{"id":554766,"date":"2021-11-10T13:37:05","date_gmt":"2021-11-10T13:37:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/tonight-inflation-unexpectedly-dipped-in-october-transmea-cairo-ict-are-on-their-final-day-goldman-has-heart-eyes-for-our-equities\/"},"modified":"2021-11-10T13:37:05","modified_gmt":"2021-11-10T13:37:05","slug":"tonight-inflation-unexpectedly-dipped-in-october-transmea-cairo-ict-are-on-their-final-day-goldman-has-heart-eyes-for-our-equities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/tonight-inflation-unexpectedly-dipped-in-october-transmea-cairo-ict-are-on-their-final-day-goldman-has-heart-eyes-for-our-equities\/","title":{"rendered":"TONIGHT: Inflation unexpectedly dipped in October + TransMea, Cairo ICT are on their final day + Goldman has heart eyes for our equities"},"content":{"rendered":"

It\u2019s a sprint to the weekend, ladies and gentlemen<\/strong>, with inflation cooling down, updates on the Vodafone subsidiary shuffle and new regulation approved by cabinet.<\/p>\n

But first, some good news\u2026<\/strong><\/p>\n

<\/a> Our stocks are among Goldman Sachs\u2019 top picks for 2022<\/strong>, Bloomberg<\/a> reports, with strategists at the investment bank recommending going long on Egyptian equities. EGX30 stocks \u2014 like those of many emerging markets<\/a> \u2014 are widely seen as<\/a> undervalued right now, creating the potential for gains in the mid-term.<\/p>\n

The EGX30 fe<\/strong>ll 0.9% today on turnover of EGP 821.2 mn<\/strong> (45% below the 90-day average). Regional investors were net buyers. The index is up 5.9% YTD.<\/p>\n

Elsewhere in emerging markets<\/strong>, Goldman strategists tip USD-denominated Mexican and Russian shares, on the back of attractive valuations and the fact that the two countries are well-insulated from macro trends.<\/p>\n

The big picture, per Goldman:<\/strong> Globally, demand will continue to outstrip supply, inflation is set to keep accelerating, and China\u2019s growth could slow further. Equities and hard liquidity are currently preferable to bonds, which are \u201cstruggling.\u201d<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> Inflation unexpectedly cooled:<\/strong> Annual urban inflation slid in October to 6.3% from its 20-month high of 6.6% in September, as the rate of inflation in food and beverage prices and education dipped from the month prior, according to figures released by Capmas today. The decrease went against analysts\u2019 expectations of inflation continuing its upward trend through 4Q2021 on the back of the recent hike in fuel prices<\/a> and a 28% rise<\/a> in factories\u2019 gas bills, compounded by a surge in global commodity prices.<\/p>\n

Vodafone Global nods to Vodacom buying out its stake in Vodafone Egypt:<\/strong> Vodafone Group has agreed to transfer its 55% stake in Vodafone Egypt to Vodacom Group, its sub-Saharan African subsidiary, in a EUR 2.72 bn transaction, according to a company statement<\/a>. The move will \u201csimplify\u201d the management of its African holdings, according to the UK-based mother company. The acquisition is expected to conclude before 31 March 2022.<\/strong><\/p>\n

The Madbouly cabinet just made it easier for home owners to<\/strong> register their properties<\/strong> under amendments to the Real Estate Registry and the Income Tax Act approved at its weekly meeting today<\/a>. Under the changes registration will no longer need lengthy on-ground inspections by notaries and pain-staking documentation that trace provenance. Instead, notaries will accept official documents submitted by the homeowners and skip the pre-approval phase.<\/p>\n

The registration process will also no longer be linked to pre-paying the 2.5% <\/strong>property disposal tax<\/a><\/strong> or a flat-tax rate on older contracts.<\/p>\n

^^We\u2019ll have more details in tomorrow\u2019s AM Edition.<\/strong><\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n