{"id":619045,"date":"2024-04-24T00:00:00","date_gmt":"2024-04-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/the-egx-plummeted-4-9-yesterday\/"},"modified":"2024-04-24T00:00:00","modified_gmt":"2024-04-24T00:00:00","slug":"the-egx-plummeted-4-9-yesterday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/the-egx-plummeted-4-9-yesterday\/","title":{"rendered":"The EGX plummeted 4.9% yesterday"},"content":{"rendered":"

Good morning, folks. <\/strong>The government\u2019s draft state budget for the coming fiscal year has finally dropped. In today\u2019s issue, we\u2019ve got a rundown of the draft budget along with plenty of energy, acquisition, startup, and bourse news for you to read through this morning.<\/p>\n

And don\u2019t forget, we\u2019re in line for a long weekend starting tomorrow. <\/strong>The public, private, and banking sectors will have the day off tomorrow in observance of Sinai Liberation Day, according to statements from the cabinet<\/a>, central bank, and EGX<\/a> .<\/strong><\/p>\n

** EnterpriseAM Egypt will also be taking a break from your inboxes<\/strong> starting tomorrow, but we will be back in your inbox at our customary time with all the latest business news on Sunday.<\/p>\n

And we\u2019ve got another short work week ahead:<\/strong> The public and private sectors will be off on Sunday, 5 May and Monday, 6 May<\/strong> in observance of Labor Day and Sham El Nessim, according to a cabinet statement<\/a>.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a>Gold customs exemptions extension? <\/strong>The Cairo Chamber of Commerce may submit a request to the Madbouly government for the extension of the decision allowing Egyptians living abroad to import gold to Egypt without paying customs duties, the head of the chamber\u2019s gold division, Hani Milad, told Al Mal<\/a>. The move would increase gold supplies in the local market and stabilize prices. <\/p>\n

Remember:<\/strong> Prime Minister Mostafa Madbouly in November extended<\/a> zero-customs exemption for gold imports until 10 May 2024.<\/p>\n

\n

WEATHER- It\u2019s another swelteringly hot day in Cairo today,<\/strong> with a high of 41\u00b0C and a low of 29\u00b0C, according to our favorite weather app.<\/p>\n

There\u2019s little respite from the heat in Alexandria<\/strong>, with a high of 37\u00b0C and a low of 24\u00b0C.<\/p>\n

Senior citizens and those with respiratory illnesses are advised to stay indoors today<\/strong> and tomorrow,<\/strong> on the back of poorer air quality this weekend, the Environment Ministry warned<\/a>. <\/p>\n

And over the long weekend, <\/strong>the weather will start cooling off from tomorrow with temperatures dropping to the low 30s in the capital and down to the mid 20s for our friends on the Mediterranean.<\/p>\n

ATTENTION, EGYPT INVESTORS-<\/p>\n

<\/a> Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited. <\/p>\n

<\/a> <\/p>\n

IN THE HOUSE- <\/p>\n

It was a busy day in the House yesterday, <\/strong>as representatives discussed a string of domestic issues including the draft state budget, the Unified Ins. Law, and a grant from the World Bank. The House will reconvene on 7 May. <\/p>\n

#1- Draft budget for the next fiscal unveiled:<\/strong> Finance Minister Mohamed Maait gave the House a first glance of the draft state budget for FY 2024-25. The draft budget is now in the Budget Committee\u2019s hands to be up for discussion and will be voted on and passed by the House before the end of June.<\/p>\n

** We have a deep dive into the ins and outs of the draft budget in our lead story in the<\/strong> news well below.<\/strong><\/p>\n

#2- Unified Ins. Law gets a preliminary thumbs up: <\/strong>MPs gave their preliminary approval to the new Unified Ins. Law, which will be put to a vote one more time in an upcoming session before being formally introduced. The law aims to draw up new and comprehensive rules for regulating the ins. industry and to widen compulsory ins. coverage. <\/p>\n

#3- USD 9 mn World Bank grant gets the green light: <\/strong>MPs approved a USD 9 mn grant from the World Bank that will go into improving the management of waste from the healthcare and electronics sectors. <\/p>\n

EGXWATCH- <\/p>\n

<\/a> The EGX plummeted 4.9% yesterday, <\/strong>with Egyptian stocks lost about EGP 86 bn of their market value. The bourse also halted trading on 13 stocks after they fell by 5-10%, according to Asharq Business<\/a>. <\/p>\n

The sharp decline is \u201cnot surprising,\u201d<\/strong> after the stock market had been hitting fresh highs in the run-up to the float of the EGP, as investors looked to hedge against a weakening local currency, CI Capital\u2019s Monsef Morsi said. Geopolitical tensions in the region have prompted \u201ca strong corrective process that has affected the stock market,\u201d Azimut Investments\u2019 Ahmed Morshed added. <\/p>\n

POLLWATCH- <\/p>\n

<\/a> Economists see Egypt\u2019s GDP growing by an estimated 3.0% clip in FY 2023-24<\/strong>, according to a Reuters<\/a> poll of 14 economists. This is lower than previous estimates of 3.5% in January and 4.2% in July, as regional tensions have caused foreign revenues from the Suez Canal to plummet.<\/p>\n

But they\u2019re more optimistic about the country\u2019s growth in 2025:<\/strong> Analysts see the economy\u2019s growth surging to 4.35%, up from January\u2019s prediction of 4.15%, on the back of a slew of int\u2019l aid packages and the Ras El Hekma agreement. This is higher than the government\u2019s own predictions of 4.2% growth for next year, unveiled by Finance Minister Mohamed Maait yesterday in the draft state budget. See our lead story in the news well below for the fuller picture. <\/strong><\/p>\n

What will determine how fast the economy recovers? <\/strong>\"The biggest factor will be private consumption and whether or not this recovers from March-June on the back of the relaxation of capital controls and the floating of the pound,\" said Ivan Burgara from the Institute of International Finance. \"This will dictate whether we see a recovery in manufacturing and services which will boost or further hinder growth.\"<\/p>\n

What about the EGP\u2019s value?<\/strong> Analysts are pricing in an average rate of 48.65 against the greenback by the end of June this year, and 48.25 by the end of June next year.<\/p>\n

\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

THE BIG STORY ABROAD-<\/p>\n

Tesla leads all of the big Western business papers<\/strong>, from the Financial Times<\/a> and Les Echos<\/a> to the Wall Street Journal<\/a> and Reuters<\/a>. The company\u2019s shares rallied 11% in after-hours despite posting poor 1Q 2025 results after it promised to introduce \u201cmore affordable models\u201d by early next year. <\/p>\n

A tale of two cities: <\/strong>Hong Kong\u2019s biggest IPO so far this year has flopped<\/a> (bubble tea chain ChaPanda\u2019s shares were down as much as 38% in their debut) as investors shy away from the Asian financial capital. In New York, cloud and data security outfit Rubrik<\/a> is looking at a 20x oversubscription rate<\/a> for its IPO, which could raise as much as USD 713 mn. <\/p>\n

ELSEWHERE- <\/strong>Star fund manager Cathie Wood\u2019s Ark is still being slammed by redemptions<\/a>, college protests against US support of Israel\u2019s war in Gaza<\/a> are growing<\/a>, and our friends at Visa beat expectations<\/a> with strong 1Q earnings.<\/p>\n

SIGN OF THE TIMES- Defense spending is up 9% in the Middle East<\/strong>, driven by bigger outlays by Saudi Arabia, Turkey, and Israel, the Financial Times<\/a> notes this morning.<\/p>\n

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications.
<\/font><\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/p>\n\n

Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n


Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\n<\/div>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We hear from industry insiders on how Egypt can boost real estate exports efforts to support the sector and bring in fresh inflows of FX.<\/p>\n","protected":false},"excerpt":{"rendered":"

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And don\u2019t forget, we\u2019re in line for a long weekend starting […]<\/p>\n","protected":false},"author":1,"featured_media":619046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[7106,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-debt","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"4d1857c4-6180-45e0-9654-2d771c43e6ae","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1894.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The EGX plummeted 4.9% yesterday","related_issue":[619043],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a1f9fa03-dc51-4b38-8b88-52d91a643b13.mp3"},"yoast_head":"\nThe EGX plummeted 4.9% yesterday - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/the-egx-plummeted-4-9-yesterday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGX plummeted 4.9% yesterday\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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interest rates, amid a universal consensus among the business community that rates will be cut.The Ismail Cabinet is expected to present its draft FY2018-19 budget to President Abdel Fattah El Sisi this week\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631711,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/26\/what-were-tracking-this-week-52\/","url_meta":{"origin":619045,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 March 2018","format":false,"excerpt":"The Ismail Cabinet will present its draft FY2018-19 budget to President Abdel Fattah El Sisi this week for approval before shipping it to the House of Representatives at the end of the month, Finance Minister Amr El Garhy told Al Masry Al Youm on Saturday.Pharos Holdings will be holding a\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631767,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/what-were-tracking-this-week-53\/","url_meta":{"origin":619045,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"The Ismail Cabinet will present its draft FY2018-19 budget to President Abdel Fattah El Sisi this week for approval before shipping it to the House of Representatives at the end of the month, Finance Minister Amr El Garhy told Al 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Pharos Holdings will be holding\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":686107,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/bosta-mulls-year-end-egx-listing\/","url_meta":{"origin":619045,"position":3},"title":"Bosta mulls year-end EGX listing","author":"enterpriseam admin","date":"1 February 2026","format":false,"excerpt":"Good afternoon, folks, and welcome to the start of a new workweek. We have a packed issue for you today, kicking off with news that Bosta may be headed to the EGX, mulling a listing that could raise EGP 8 bn. 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