Pre-Trading Thoughts

Remittances hit a record high in FY2021/22, rising 1.6% YoY to USD31.9 billion. During the period from April through June 2022, remittances increased by 3% YoY to record about USD8.3 billion.GASC bought 240,000 tons of Russian wheat directly from suppliers for delivery in September, October, and November. Minister of Trade and Industry will hold a meeting with the CBE Acting Governor to discuss the most prominent problems facing the industrial sector.The Ministry of Supply obligated rice farmers to supply 25% of their crop in the new harvest season.Egypt Kuwait Holding Co and Egypt Kuwait Holding EGP will not be deleted from the FTSE Global Equity Index Series Mid Cap Index.EGCH 4QFY21/22 net profit amounted to EGP207 million, up 38% QoQ, and compared to a net loss of EGP405 million in 4QFY20/21, bringing FY21/22 net profit to EGP689 million, compared to a net loss of EGP1.424 billion in FY20/21.Only e-invoices will be accepted as proof companies have paid VAT on goods and services starting in April 2023.Arqaam Securities intends to submit an offer to acquire Prime Holding at EGP0.945/share. HELI aims to sign the final contract with Mountain View for the co-development of the Heliopark land plot before the end of 2022.