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Posted inGO WITH THE FLOW
What the markets are doing on 5 January, 2023
The EGX30 rose 2.7% at today’s close on turnover of EGP 3.12 bn (97.3% above the 90-day average). Regional investors were net buyers. The index is up 9.6% YTD. In the green: Eastern Company (+14.3%), Fawry (+8.0%) and Credit Agricole Egypt (+8.0%). In the red: Ezz Steel (-3.5%), Cleopatra Hospitals (-3.4%) and Rameda Pharma (-3.1%).
Posted inCALENDAR
JANUARY January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time. January: Fuel pricing committee meets to decide quarterly fuel prices. January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power. January: Global Auto to restart BMW assembly in Egypt. 7 January (Saturday): Coptic Christmas. 8 January (Sunday): National […]
Posted inWhat We're Tracking Today
THIS MORNING: Enjoy the long weekend, folks
Good morning, wonderful people. Happy Thursday — and a very Merry Christmas to everyone celebrating this weekend. THE BIG STORY here at home this morning is the Central Bank of Egypt’s big move yesterday on the foreign exchange front. Hassan Abdalla allowed the EGP to slide nearly 7% against the greenback to 26.49. In parallel, […]
Posted inUncategorized
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Posted inEconomy
CBE lets EGP slide as Big Two state-owned banks announce 25% CDs
The Central Bank of Egypt made a big move on the FX front yesterday, allowing the EGP to slide against the greenback at the same time as the nation’s two largest banks announced high-yield local-currency certificates of deposit. It has three goals: To convince folks with hard currency deposits in the banking system to de-dollarize. […]
Posted inAutomotive
Car sales drop again in November
Auto sales slump to fresh low: November marked another rough month for auto sales, which fell to their lowest level since at least the start of 2018 as the industry continued to face import restrictions. Some 5.2k passenger vehicles were sold in November, down 74% from November 2021, according to figures released by the Automotive […]
Posted inEconomy
Private sector contracts for 25th consecutive month
Private sector ends the year with softer contraction: Business activity in Egypt’s non-oil private sector contracted for the 25th consecutive month in December, albeit at a softer pace, according to S&P Global’s purchasing managers’ index (pdf). The PMI reading rose to 47.2 in December from 45.4 a month earlier, but remained below the 50.0 mark […]
Posted inEnergy
Italy proposes a USD 2.8 bn electrical interconnection project with Egypt
Is an Egypt-Italy electricity interconnection project coming? Italy has reportedly submitted a proposal to the Egyptian Electricity Transmission Company to work on a joint USD 2.8 bn electricity interconnection project between the two countries with a capacity of 2.5-3 GW, Bloomberg Asharq reports, citing two unnamed government sources. Italy is offering to do the legwork: […]