Still Bearish Stocks, Business Environment

We retain the bearish view we have held on the Egyptian stock market since April 2, with the drop through support in the 790 area adding to our negative view. The index is now headed for trendline support at 700 (see chart), and we would not rule out a fall through this area. A rate hold tomorrow could provide a short-term boost, but the cancellation of the Agrium deal is bad news, and we expect further losses overall. • We have been highlighting the risk of the US$1.4bn Agrium fertiliser plant deal being derailed since April (not long after we became

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