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Net foreign transactions on EGX hit EGP 21B: Farid

Net foreign transactions on EGX hit EGP 21B: Farid

Cairo:  Net transactions of non-Egyptians in securities reached almost LE 21 billion up from not more than LE 3 billion on the stock exchange, which confirms the success of Egypt’s reform plan, according to Chairman of the Egyptian Stock Exchange (EGX) Mohamed Farid.

Farid added Wednesday that the economic reform witnessed in Egypt is one of the boldest reform plans that dealt with the causes of the budget deficit, issuing the new investment law and improving the economic environment as well as the management of state assets.

This came during the session “Investing in financial instruments”, held within the activities of the second day of “Egypt Can” conference.

Farid said that the State has carried out rapid remedies to ease the burden on some social classes, enabling them to face the repercussions of the reform process, stressing that it was necessary to search for sources of funding for the success of these programs.

He pointed out that the stock market has witnessed diversification in various fields, which also confirms the confidence of the foreign investor in the Egyptian investment climate and market.

Farid noted that the process of encoding the investor also contributed to the revival of the stock market, pointing out that the stock exchange is one of the State's most important tools to revitalize investments in Egypt and allow different classes to trade and make profits.

Farid explained that most small projects are not registered in the stock market because of its legal status and the owners'desire to stay without development, noting that the volatility in the stock market is not negative, but represents investment opportunities and gains for participants. Source: Egypt Today

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