Government offers major catalyst for capital market: EGX chairman

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Chairman of the Egyptian Stock Exchange Mohamed Farid

CAIRO – May 29, 2022: Public companies’ bids on the stock exchange are one of the good catalysts for the revival of the Egyptian Exchange (EGX), in the current period, EGX Chairman said on Sunday , Mohammad Farid.

During his speech at the opening session of the Portfolio Egypt 2022 conference, he added that the Egyptian market is currently under several pressures due to the succession of numerous crises at 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 is a good solution to deal with this crisis.

Farid said work is underway to activate restricted bond markets, particularly Treasuries, amid their increased trading to over £500bn.

He pointed out that this is part of the Egyptian Stock Exchange’s management’s intensive efforts to support the general market situation, while trying to further resolve other obstacles, and stepping up attempts to introduce the stock market to support and increase its trading.

The 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 had been held with the relevant authorities to increase the institutional investment of the government in the stock market in particular.

“These meetings aimed to work on removing all obstacles while simplifying all the requirements necessary to increase the percentage of institutional investment in the Egyptian stock market, in accordance with all international practices which confirmed that insurance and investment funds pension are among the biggest investors in the stock markets,” he claimed.

He added that this plan is part of EGX’s plan to increase the volume of liquidity.

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