{"id":547734,"date":"2022-07-05T04:18:42","date_gmt":"2022-07-05T04:18:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/this-morning-egx-falls-to-lowest-level-since-november-2016-mps-break-for-recess-tomorrow\/"},"modified":"2022-07-05T04:18:42","modified_gmt":"2022-07-05T04:18:42","slug":"this-morning-egx-falls-to-lowest-level-since-november-2016-mps-break-for-recess-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/this-morning-egx-falls-to-lowest-level-since-november-2016-mps-break-for-recess-tomorrow\/","title":{"rendered":"THIS MORNING: EGX falls to lowest level since November 2016; MPs break for recess tomorrow"},"content":{"rendered":"

It\u2019s hump day on the last week before Eid, <\/strong>ladies and gentlemen. That may just be enough to make up for news coming out of the region\u2019s capital markets.<\/p>\n

A week off for the public sector:<\/strong> Public sector workers will be off from 9-14 July in observance of Eid El Adha, the Madbouly cabinet announced<\/a> yesterday.<\/p>\n

Could the private sector follow suit?<\/strong> We\u2019re still waiting to hear from the Manpower Ministry \u2014 as well as from the central bank and the EGX \u2014 on their plans for the Eid vacation.<\/p>\n

No matter how many days off we get, let\u2019s vacation responsibly, <\/strong>as the Health Ministry is saying that covid cases are up 7% this week. We have more in Last Night\u2019s Talk Shows.<\/p>\n

\"enterprise\"<\/p>\n

<\/a> ** BEFORE WE CONTINUE, we\u2019re very excited to announce our first official <\/strong>event.<\/strong> Longtime readers will know we often hold lunches and breakfasts with small groups of readers. We\u2019re going much bigger later this year.<\/p>\n

This fall, we\u2019re gathering an exclusive group of CEOs, C-suite officers, finance folks and <\/strong>more to talk about how we\u2019ll finance green projects in Egypt <\/strong>in the wake of COP27. The idea is to keep the conversation going post-COP and dive into the nitty gritty of the financing tools, laws, projects, problems and ideas that will be necessary to drive a fundamental shift in our economy.<\/p>\n

Want to learn more? Drop us a line.<\/strong> Whether you\u2019re interested in attending or want to discuss how to put your brand front and center, reach out to us on climatex@enterprisemea.com.<\/p>\n

Stay tuned for more details\u2026<\/strong><\/p>\n

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THE BIG STORIES at home this morning-<\/strong><\/p>\n

#1 Preliminary budget figures for FY 2021-2022 are in:<\/strong> The government smashed its budget deficit target last year, narrowing the gap to 6.1% of GDP from 7.4% the year before. The Finance Ministry originally set out to achieve a 6.7% deficit by the end of the fiscal year in June.<\/p>\n

<\/a> #2 <\/strong>The EGX30 <\/strong>hit its lowest level sinc<\/strong>e November 2016 y<\/strong>esterday<\/strong> as a sell-off among foreign investors caused by worries over soaring global inflation, rising interest rates and a possible recession in the US pushed the market deeper into bear territory. The benchmark index fell 3.6% during trading, marking the biggest single day loss since February and leaving it down 28% from its recent peak in January. The sell-off was widespread, with every company on the EGX30 ending the session in the red.<\/p>\n

It\u2019s not just us:<\/strong> The intensity of the sell-off on the EGX has coincided with a reversal of fortunes for bourses in the Gulf, which up until May had been shielded from the turmoil gripping global equities by surging oil prices. Following a strong start to the year, shares in Saudi Arabia, the UAE and Qatar have fallen back dramatically over the past two months as concerns over the global economic outlook overshadow the oil revenues flowing into the Gulf.<\/p>\n

#3- Our honey industry is at risk thanks to climate change.<\/strong> We break down the hows and whys in today\u2019s Going Green.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

I<\/strong>t\u2019s last day of the House before the summer break tomorrow: <\/strong>The House will wrap up any unfinished business during today\u2019s session before breaking for the summer on Wednesday, according to Youm7<\/a>. Typically, the end of the legislative cycle coincides with the end of the fiscal year, but this year\u2019s session has dragged on into July. We break down some of what done yesterday \u2014 which did not include the Competition Act amendments \u2014 in today\u2019s Legislation Watch below.<\/p>\n

UP IN THE HOUSE TODAY- Government-drafted amendments to the Consumer Finance Act <\/strong>aimed at providing greater fraud protections to consumers, according to a note seen by Enterprise. We have more on the<\/p>\n

Public consultations on the state\u2019s privatization plan resume today with the transport <\/strong>sector<\/strong> players discussing the state ownership policy document<\/a><\/strong> that outlines its privatization plans for the industry.<\/p>\n

Sunday\u2019s session saw automotive players and other engineering industry reps lay out their feedback and recommendations.<\/strong> Among the key suggestions was for the government to replicate the recently launched automotive strategy<\/a> for other industries and granting more \u201cgolden licenses\u201d to investors. Other recommendations made include the state ramp up its investments in EV manufacturing, EV batteries, wind turbines and solar panels, and raw materials, while others suggested that the state exits from services like car licensing inspection, export certificate accreditation labs, and car recycling.<\/p>\n

REMEMBER-<\/strong> Every Sunday and Tuesday see workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here<\/a>.<\/p>\n

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The national dialogue kicks off today<\/strong> when Diaa Rashwan, the general coordinator of the dialogue, convenes the first meeting of the 19-member board of trustees running the process, according to the State Information Service<\/a>. Board members include lawmakers, journalists, and political and economic experts. President El Sisi also signaled the beginning of the dialogue in a report picked up by Al Oula (watch, runtime: 2:18<\/a>).<\/p>\n

Need a refresher on the national dialogue?<\/strong> You can read our explainer here<\/a>.<\/p>\n

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THE BIG STORY ABRO<\/strong>AD- <\/strong>Another mass shooting in the US is front page news across <\/strong>much of the global media this morning.<\/strong> Six died and 30 were injured after a gunman opened fire on an Independence Day parade in Chicago yesterday (AP<\/a> | Reuters<\/a> | NYT<\/a> | Washington Post<\/a> | WSJ<\/a>)<\/p>\n

A shooting in the Danish capital is also getting a lot of attention:<\/strong> A gunman killed three and wounded several others at a mall in Copenhagen on Sunday. A 22-year-old Danish has been arrested following the incident. (Reuters<\/a> | NYT<\/a> | BBC<\/a> | CNN<\/a>)<\/p>\n

Also worth noting:<\/strong><\/p>\n