Egyptian bulls are running
A flattering report on CNBC finds all our asset classes looking more and more attractive. The article lauds the emergence of Egypt’s new investment law, which it says will pave the way for foreign investors. The article runs through what we all know and pray for: that the float and the higher interest rates that came with it have allowed liquidity to flow freely and that the less-costly EGP is creating a sweet spot for those looking to export. While there are still some questions around the currency, holding rates steady will be taken by many as a sign of confidence and that the bull run the EGX30 has had will ripple out into other asset classes and the investment environment as a whole. Thanks for the love CNBC, late as it may be.
Oh, and the average yields on Egypt’s three- and nine-month treasury bills fell yesterday, Reuters reports.
Also worth a skim on a very slow news morning for Omm El Donia:
- Egypt, Lebanon and Iran are among the top countries in the world in which folks seek out surgical procedures designed to have a positive impact on one’s appearance , says the Sunday Times (paywall).
- Tribes in Sinai are taking up arms to help the Egyptian Army fight terror groups, George Mikhail writes for Al-Monitor, which is rather late to the story.
- Egyptians are enrolling their infant children in swimming classes to help improve their sleep and flexibility, Mohamed Zaki writes for Reuters.
- Former Cairo resident Noor Naina Zafar recounts the details of her visit to Cairo and Alexandria seven years after she left Egypt in a piece for Pakistan’s The News on Sunday.
- Prickly pears, a summer fruit only sold by street vendors, remain affordable amidst soaring prices, and are thus called “the fruit of the poor,” writes Ramadan Al Sherbini for Gulf News.