Pre-Trading Thoughts

Ministry of Finance raised the customs exchange rate to EGP18.64 from EGP17.00, starting June 1st. State grain buyer GASC has purchased 465,000 tons of wheat for USD480/ton including freight. Cabinet discussed several plans to raise institutional investor proportion and public institutional investors' participation in the Egyptian Equity Market. Cabinet approved a number of amendments to the Egyptian Sovereign Fund regulations, enabling it to acquire “financial instruments, securities, and pr...