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EGX foreign purchases hit EGP 21.98bn since flotation

EGX foreign purchases hit EGP 21.98bn since flotation

By: Ahmed Allam

Cairo – Mubasher: Net foreign purchases on the Egyptian Exchange (EGX) rose to EGP 21.98 billion ($1.23 billion) during the period from November 2016 to December 2018, according to EGX chairman Mohamed Farid.

From September 2014 to October 2016, foreign purchases totalled EGP 2.04 billion, Farid noted in a press conference on Thursday.

The trading value jumped about 50.3% from November 2016 to December 2018, Farid also revealed.

Over the course of 2018, the benchmark EGX30 index plunged by 1,983.37 points, or 13.21%, to close at 13,035.77 points compared to 15,019.14 points, after 43 billion shares were exchanged at a turnover of EGP 188 billion.

Since January 2018, the bourse’s market capitalisation retreated by EGP 75.2 billion to EGP 749.7 billion from EGP 824.91 billion.

In 2017, the benchmark EGX30 index hiked 21.66% or 2,674.25 points to a record high of 15,019 points.

In December, EGX chairman Mohamed Farid spoke to Mubasher about listing small and medium-sized enterprises (SMEs) and startups on the EGX, including the benefits offered by the bourses to companies considering a listing.

Translated by: Zeinab Adel