585 episodes

Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.

Al Ahly Pharos Al Ahly Pharos

    • Business

Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.

    Pre-Trading Thoughts

    Pre-Trading Thoughts

    The Egyptian government has finalised agreements with Emirati firm AMEA Power to build a solar park and a wind farm with a combined capacity of more than a gigawatt (GW) in a USD1.1 billion deal, the cabinet said. 
    29 global firms including IBM, Amazon, Microsoft and Majid Al Futtaim will up their investments in our outsourcing industry under agreements inked with the CIT Ministry’s Information Technology Industry Development Agency (ITIDA).
    The cabinet yesterday approved the final draft of the Madbouly government’s state ownership policy document, to be presented to President El-Sisi.
    Ministers approved the framework agreements signed with international energy companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone (SCZone).
    The CBE directed the banks to secure USD financing needed to release fodder raw materials from soybeans, as a top priority in the current period, after their prices have surged recently.
    The government has postponed the 15% increase over the usufruct fees collected from companies operating in the free zones, for a period of one year, starting from January 1, 2023.
    The head of the Suez Canal Authority said that navigation statistics during 2022 indicate an unprecedented boom in the annual revenues of the canal amounting to about USD7.8 billion, in light of the development of transit rates of ships and cargo.
    ESRS (FV:EGP12.75, OW) reported its consolidated financial results for 3Q22 with net attributable earnings standing at EGP1.1 billion (+20% YoY, +41% QoQ), bringing 9M22 earnings to EGP3.7 billion, 48% higher than last year. 
    CIRA (FV: EGP20.00, OW) released FY21/22 financial results where attributable net profit for the year recorded EGP374 mn a YoY rise of 21%.
    Agthia has completed its acquisition of a 60% stake in Auf Group that was previously approved in July, leaving the three founders with a combined 30%, while TCV holds the remaining 10% stake. The transaction values Auf Group at some EGP4.9 bn.
    According to the CBE, liquidity has increased in the Egyptian banking sector to EGP7.18 trillion at the end of October 2022, compared to EGP5.82 trillion at the end of December 2021 (+24%). In addition to an increase in deposits from EGP680.46 billion to EGP855.8 billion (+26%).
    CNFN added financial leasing to the financing services it offers through the dental startup “Toothpick”, allowing dentists to finance their equipment purchases through Toothpick’s online marketplace.
    e-Cards, a subsidiary of EFIH, plans to issue 5 million cards, targeting university students, according to local press.
    FWRY plans to expand its operations Kuwait next year, with legal procedures currently under way.
    EGX's Listing Committee approved CCAP's proposal to allocate 5% of the company shares to ESOP.

    • 4 min
    Technical Analysis

    Technical Analysis

    - Market Overview 
    - HELI
    - CIRA
    - EKHO
    - ORHD
    - FWRY


    - prepared by: Mayada Amin - CETA, CFTe

    • 2 min
    Pre-Trading Thoughts

    Pre-Trading Thoughts

    Saudi Arabia is extending by one year its USD5 billion deposit at the Central Bank of Egypt (CBE).

    Subsidized loans to industrial, agricultural, and construction companies will be axed, Deputy CBE Governor said.  Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, who want to extend or borrow more under existing facilities will have to do so at prevailing interest rates.


    MFPC issued 3Q22 consolidated results, where the bottom line came In at EGP1,325 million (-49% QoQ, -2% YoY). 

    BMW has made Global Auto Group its new importer and agent in Egypt. Global is a joint venture between Kuwait’s Ali Alghanim & Sons Automotive, Saudi Arabia’s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group. 

    AUTO has filed an arbitration case against the Algerian government for severe damages and losses of USD24 mn suffered due to unspecified measures taken against AUTO's units and investments in the country.

    TALM announced today that it signed binding documentation to acquire control of a university under-development in New Cairo. The acquisition of the university will be completed through TALM's subscription to a capital increase of the target company.

    MBSC has filed to appeal a September ruling by the Cairo Regional Centre for International Commercial Arbitration (CRCICA) that fined the company EGP380 million to settle a dispute with CCAP’ unit ASEC. 

    ARCC signed a credit facility contract with the National Bank of Egypt of EGP400 million to finance the purchase of raw materials. 

    The New and Renewable Energy Authority is reportedly planning to issue a tender to develop solar power plants with a combined production capacity of 200 MW across several land plots in Aswan’s Benban solar parkt. 

    HRHO announced the successful completion of the shares’ public offering of Taleem group, the leading educational institution in Dubai Financial Market, at a value of $204 million. The offering is equivalent to 25% of the company’s total capital, 250 million shares where the indicative price per share was 3 dirhams.

    ValU contracted with TOTAL Energies Marketing Egypt to provide payment and financing solutions to its customers. 

    Ryanair is in talks to launch flights to Egypt.

    • 3 min
    Technical Analysis

    Technical Analysis

    - Market Overview 
    - COMI
    - CIEB
    - HRHO
    - ISPH
    - ORAS
    - OCDI
    - ORHD
    -,ASPI
    - EGTS



    - prepared by: Mayada Amin- CETA, CFTe

    • 2 min
    Pre-Trading Thoughts

    Pre-Trading Thoughts

    The CBE is mulling a handful of options as part of its strategy to increase FX liquidity. The options reportedly on the table include:
    1.            Offering service and funding incentives in exchange for tourism operators and hotels depositing their FX in local banks;
    2.            Launching USD-denominated savings schemes for Egyptian expats;
    3.            Easing banks’ regulatory requirements (including KYC regulations) for customers making USD deposits;
    4.            Mulling the use of USD derivatives.
     
    Egypt’s economy grew by 4.4% YoY in 1QFY2022/23,Planning Minister said. The Planning Ministry is now expecting the economy to grow by around 5.0% in the full FY2022/23, down from the 5.5% expected earlier in the budget.
     
    BP has been awarded gas exploration rights in two offshore blocks in the Mediterranean Sea. The company has now been awarded four blocks so far this year, along with a block extension.
     
    Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly on Tuesday, 20 December. Dubai-based National Paints Holdings is offering to purchase 100% of Pachin for EGP29 per share, far outbidding earlier offers.
     
    The CBE extended the deadline that requires banks to increase the portion of SME’s loans to 25% of their total loan portfolio to December 2023.
     
    Less than 6.1k passenger vehicles were sold during the month of October, down 69% YoY, according to AMIC figures.
     
    Feed supply shortages continue casting pressure on selling prices, despite the Ministry of Agriculture reaching an agreement with the central bank to release all commodities inventory stocked at the ports. 
     
    The Egyptian Holding Company for Silos and Storage and the Agricultural Bank of Egypt are setting up a new company for silos and warehouses named Ard Misr (Egypt’s Land), according to a Supply Ministry statement.
     
    Damietta Port Authority plans to launch a tender during the next month to start connecting the utilities to "Tahya Misr" container terminal. 
     
    The Holding Company for Maritime and Land Transport is planning two tenders for the supply of wires for berth and yard cranes at three container terminals during the next month. 
     
     Weekly Commodities Update:
      | Chems & Petchems | | Last Price | WoW Change, %
    | Brent, USD/bbl | 81.0 | -6.7%
    | Diesel-HSFO Spread, USD/ton | 532.0 | -7.5%
    | Egypt Urea, USD/ton | 560.0 | -1.3%
    | Polyethylene, USD/ton | 1,030.0 | -4.6%
    | Polypropylene, USD/ton | 930.0 | -1.6%
    | Steel/Iron Ore Spreads, USD/ton | 441.8 | 2.0%
    | LME Aluminum Cash Price, USD/ton | 2,329.6 | -1.1%
    | Egyptian Retail Cement, EGP/ton | 1,624.0 | 0.0%
    | Steam Coal FOB Newcastle Australia, USD/ton | 349.4 | -0.5%
    | SMP, USD/MT | 3,057.0 | 2.9%
     

    • 4 min
    Technical Analysis

    Technical Analysis

    Market Overview 


    prepared by: Mayada Amin - CETA , CFTe

    • 1 min

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