Karim Helal: EGX’s Sunday Downwards Was Amid Political Scene

Karim Helal, chairman of Egypt-South East Asia Business Association, known as Egypt ASEAN Business Association or the AEBA, said the Egyptian Exchange (EGX)’s Sunday downwards was due to the state of frustration witnessed by the political scene and to the disappointing results of the presidential election, round one.

“These disappointing results have led us to a state of division and to facing a stark choice of voting for one of the top two vote-getters.” Helal added in the talk show ‘Al Shaab Yoreed’ (People Want).

“Investors shall then express their worries about the vague future of investment in Egypt ahead of the winning of one of the current top two vote-getters and uncertainity of accepting the final results.”

On the other side, Helal said France Telecom (FTE)’s acquisition deal of having 94% of the stakes of the Egyptian Company for Mobile Services (Mobinil) – (EMOB.CA) was planned from the beginning in accordance with a certain schedule. “Any delay in France Telecom – Mobinil deal could have provoked a severe crisis for Egypt’s economy and in the EGX.”

Helal explained that the EGX’s upwards before the initial results announced was due to the citizens’ optimism that they start to follow the path of real democracy.

Worth mentioning, the EGX has posted on Sunday losses of EGP 9.26 billion as the capital market reached EGP 343.549 billion.