Good afternoon, friends, and happy Monday. It’s a relatively slow day so far, which begs the question: Could the fabled Ramadan slowdown finally be upon us?

THE BIG STORY TODAY

The EGX30 was down 6.3% at today’s close amid a sell-off from local institutional investors, according to market data. Abu Qir Fertilizers was the only EGX30 constituent to close in the green today. The index is up 16.9% year-to-date.

REMEMBER- The EGX began to slip in the immediate wake of the EGP float earlier this month. Many investors had bought into equities as a hedge against an EGP worth 65 or more against the greenback, meaning the drop is, in large part, investors taking profits.

THE BIG STORY ABROAD

Putin’s reelection is still center stage in the foreign press this afternoon: Russian President Vladimir Putin landed a new six-year term in the Kremlin, extending his rule as the longest-serving leader since Josef Stalin. The landslide victory — which saw Putin receive c. 87% of all votes with no serious competition — was condemned by Europe (here, here, and here) as violating civil and political rights and democracy. Putin, meanwhile, celebrated the victory as a chance to pursue his plans “no matter how much anybody wanted to suppress us.” (Reuters | Bloomberg | Financial Times | CNBC | Associated Press | NY Times)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • EUR 7.4 bn in EU funding: The EU will provide Egypt with a EUR 7.4 bn package of loans, grants, and investments through to 2027, after President Abdel Fattah El Sisi signed a joint strategic and comprehensive partnership with European Commission President Ursula von der Leyen at the Ittihadiya Palace.
  • EFG Finance is getting ready to launch a new subsidiary to address a gap in market: EFG Finance, the non-bank financial services arm of EFG Holding, has obtained a license from the Financial Regulatory Authority to set up a subsidiary for SME finance, which is poised to launch in 2Q 2024.
  • GREGY is coming: The government will soon launch a tender to select an international consulting firm to develop a plan and prepare the necessary studies for an electricity linkup with Greece that will enable exports of Egyptian renewable energy into Europe, dubbed GREGY.

?️ TOMORROW’S WEATHER- Look for a partly cloudy day with a high of 22°C and low of 12°C, according to our favorite weather app.

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