Pre-Trading Thoughts

MSCI said it would not “implement any changes as part of upcoming index reviews for any securities classified in Egypt.” Inflation figures for April recorded 30.6% YoY from 32.7% YoY in March 2023. Macro targets revealed by Ministry of Finance and Ministry of Planning for FY23/24: Real GDP growth will inch down to 4.1%Headline inflation will average 16.0% over the 12-month periodFiscal deficit to widen to 7.0% of GDP and primary surplus to increase to 2.5%Proceeds of EGP 70 bn (U...