Pre-Trading Thoughts

After the USD-denominated CDs issued by public sector banks and the unexpected rates rise by the MPC, and with the next date for the IMF review in September, the market has started to focus, once again on weaker EGP beneficiaries. We remind you that ESRS, EGAL, TMGH, ORHD, and ADIB have not reached full potential in previous market rallies. Reserves inched up to USD 34.88 bn in July from USD 34.81 bn in June. Egypt is preparing to pay USD847.9 million to the International Monetary Fund this A...