Pharos Holding said that the application of the item on increasing the minimum capital of commercial banks tenfold to LE 5 billion.
It said that the dynamics of the local inflation rate and the foreign ownership of debt instruments enhance the chances of a rate cut in the Q1 of 2019.
Pharos Holding expected Egypt to achieve a pickup in economic activity over the next five years.
The report expected Egypt’s economy to mark a progress during fiscal year 2018/2018, expecting GDP to record 5.5 percent, up from 5.2 percent in 2017/2018.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual consumer price inflation slipped to 13.8 percent in June 2018.
The final price set for the 4.8 million shares’ public offering is LE 6.6 per share.
Egypt’s annual urban consumer price inflation fell to 26.7 percent in November from 30.8 percent in October.
Mubasher Research has foreseen annual inflation declining to 24-25 percent by the end of November.
Capital Economics said that inflation has now shrunk for two consecutive months for the first time since early 2016.
Pharos Holding’s economist Ramy Oraby said that the fund has stressed on the importance of taking further structural reforms.
The non-oil trade deficit fell to $7.3 billion in Q4 from $7.8 billion in the previous quarter, as the non-oil imports decreased to $11.1 billion from $11.6 billion in Q3.
Daily round up of major business and economy news .
A wrap-up for the most prominent news circulated during the day.
Pharos Holding said that the significant rise in the absorption growth rate was due to more intensified economic pressures and/or anticipation of a severe economic reform measures.
Gross profit recorded LE 131 million in Q2 of 2017 compared to LE 40 million in Q2 of 2016 and down from LE 134 million in 1Q17.
Interest expense grew on the back of the central bank’s latest two percent interest rate hike and a high debt level of LE 5 billion.
Edita’s revenues declined quarter-on-quarter, as the volumes of its segments, except for the rusk, decreased 13.6 percent.
Pharos Holding maintained the fair value (FV) for Juhayna Food Industries at LE 8.88, with an Overweight recommendation.
the benchmark index EGX30 saw the exclusion of four firms and the addition of another four in the periodical review.
Pharos Holding expected the U.S. dollar to register an average of LE 17.9 this fiscal year.