{"id":617516,"date":"2024-03-24T00:00:00","date_gmt":"2024-03-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/concrete-fashion-group-to-hit-egx-today\/"},"modified":"2024-03-24T00:00:00","modified_gmt":"2024-03-24T00:00:00","slug":"concrete-fashion-group-to-hit-egx-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/concrete-fashion-group-to-hit-egx-today\/","title":{"rendered":"Concrete Fashion Group to hit EGX today"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s shaping up to be another busy week, with everything from updates on Egypt\u2019s strategic partnership with the EU, more signs of a healthy interbank market, another IPO is back in the news, and a new step towards a Turkish industrial zone in Egypt. <\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:09 pm in the capital city, and you\u2019ll have until 4:25 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- El<\/strong> Sisi wants more gov\u2019t involvement in stabilizing commodity prices:<\/strong> President Abdel Fattah El Sisi proposed that the government could either compete directly with the private sector in selling essential commodities \u2014 in which case he called for earmarking USD 1-3 bn to the government to ramp up competition \u2014 and enforce the role of the competition authority deter hoarding and price gouging practices, according to a Thursday speech (watch, runtime: 3:10<\/a>).<\/p>\n

#2- EIB gearing up to finance green hydrogen project:<\/strong> The European Investment Bank (EIB) has started due diligence for an unspecified green hydrogen project, the bank\u2019s regional head, Guido Clary, told Asharq Business<\/a>, adding that green hydrogen will be among the main sectors in which the bank will target next year, especially in the Suez Canal Economic Zone. Clary did not specify whether the lender will be directing funds to one of the numerous projects already in the pipeline or a new one.<\/p>\n

FX WATCH- <\/p>\n

<\/a> Banks in Egypt have bought and sold over USD 8.5 bn on the interbank market in <\/strong>the<\/strong> two weeks since Egypt floated the EGP, <\/strong>Asharq Business<\/a> reports, citing unnamed banking sources. The EGP has appreciated about 9% against the greenback since the float was announced, closing last week at about EGP 46.70 to USD 1. <\/p>\n

Healthy interbank volumes are a good sign: <\/strong>They\u2019re consistent with the slow de-dollarization expected by most bankers with whom we\u2019ve spoken. They\u2019re also consistent with positive market sentiment after a run of announcements of immediate inflows from the carry trade and the first payments from ADQ for the development rights to Ras El Hekma, as well expectations of near- and medium-term inflows from the IMF, World Bank, and European Union.<\/p>\n

Where does the EGP \u201csettle\u201d: <\/strong>Smart folks ranging from EFG Hermes and HSBC to Goldman Sachs and more see the EGP in the 40-45 range. <\/p>\n

What to watch for: <\/strong>Inflows speak to the EGP appreciating to something in the range called for by the big research houses. Among the signs that we\u2019re not re-pegged:<\/p>\n