EGX has achieved record gains since Sisi took office: MENA

CAIRO – 12 June 2017: The Egyptian Exchange (EGX) has achieved record gains since President Abdel Fatah al-Sisi took office on June 9, 2014, state news agency MENA reported Monday, citing EGX statistics.

Market capitalization gained more than LE 200 billion ($11 billion), registering LE 687 billion by June 9, 2017.

The benchmark EGX index has hiked 61 percent over the past three years, closing at 13,683 points on June 9, 2017, compared to 8,567 on the same day three years earlier, recording the biggest rate in the EGX history.

This three-year period has witnessed the cancellation of precautionary measures that had been taken after the January 25 Revolution, Chairman of EGX Mohamed Omran told MENA.

The cancellation of measures came after restoring stability in the country, which helped increase the market’s attraction for investors and this is made clear in the foreign investors’ transactions.

More than 4,000 new foreign funds have entered the market for the first time, with the foreigners’ net purchases hitting LE 12 billion in 2016, making it one of the highest levels in the EGX history, he added.

Meanwhile, the average daily turnover has doubled more than four times, recording LE 1.3 billion, compared to LE 300 million in 2013.