November 27, 2022

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The Egyptian stock market is preparing for a strong start in 2022

The Egyptian stock market is preparing for a strong start in 2022

Isa Fati, managing director of Cairo Securities Brokerage Company, said in an interview with Al Arabiya that the Egyptian stock market has seen a strong performance over the past month over the past several years.

Fathi explained that Vin’s behavior Egypt Stock Exchange Unchanged this month, the EGX30 recorded a 4% increase from the beginning of the month.

Fathi, on the other hand, believes that the EGX70 has not recorded any change since the beginning of the month, with the 5% increase and suspension of buying indices due to restrictions imposed by the Financial Supervision Commission on many of the listed stocks. Some customers.

He pointed out that these actions led to the control of the price movement of the shares listed on the EGX70, which was in the interest of the EGX30 shares.

“CIP and EFG Hermes are trading with some real estate stocks, including Heliopolis Housing shares, up about 50% this month, as well as the acquisition of Alder Real Estate on Sodik.” .

Fathi explained that these developments have contributed to the stimulation of cash flow to easily cross the ில்லியன் 1 billion mark in recent times.

He continued, “This performance could be a precursor to a major introduction to the market at the beginning of the new year, especially after the withdrawal of shares suspended from trading under the 5% restriction.”

Fathi pointed out that the capital gains tax would start at the beginning of next year and therefore it would be in the interest of the public treasury to raise stock prices in order to reap good returns from the tax.

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The managing director of Cairo Securities Brokerage Company said the capital gains tax issue was being handled by the tax authority itself, but the issue was resolved by Mr Clearing, which will carry out the collection process, so nothing will happen. The tax file, which helped alleviate the crisis in the market.

Fathi stressed that the amount of concessions announced in the government concessions scheme targeted for next year, if implemented, would be higher than the amount of schemes implemented in the last 10 years.