Egypt’s investment minister Ashraf Salman said that the retreat by the stock exchange is a natural reaction to the decline in global markets due to fears of recession, AlAhram gate reported on Saturday.
The Egyptian stock exchange recorded a decline in its indices, during the previous week. Its market capitalization lost nearly LE38 billion. in addition, global and Arab markets witnessed a decline due to the global growth slowdown and warnings from entering a new crisis like 2008.
Salman told AlAhram Gate that the reaction by the Egyptian stock exchange was exaggerated, and that the indicators in the country’s economy is showing a recovery due to the political and economic stability.
He added that there were markets that were hit hard by global turbulence, and the Egyptian market has a great investment opportunities.
Source: AlAhram Gate & Arab Finance