{"id":581483,"date":"2023-02-12T00:00:00","date_gmt":"2023-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/this-morning-the-egx-just-had-its-best-day-in-three-months-egp-falls-again-against-the-greenback\/"},"modified":"2023-02-12T00:00:00","modified_gmt":"2023-02-12T00:00:00","slug":"this-morning-the-egx-just-had-its-best-day-in-three-months-egp-falls-again-against-the-greenback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/this-morning-the-egx-just-had-its-best-day-in-three-months-egp-falls-again-against-the-greenback\/","title":{"rendered":"THIS MORNING: The EGX just had its best day in three months + EGP falls again against the greenback"},"content":{"rendered":"

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Good morning, wonderful people. We have a packed issue for you on this cold Sunday <\/span>morning<\/span>, setting the tone for what we think will be a busy week on the news front. <\/span><\/p>\n

EGP WATCH- The USD gained another 0.4% against the EGP on Thursday to close <\/span>at 30.55<\/span>, according to central bank figures. The currency passed the 30 mark at the end of January following a sharp devaluation that helped bring fresh foreign inflows and alleviate an FX shortage. The EGP has lost almost half of its value against the greenback over the past year and is do<\/span>wn almost 20% since <\/span>the start of the year. <\/span><\/p>\n

<\/span>EGX WATCH- The EGX had on Thursday its best day since<\/span> mid-Novembe<\/span>r.<\/span> Investors <\/span>appeared to cheer Prime Minister Moustafa Madbouly\u2019s unveiling of the government\u2019s plans to privatize state-owned firms. The benchmark EGX 30 rose 3.9% to reach its highest level since May 2018 during a heavy day\u2019s trading, which saw volumes EGP 2.5 bn \u2014 35% above the trailing 90-day average. Foreigners were net sellers as regional and local investors bought heavily into the market, which has regained its footing since the EGP devaluation in October. The index is now up 20.7% year-to-date, making it one of the world\u2019s best-performing stock exchanges. <\/span><\/p>\n

What to expect: <\/span>In <\/span>a presser<\/a><\/span> on Wednesday, the PM said that the government would look <\/span>to sell stakes in 32 companies before the end of 1Q 2024 via strategic or public share sales.<\/span><\/p>\n

<\/span>FACT CHECK-<\/span> Cabinet has <\/span>denied<\/a><\/span> a media report last week that it <\/span>is planning to introduce a mechanism to <\/span>price electricity on a quarterly or semi-annual basis<\/a><\/span>. A report in <\/span>Asharq Business<\/a><\/span> had claimed that the government is considering adjusting electricity prices every three or six months in response to the devaluation of the EGP and rising gas and diesel prices. The proposal was said to be modeled after the fuel pricing committee, which reviews fuel prices quarterly. <\/span><\/p>\n

SHOUT OUT #1- Our friends at <\/span>ShiftEV<\/a><\/span> welcomed <\/span>PM Moustafa Madbouly<\/a><\/span> for a factory tour \u2014 and a test drive of an electrofitted minivan <\/span>(<\/span>watch, runtime: 0:57<\/a><\/span>). ShiftEV converts standard petrol-fueled vehicles into EVs using a proprietary made-in-Egypt battery technology. You can learn more about ShiftEV CEO Aly El Tayeb <\/span>here<\/a><\/span>. Aly was also our guest on stage at our December Enterprise Climate Forum.<\/span><\/p>\n

SHOUT OUT #2- Our friends at <\/span>Ratios Bakery<\/a><\/span> here in the People\u2019s Democratic Republic of Maadi. <\/span>Samer, Jackie and their team are celebrating five years in business. If you haven\u2019t yet tried our go-to, we think there\u2019s no better croissant in town. World-class carbs from a bootstrapped business? What could be better on a cold winter morning? <\/span><\/p>\n

PSA- It\u2019s going to be chilly this week, with daytime highs fo 17\u00b0C through Friday<\/span>, according to our favourite weather app, before the mercury breaks back past 20\u00b0C a week from today. Look for overnight lows in the 7-10\u00b0C range in the capital city all week.<\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

The House of Representatives is back in session:<\/span><\/p>\n