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Home»News»These are the reasons for the strong corrections in the Egyptian stock market
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These are the reasons for the strong corrections in the Egyptian stock market

Nadia BarnettBy Nadia BarnettMarch 13, 2023No Comments3 Mins Read
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These are the reasons for the strong corrections in the Egyptian stock market

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Egyptian stock market

Shahidi: We need clear disclosure of government entities offered in the capital market or to a strategic investor

Dubai – Al Arabiya.net

Published in: March 13, 2023: 01:29 PM GST
Last Updated: March 13, 2023: 03:55 PM GST

In an interview with Al-Arabiya, Mudassem Al-Shahedi, a member of the Board of Directors of Horizon Securities Trading Company, said that the stock market in Egypt has seen pressure from foreign investors. Global financial markets.

Al-Shahedi added that the Egyptian stock market is preparing to implement a government incentives program, which is putting pressure on liquidity, prompted by the move by investors to save part of their financial portfolios to take chances on new incentives.

He continued: “The Egyptian market has experienced a strong upswing since the beginning of the year, which is causing it to undergo corrections, but this is coupled with unfavorable external events, as global financial markets saw a decline on Thursday and Friday, which affected the Egyptian stock market earlier this week.

He pointed out that the statement of the Central Bank of Egypt came yesterday, Sunday, after the end of the trading session of the stock market, which was clearly affected by the uncertainty of the vision related to the crisis of the fall of the American “Silicon”. Valley” Bank.

Yesterday, Sunday, the Central Bank of Egypt confirmed that there were no negative consequences for the Egyptian banking sector affected by financial conditions – the American “Silicon Wall” bank specializing in financing technology and emerging companies. Silicon Valley has no deposits, investments or financial transactions with Egyptian banks.

“There is a state of confusion among investors in the Egyptian market about providing liquidity to new offerings or getting more opportunities through shares listed on the stock market. Government companies offered on the capital market or offered to a strategic investor.” According to Shahidi.

Between Shahidi, the investor is currently not aware of any data from the national service companies “Safi and Watania”, so he is having difficulty in deciding his investment decision regarding them, but by next Wednesday, we believe the vision will be clear. By providing that data to the entities to be provided.

The Central Bank of Egypt has two important items on its table, namely inflation, which has reached record levels, and the amount of deposits, which have exceeded 700 billion pounds, and whose maturity date is approaching at the end of this month. : “I think we’re headed in the direction of raising interest rates further and issuing higher-interest savings certificates.” To absorb liquidity to control relative inflation.

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Nadia Barnett

"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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