Chairman of the Egyptian Exchange Mohamed Farid
CAIRO - 29 May 2022: Government companies offerings on the bourse are one of the good catalysts for reviving the Egyptian Exchange (EGX), during the current period, Chairman of the EGX, Mohamed Farid, said Sunday.
During his speech at the opening session of the Portfolio Egypt 2022 conference, he added that the Egyptian market is currently subjected to several pressures due to the succession of many crises at the global and local levels.
He pointed out that the current crisis is similar to the period of the global crisis in 2008, pointing out that increasing the supply side is a good solution to deal with that crisis.
Farid said that work is being done continuously to activate the restricted bond markets, especially government treasury bonds, in the context of the increase in their trading to more than 500 billion pounds.
He pointed out that this comes within the framework of the intensive efforts of the Egyptian Stock Exchange management to support the market situation in general, while trying to solve more other obstacles, and intensifying attempts to introduce the stock market to support and increase its trading.
EGX Chairman added that the Egyptian Stock Exchange had discussed with the authorities an attempt to introduce expatriates to trade in the stock market, saying that meetings were held with the concerned authorities to increase the government's institutional investment in the stock market in particular.
“Those meetings aimed to work on removing all obstacles while simplifying all the necessary requirements to increase the percentage of institutional investment in the Egyptian stock market, in line with all international practices that confirmed that insurance and pension funds are among the largest investors in the stock markets,” he affirmed.
He added that this plan comes within the framework of the EGX's plan to increase the volume of liquidity.