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EGX head, investment managers review means of activating market mechanisms

EGX head, investment managers review means of activating market mechanisms
Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) held a meeting on Monday with officials from nearly 40 brokerage companies and investment managers including members from the advisory committee at the Egyptian Financial Supervisory Authority (EFSA).
The meeting reviewed the latest market updates and dealt with means of activating new trading mechanisms over the coming period, in addition to joining hands with various market participants to boost investor confidence, especially foreign institutions, in the efficiency of the local market.
Omran stressed the keenness of the local exchange on the soundness of transactions, especially in light of the regular review of trades without interfering in market trend. The meeting also discussed the role of mutual funds in lure new investors.
The EGX management requested nearly 50 listed companies, whose shares plunged by more than 20%, to clarify their financial positions and P/E ratios as well as the latest ownership structure and future plans if any, to shareholders so as to help them take the right decisions, according to Omran.
Indexes of the Egyptian Exchange (EGX) ended Monday’s session on a mixed note narrowing early losses, amid strong buying activities from Egyptian institutions and selling pressures from retail national investors and Arab and foreign institutions. Benchmark index EGX30 rose 0.08% or 5.99 points at 7530.11 points. The small and mid-cap index EGX70 lost 0.75%, or 4.29 points to 564.01 points. The broader index EGX100 ended 0.54%, or 5.41 points lower at 992.87 points. Market capitalization lost about EGP 0.3 billion to reach EGP 453.3 billion, compared with EGP 453.6 billion on Sunday.
Mona Hassan, chief technical analyst, said the benchmark is expected to continue the rise towards daily resistance area of 7600-7650 points.