PM Mehleb Holds This Week Emergency Meeting with Egypt Bourse Chief

Egypt’s interim Prime Minister Ibrahim Mehleb holds this week an emergency meeting with the country’s bourse chief Mohamed Omran, according to senior Cabinet sources.

The anticipated meeting, which will be also attended by Central Bank governor Hisham Ramez and Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy, will look into the Egyptian Exchange (EGX) conditions and reasons behind the recent decline in equities.

In addition, the sources further told Amwal Al Ghad that the Egyptian prime minister will be also reviewing the amendments to the Capital Market Law.

Last week, Omran held an emergency meeting with heads of brokerage firms and funds, to review reasons behind massive decline of more than 10% in equities. The top official referred that there was no clear justification for the drop in equities, as profit taking was seen as normal following the record leaps recorded by stocks in the last days. He also indicated that the financial performance of listed companies is solid, adding that he addressed more than 50 companies that slid on the bourse asking them to show their financial positions and P/E ratios to investors in order to help them take the right decisions.