Pre-Trading Thoughts

Foreign investments in the secondary market for treasuries recorded a net sale on Monday of EGP1.7 billion, the first after the EGP flotation early March. Foreigners bought EGP326 million worth of treasuries and sold about EGP2.04 billion. American energy company Apache invested USD137 million in exploration activity in Egypt during the 1Q24. The government is looking to cut down on its spending on bread subsidies to bring the selling price closer to the “massive” cost of produc...