Net foreign investors’ EGX purchases hit 13 bln pounds: Farid

The net purchases of foreign investors in the Egyptian Exchange (EGX) stands at 13 billion Egyptian billion pounds since the liberalization of exchange rate,  EGX chairman Mohamed Farid said Tuesday.

During EGX annual conference of 2017, Farid said that the net buying level increased to hit  7.4 billion Egyptian pounds during 2017 supported by Egypt’s economic reform program.

He also noted that the average daily trading has increased by 41 percent  recording 1,046 billion pounds in 2017 compared to 721 million in 2016.

Briefing the press about the performance of the EGX in 2017, Farid said that around 46 listed companies have increased their capital with 9.7 billion pounds  this year, which is 86 percent more than capital increase operations last year.

Around 4.2 billion  pounds of the recent capital increases took place in the last four months, “these hikes reflect an improvement in the economic situation in Egypt”, he added.

On the initial public offerings (IPOs), Farid highlighted that six IPOs took place in 2017 with a total value of 4 billion pounds, 65 percent more than last year, adding that these launches were 31x oversubscribed.

Farid stated that the EGX was ranked the top stock market in the Arab world in terms of performance since 2013 to 2017, according to Morgan Stanley Stock Index.