KEY THEMES
With less than EGP800mn in trading value, the market activity was below average yesterday—as expected in the last 10 days of Ramadan. Thus, company-specific stories will continue to drive stock performance, absent overall macro themes. Yesterday, we mentioned two market drivers that we believe should bring in some action to the market over the coming period, namely MSCI EM semi-annual review and Q1 results which are pouring in. So far, results have been mixed, lacking a general direction, further supporting our company-specific trading strategy for the time being.