After a 5-day long weekend, investors are back with eyes on two market drivers. First, MSCI’s Semi-Annual Index Review (with focus on MSCI Emerging Markets index) is scheduled for 11 May 2021 late night with focus on Egypt’s three index constituents, namely CIB [COMI], Elsewedy Electric [SWDY], and Eastern Company [EAST]. The talks continue to revolve around Fawry [FWRY] replacing SWDY, which again—in our opinion—has no bearings on either companies’ fundamentals. That said, any pullback in SWDY will be a good opportunity for investors to take a long-term position in the stock. Second, Q1 earnings season resumes over the coming period, offering investors a gauge of how the new year is shaping up, save for any negative implications from COVID-19 aftershocks throughout the rest of the year. Meanwhile, investors who jumped in Taaleem Management Services’ [TALM] public offering, which was only 5% of the EGP2.06bn IPO, have until 6 May to offer back their shares to the company’s stabilization fund, given that TALM is already 6% below its IPO price (EGP5.75/share).