KEY THEMES
Yesterday saw a considerable trading volume with c.EGP2.2bn worth of stocks changing hands. Foreigners were net sellers with a huge amount of EGP226mn, led by what seems to be special transactions in Edita Food Industries [EFID] (+1.7% d/d). At almost EGP105mn of daily turnover, it's most likely that some foreign institutions sold portions of their EFID shares to local institutions. Meanwhile, TMG Holding [TMGH] continued to do well. We had mentioned here just two days ago that TMGH could be one of the key beneficiaries of lower interest rates. Still, the market is dominated by retail investors and hence small caps. While Commercial International Bank’s (CIB) [COMI] Q3 results are yet to come out, we believe the market will be focusing more on the government’s potential initiative to cut energy prices, namely natural gas. To investors, the clock has started ticking, and the countdown continues. We believe it’s a matter of when, not if. That “when”, however, is yet to be known.