Pre-Trading Thoughts

Annual urban inflation retreated to 13.2% YoY in June down from 13.5% in May, as food & beverages item recorded a slower annual increase, 22.3%, and a decline by 1.8% MoM. Trade deficit dropped in April by 53% YoY to USD1.70 billion. The value of exports increased by 54.2% to USD4.94 billion, while imports decreased by 2.7% to USD6.64 billion.Egypt's PMI fell to 45.2 in June from 47.0 in May.Egypt is preparing to launch more than 20 green projects in five sectors during COP27, with investments amounting to USD120 billion dollars.The strategic stockpile of wheat has become sufficient for seven months.Industrial lands will be offered to investors through the ownership system according to utility prices, or through the usufruct system.Al Alamein Riviera, the western part of the New Alamein City, is earmarked to offer 14k hotel rooms.SWDY aims to purchase up to 30 million treasury shares during the period 6 July 2022 to 5 October 2022.Amid customs and imports constraints, some car dealers have turned to importing their cars through “individual” systems to avoid LCs opening procedures.The “Go Green” strategy spokesperson declared that banks made finances available for the strategy worth of EGP8 billion till the end of June.