Pre-Trading Thoughts

The EGP was changing hands at an average of 49.2 to the greenback — its lowest level since March. Foreign investors reportedly sold some USD600 mn worth of local debt instruments over the past two days. Foreign investments in Egyptian treasuries in July reportedly recorded USD900 mn. The Ministry of Petroleum aims to increase Egypt’s production of natural gas by the end of this year to about 5 billion cubic feet per day, compared to about 4.6 billion cubic feet per day currently. The governme...