由Al Ahly Pharos
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The cabinet has approved a resolution regarding the issuance of executive regulations for the hospital privatization bill. The cabinet approved a draft resolution to set up the National Council for the Localization of Chip and Solar Cell Tech Production The cabinet approved the suspension of the 14% agricultural land tax (known as the mud tax) for …
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Foreign investors' transactions returned to record net purchases of bills and bonds during yesterday's trading, Tuesday, for the first time after a selling wave that lasted 8 sessions. Their net purchases of treasuries yesterday amounted to about USD160 million. The Finance Ministry raised some EGP50.3 bn worth of three-month T-bills this week at a…
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Market Overview CLHO HRHO MPRC ACGC prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Egypt is looking to attract some USD2 bn in foreign direct investment from EU countries in its industrial sector by the end of 2024. Also, Egypt seeks to increase its exports to the EU by 10% by the end of this year, rising from EUR11.5 bn in 2023, to EUR12.6 bn in 2024. The CBE sold EUR610 mn one-year treasury bills on Monday, with an average yiel…
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Market Overview COMI prepared by: Mayada Amin- CETA, CFTe由Al Ahly Pharos
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Market Overview JUFO ALCN ADIB EXPA CIEB FWRY EFIH SKPC Prepared by; Mayada Amin- CETA, CFTe由Al Ahly Pharos
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