Today’s Top News & Analysis
Egypt’s PMI decreased to 48.7 in September
Morgan Stanley downgrades Egypt’s debt rating to dislike
Egypt temporarily stops selling sugar to traders
Ministry of Finance to issue treasury sukuk through FY24
CIRA to distribute an EGP0.24 DPS
MACRO
Egypt’s PMI decreased to 48.7 in September
Egypt’s Purchasing Manager’s Index (PMI) for the non-oil private sector decreased to 48.7 in September 2023 vs. 49.2 in August. This decrease is coming after a four-month improvement in the index, pushing the index further into the contraction territory below the 50 mark. (S&P Global)
Morgan Stanley downgrades Egypt’s debt rating to dislike
Morgan Stanley downgraded its rating for Egypt’s debt from neutral to dislike. (Enterprise)
Egypt temporarily stops selling sugar to traders
Sugar prices in September have increased by 38% y/y to EGP33,000/ton for traders, while it increased by 67% y/y to EGP40,000/ton for consumers. Sugar prices in Egypt increased although global sugar prices did not increase. In turn, the Egyptian government said to stop selling sugar to the traders in a trial to stabilize the market prices by increasing the supply (+200,000 tons). (Asharq Business)
Ministry of Finance to issue treasury sukuk through FY24
TheMinistry of Finance plans to issue treasury sukuk before the end of FY24 to finance national projects, thus its value will be determined later after identifying the planned projects. (Al-Borsa)
CORPORATE
CIRA to distribute an EGP0.24 DPS
CIRA Education [CIRA] OGM approved distributing dividends of EGP0.24/share, implying a dividend yield of 2%. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
3-Oct-23
Egypt PMI / September 2023 reading.
4-Oct-23
SKPC: Cash dividend / Payment date for a dividend of EGP0.40/share (2nd installment).
DAPH: Stock dividend / Last date for eligibility for a 0.1-for-1 stock dividend.
5-Oct-23
DAPH: Stock dividend / Date for distributing a 0.1 for-1 stock dividend.
11-Oct-23
ORAS: EGM / Discussing the dividend distribution of USD0.2750/share.
EFIH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
12-Oct-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
EGCH: OGM / Approving financial statements ending 30 June 2023.
EGCH: EGM / Amending Article No. 3 & 21 of the company's bylaws.
17-Oct-23
POUL: OGM / Discussing dividends distribution.