Pre-Trading Thoughts

CAPMAS is expected to publish inflation readings for April on Thursday, 9 May. We expect annual urban inflation to record c.32%, lower than 33.34% in March, mainly on a relative calm in some food items. Net foreign reserves increased by USD696 million from the month before to USD41.1 billion at the end of April, reaching their highest level in more than four years. The EGX’s long-awaited sharia-compliant index is to launch before the end of June. Egypt's headline PMI registered in April...