Today’s Top News & Analysis
IMF's loan received
Lower Net Foreign Asset surplus in June
Auto sales grow for three months in a row
17 LNG shipments targeted
MACRO
IMF's loan received
The PM said on Thursday that the government has received the third tranche of the International Monetary Fund's (IMF) loan, amounting to USD820mn. (Enterprise)
Lower Net Foreign Asset surplus in June
In June, the Central Bank of Egypt's (CBE) net foreign assets recorded the second surplus in two months, coming at USD12.9bn. However, the surplus declined by 10% m/m vs. May's reading of USD14.3bn. (Enterprise)
Auto sales grow for three months in a row
According to the Automotive Marketing Information Council (AMIC), Egypt’s auto sales increased by 28% m/m in June 2024 to 8,000 vehicles. The volumes came as follows:
· Passenger car sales drove the growth by a 34% m/m increase to 6,500 units.
· Bus sales increased by 36% m/m to 613 units.
· Truck sales saw a decline of 8% m/m to 938 units. (Enterprise)
17 LNG shipments targeted
Sources said the Egyptian government is seeking the purchase of 17 LNG shipments to cover the needs of Q4 2024. The sources added that the government already purchased 21 LNG shipments in June to cover the increasing demand for electricity in the summer months. (Asharq Business)
MARKETS PERFORMANCE
Key Dates
5-Aug-24
EGTS: BoD meeting / Discussing financial results.
CIRA: Conference Call / Discussing Q3 2023/2024 financial results.
Egypt PMI / July 2024 reading.
MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
8-Aug-24
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
29-Aug-24
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)