Pre-Trading Thoughts

The EGP registered a new record low, closing the day at 24.1 to the USD. The House Manpower Committee approved yesterday disbursing a EGP300 bonus in November to public-sector employees and pensioners.Some importers said that the banks started to arrange the required USD to release the goods that had been held at ports for weeks.The Sovereign Fund of Egypt will begin the roadshow for its pre-IPO fund at the end of November. The SFE Chief said that the restructuring of the two companies, Safi and Watania, will be completed soon, signaling that the companies would not be seeking stock exchange listings this year.ESRS said in a statement that consolidated forex losses for 2H22 could preliminarily reach EGP2.2 billion and EGP1.9 billion for ESRS and IRAX, respectively.AMER Board approved splitting the company through a BV split into one focused on real estate and the other focused on recurring income businesses such as malls and hotels.Oil prices fell following weaker-than-expected factory activity data out of China. Brent crude futures dropped 0.7% to USD95.14/barrel, after slipping 1.2% on Friday.Beyti is launching six new production lines this year with a total investment cost of EGP165 million.