51 brokerage firms obtain Egypt short-selling bourse licence

Fifty-one brokerages have obtained a licence to offer short-selling on Egypt’s stock exchange, a senior official at the Financial Regulatory Authority (FRA) told Reuters on Monday.

The move came a day after the regulator said it had decided to start allowing short-selling on December 1, a measure officials hope will boost liquidity.

Short-selling, allowing securities to be sold before they are acquired, aiming at increasing liquidity in a market that is anticipating a wave of initial public offerings and stake sales by public-sector companies.

Egypt’s exchange has around 128 brokerage companies.

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