bullish
Egyptian Equities Are Approaching a Bottom
SUMMARY
- Egyptian equities are beginning to enter a bottoming out phase, although there is likely more economic pain this year and no near-term stock market catalysts are present.
- However, with MSCI Egypt trading at circa six times forward earnings, a near 50% discount to MSCI Emerging Markets, Egypt appears to be positioned very well in terms of relative value
- Some of the major headwinds approaching include food/energy inflation, declining tourism, and Egypt’s entry into another IMF program this year
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