EFSA to regulate foreign stock trading
BY AMIRA SALAH-AHMED Cairo: A sudden decision to ban Egyptian brokerages from trading foreign stocks will likely be reversed as guidelines are currently being drawn up to attempt to regulate this activity on the market. Ashraf El-Sharkawy, chairman of the Egyptian Financial Supervisory Authority, told The Egypt Monocle that an article may be added to the amended capital market law to regulate the way local brokerages and investment firms deal with foreign securities. Over the past two weeks, “we’ve had two meetings with representatives of brokerages and investment firms to [discuss] regulating this activity…to make sure they [investors] are buying…
Hint of stability boosts stocks
BY AMIRA SALAH-AHMED Cairo: Egypt’s stock market has recouped last week’s losses and made some major gains over the past three days, rising around 12.6 percent since Sunday with many stocks reaching the allowed 10 percent increase. Tuesday saw a significant increase of 2.9 percent, with the benchmark EGX 30 index closing at 4,612 points. On Monday alone, the index soared 7.6 percent higher, its strongest single-day gain in nine years and, according to Reuters, the fourth sharpest rise in the index’s history. However, as Magda Kandil, executive director of the Egyptian Center for Economic Studies, said, this should not…
Political disarray hits economy
BY AMIRA SALAH-AHMED Cairo: The only thing more uncertain than who’s going to be Egypt’s next president, is how he’ll be able to keep the economy from crashing closer to junk status.The past week has seen the dissolution of parliament, the flux of the constituent assembly, a bold power grab by the ruling army council, and a presidential election that has led more to panic than to the picture of stability all were hoping for. With election results delayed until possibly Sunday and both candidates claiming victory, it’s all wreaking havoc on the nerves of the Egyptian people and reverberating…
Stock market ups and downs
BY AMIRA SALAH-AHMED Cairo: After spending the opening months of 2012 as one of the best performing markets in the region, Egypt’s stock market has reversed its upward trend, affected once again by an uncertain and consistently faltering political landscape. At the start of the year, the market seemed to be recovering from its sharp slide in the tumultuous year of 2011, as investors gained confidence that a solid transition process was in place that would lead up to an elected parliament, a new president and a fresh constitution. Once parliament was seated in late January — even as protesters…
