Pre-Trading Thoughts

Net foreign asset (NFA) surplus fell 27% to USD9.7 bn in August, down from USD13.3 bn in July. NFA of banks registered a deficit of USD536 mn, down from a surplus of USD2.8 bn in July. Egypt's PMI registered 48.8 in September, the headline index was below the 50.0 no-change value to indicate a modest decline in business conditions at non-oil private sector companies. The cabinet approved a draft law that grants administrative bodies the right to handle any encroachments on state-o...