Egypt’s preliminary budget for FY2019/20 showed that electricity subsidies will be reduced by EGP12.0bn (-75% y/y) to EGP4.0bn

versus FY2018/19’s cut of EGP14.0bn (-47% y/y) to EGP16.0bn.

While metal producers cannot escape their fate in the stock market due to inevitable higher costs,

certain factors may lend them the necessary boost to survive this shock.

For more details, please read the full report below.