Pre-Trading Thoughts

Budget deficit increased to 5.9% of GDP, recording EGP789.8 billion during 7M23/24, from 4.4% in 7M22/23. Suez Canal revenues declined by 50.7% during the first two months of 2024. The government has conducted preliminary studies on a project to duplicate the remainder of the Suez Canal to better support two-way traffic. Yields on EGP-denominated one-year bills hit a record high 30.061% during the Central Bank’s latest auction held on Thursday. ETEL (FV: EGP51.00, OW) released 4Q23 results. N...