Pre-Trading Thoughts

The MPC is scheduled to meet today to decide on policy rates. We believe the CBE might prefer to cut rates by 100-150 bps in its meeting today. Moody’s kept Egypt’s outlook positive and affirmed its Caa1 rating. UK-based Shard Capital and Saudi Arabia-based Alqahtani Holding inked a framework agreement for a USD7 billion petrochemical production complex in New Alamein with the Oil Ministry-backed Egyptian Petrochemicals Holding Company and the Investment Ministry. The reconstructi...