Foreign investors' purchases in EGX record LE 73B in 2017

CAIRO - 26 December 2017: "The purchases of foreign investors in the Egyptian Exchange (EGX) registered LE 73 billion, with the net buying level standing at LE 7.4 billion," EGX chairman Mohamed Farid said Tuesday.

In a press conference, Farid attributed the foreign investment to the road-shows that the EGX conducted in 2017 in stock markets of New York and London.

"We have also visited international financial institutions and investment funds that manage around $4 trillion in assets, where we showcased the latest developments of the Egyptian market," Farid explained.

Briefing the press about the performance of the EGX in 2017, Farid said that around 46 listed companies have increased their capital with LE 9.7 billion this year, which is 86 percent more than capital increase operations last year.

Around LE 4.2 billion of the recent capital increases took place in the last four months, "these hikes reflect an improvement in the economic situation in Egypt", he added.

On the initial public offerings (IPOs), Farid highlighted that six IPOs took place in 2017 with a total value of LE 4 billion, 65 percent more than last year, adding that these launches were 31x oversubscribed.

Farid stated that the EGX was ranked the top stock market in the Arab world in terms of performance since 2013 to 2017, according to Morgan Stanley Stock Index.