🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: A major project by Orascom Construction, expansion by Mansourah Poultry, and on the macro front: Egypt’s non-oil private sector remained in expansion territory in December.

🔔 EGX30 ended +2.13% by market close at 41,543 points, the EGX70 rose 0.94% to 13,026 points, and the EGX100 increased 1.26%  to reach 17,313 points.

💸 The number of transactions reached 120,767 spread across 1,319,140,677 stocks leading to a turnover of EGP 4.8 billion.

🏷️ International investors were the only net buyers.

📈Top gainers across the broader market Atlas For Investment and Food Industries (+9.22%), El Obour Real Estate Investment (+7.21%), and M.B Engineering (+7.04%).

📉 Top losers: Gulf Canadian Real Estate Investment Co. (-2.67%), El Kahera Housing (-2.54%), Maridive & oil services (-1.92%.)

⬆️ Top gainers for EGX30 included Juhayna (+6.5%), Raya Holding (+5.3%), and E-finance (+4.7%).

⬇️ Top losers included: Misr Cement (-1.2%), Palm Hills Developments (-0.4%), and Valmore Holding- USD (-0.3%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,869 per gram, up 0.53% day-on-day and up 6.79% month-on-month.

💲 The USD reached EGP 47.25 at the National Bank of Egypt.

🏨 The UAE’s Modon has awarded Orascom Construction (ORAS) the development of one of its projects in Ras Al-Hekma on Egypt’s North Coast, with a budget of around EGP 15 billion (USD 316.25 million), two sources told Asharq on condition of anonymity. The project spans 50 feddans and will include residential units, office space, and a 70-room hotel, with Orascom handling all construction and infrastructure. This forms part of the larger Ras Al-Hekma development launched in October 2024, with total planned investments of USD 35 billion.

🐔 Mansourah Poultry (MPCO) is considering expanding its operations by adding 4–5 new farms to its existing 10, while also boosting hatchery and fattening capacity and investing an additional EGP 30 million in its Frost Bird subsidiary. No agreements have been signed yet, and plans remain subject to due diligence

🔔 Palm Hills Development (PHDC) announced it bought around 2 million treasury shares this week. The share buyback is part of a broader plan to acquire up to 28.59 million shares between 15 December 2025 and 13 January 2026, with the company citing the current market price as an attractive investment opportunity. For context, the company’s share price is down 11% over the past six months.

✅️ The Egyptian Financial Regulatory Authority has approved the disclosure from Tawasoa For Factoring (TWSA) on its planned capital increase.The move will raise the company’s capital from EGP 75 million to EGP 115 million by issuing 40 million new shares at EGP 1 each.. The capital boost is intended to support post-listing requirements, expansion within Egypt, and working capital needs 

11 January, 2026:

Glaxo SmithKline (BIOC) - dividend record for EGP 1 per share. The distribution date is 14 January.

Sidi Kerir Petrochemicals (SKPC) - dividend record for 0.25 bonus share per share. The distribution is the next day.

Mohandes Insurance (MOIN) - dividend record for 0.30 bonus share per share. The distribution is the next day.

Egyptian Arabian (EASB) - dividend record for 0.111 bonus share per share. The distribution is the next day.

📈 Egypt’s non-oil private sector remained in expansion territory in December despite a slight pullback in the PMI from November’s multi-year high, supported by continued growth in new orders and output. However, softer momentum, ongoing job cuts, and cautious business sentiment highlight lingering uncertainty heading into 2026. (Read more in our Deeper Look section.)

💰 Egypt’s net foreign reserves reached a record high of USD 51.45 billion in December 2025, up from USD 50.22 billion in November, supported by USD 3.5 billion from the Samla and Alam El Roum development deal in the North Coast. Gold reserves also rose by USD 914 million in December to USD 18.17 billion, bringing total annual gold gains to USD 7.5 billion, which more than offset a USD 3.2 billion decline in foreign currency balances over the year.

Egypt’s non-oil private sector remained in expansion territory in December, with the S&P Global Egypt Purchasing Managers’ Index (PMI) easing to 50.2 from a 61-month high of 51.1 in November. The latest reading still signalled a continued improvement in business conditions, supported by a second consecutive rise in new orders and a modest increase in output, although the pace of growth slowed compared to the previous month. Manufacturing and construction recorded expansions, while wholesale & retail and services remained under pressure.

What this means:

The PMI is a key gauge of economic momentum in the non-oil private sector. Readings above 50 indicate month-on-month expansion, while levels below that threshold signal contraction. Despite the slight pullback from November, the December PMI remained above the 50 mark for a second straight month, pointing to a sustained, although cautious, recovery in business activity. Historically, a PMI reading around this level is associated with solid annual GDP growth, underscoring the resilience of the non-oil economy toward the end of 2025.

Purchasing picks up as hiring weakens:

Improving demand conditions encouraged firms to raise purchasing activity for the first time in ten months. However, employment continued to decline, as companies remained cautious about hiring amid lingering domestic and global uncertainties. Input inventories were also reduced for a third consecutive month, partly reflecting supply shortages reported by some vendors.

Cost pressures remain contained:

Input cost inflation stayed relatively subdued, though it edged higher from November’s recent low, driven by increased costs for items such as fuel, cement, and wages. The modest rise in expenses translated into only a marginal increase in selling prices, helping firms avoid placing excessive pressure on demand.

Outlook:

While business conditions improved overall, sentiment around future activity remained muted. Firms expressed caution about the sustainability of the upturn, reflecting ongoing uncertainty in both the local and global environment. According to S&P Global’s David Owen, the recent PMI readings mark the strongest quarterly performance since late 2020, but the softer momentum in December suggests that the recovery should be approached with care rather than outright optimism.

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.