Pre-Trading Thoughts

Net Foreign Assets (NFA) position of the banking system fell to USD-16.7 billion in May, down from USD-12.7 billion in April. Domestic liquidity M2 increased by 1.3% MoM to record EGP6.5 trillion in May. World Bank has agreed to provide Egypt with USD500 million to boost food security. State grain buyer GASC purchased 815,000 tons of French, Romanian, Russian, and Bulgarian wheat for shipments in August, September and October. Egypt and Algeria signed 12 MoUs in the fields of industry, invest...