Pre-Trading Thoughts

We issued this morning our equities strategy for 2023, titled "Despite Challenges, Valuations Do Stand Out", in which we present: •Macro Backdrop| A Bumpy Road to Recovery•Equity Strategy| An Overdue Catch-Up Supported by EGP Weakness•Data Screens| All-in-One Deck•Sector Reviews| Outlook, Hopes, Fears, Top Picks, and Stocks Awaiting CatalystsThe IMF’s executive board will discuss Egypt’s request for a new extended fund facility next Friday, 16 December. Finance Minister said earlier this week that we could receive the first USD750 million tranche of the bailout loan before the end of the year.Net International Reserves inched up to USD33.53 billion at the end of November, up from USD33.41 billion a month earlier, on higher value of gold component.Oil prices tumbled to its lowest level on Tuesday, with Brent finishing below USD80/bbl per barrel for the second time in 2022.The New Administrative Capital Company aims to enter into four partnerships with real estate developers at the beginning of 2023.Sherif ElZayat sold his entire stake of 6.01% (66.6 million shares) in SPMD at an average price of EGP0.43 per share and a transaction value of EGP28.86 million.