Pre-Trading Thoughts

Al Ahly Pharos

The IMF Executive Board has added the third review of Egypt's USD8 billion loan program — set for 29 July — back to its calendar.

Egypt paid USD3 billion to the IMF in 1H2024 and intends to pay another USD257 million until the end of July.

It is possible there were some malfunctions or increased pressure on the electricity grid due to the continued heatwave, which may have led to power cuts, Electricity Ministry spokesman said, as blackouts continue despite the promise of pause.

COMI (FV: EGP100, OW) recorded a strong set of results where 2Q24 net profit post-minority interest recorded EGP15,623 million (+31% q/q, +96% y/y), bringing 1H24 bottom line to EGP26,547 million (+96% y/y). The stock is trading at P/E 2024 of 5.8x and P/B 2024 of 1.8x.

Brokerage firms looking to trade carbon certificates must have a minimum issued and paid-up capital of EGP15 million to get the greenlight from the Financial Regulatory Authority.

The Madbouly government is considering raising the price of subsidized fertilizers by 30% to EGP6,250/ton, according to local press.

EMFD (FV: EGP6.74, OW) EGM approved the proposed acquisition of Albro North Coast for Developments and Sky Tower for Real Estate Development.

Weekly Commodities Update

| | Last Price | WoW Change, %
| Brent, USD/bbl | 82.6 | -2.8%
| Diesel-HSFO Spread, USD/ton | 269 | -6.5%
| Egypt Urea, USD/ton | 338 | 0.0%
| Polyethylene, USD/ton | 1,060 | 0.0%
| Polypropylene, USD/ton | 1,000 | 0.0%
| Iron Ore 65%, USD/ton | 126 | -0.8%
| Steel/Iron Ore Spreads, USD/ton | 389 | 0.0%
| LME Copper Cash Price, USD/ton | 9,179 | -5.6%
| LME Aluminum Cash Price, USD/ton | 2,295 | -5.0%
| Egyptia Retail Cement, EGP/ton | 2,131 | 0.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 135 | 0.9%
| SMP, USD/MT | 2,566 | -0.8%
| Last price may vary week over week in some indices due to time difference