Pre-Trading Thoughts

Al Ahly Pharos

Who’s in and who’s out of the EGX30?

• In:

1. Orascom Development,
2. Rameda, EgyptAlum,
3. Ibn Sina Pharma,
4. Qalaa Holdings, and
5. Eipico

• Out:

1. Ezz Steel,
2. B Investments,
3. Faisal Islamic Bank of Egypt,
4. Cleopatra Hospitals,
5. Elsewedy Electric, and
6. Heliopolis Housing

The Prime Minister said that the government is working the social protection package including increase in salaries and pensions, which is expected to be approved in 2025.

Recently approved SME tax system could save taxpayers, and set the government back, some EGP 800 bn in foregone tax revenues.

Remittances from Egyptians working abroad continued their consecutive surges backed by the economic reform measures, taken in March 2024, with a 65.4% increase in November 2024 to reach approximately USD 2.6 billion.

The EGX is considering launching a T-bills index to meet rising investor interest, according to an EGX statement.

The Cabinet discussed a draft of the Prime Minister’s decision regarding establishing an authority for the financial and business zones, to regulate those areas to be established in Egypt.

The US Federal Reserve unanimously kept interest rates steady in the 4.25%-4.50% range, it said in a statement yesterday, as they assess the impact of Trump’s economic policies on inflation and growth.

Turkish company Klepsam is planning to build the country’s largest sanitary ware factory, Egyptian-Turkish Business Council member Matta Bishay said. The project will see investments of USD 7-10 mn in its first phase to manufacture water meters, which are currently heavily imported.

Ethydco is planning to borrow USD40 million from Al Mashreq Bank to repay natural gas dues to GASCO.

Eni has resumed drilling operations at the Zohr gas field after the Saipem drillship arrived in Egyptian waters on Tuesday.

UAE’s Dragon Oil struck oil at the East Crystal-1 exploratory well in the Gulf of Suez, the Oil Ministry said in a statement. Initial tests show output exceeding 2k barrels per day.

The Egyptian arm of India’s Everest Kanto Cylinder working on establishing the country, and also continent’s, first factory producing compressed natural gas (CNG) cylinders, according to a statement.

EGPC plans to connect three new crude oil development wells in the Red Sea governorate to the national grid within four months, which will add 1,250-1,350 bbl/day.

A Governmental committee studies the reduction of sea shipping freights by 50% through 1Q25, due to the geopolitical scene in the region that pulled down the containers' volumes in south red sea area.

HRHO-backed K-12 operator Spark Education Platform (SEP) inked definitive agreements to acquire a majority stake in Riyadh’s Qimam El Hayat International School.