Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt bourse sees fund trading in weeks
Published in Daily News Egypt on 18 - 10 - 2010

CAIRO: Trading of funds will begin on the Egyptian Exchange within weeks, a move that will boost investment in much-needed transport and power infrastructure, the head of the exchange said on Monday.
Egypt's transport network and utilities have failed to keep pace with fast population growth, damping its economic outlook. The government is eyeing up to LE 50 billion ($8.75 billion) of infrastructure projects in the next 18 months.
"We will have in the coming three years huge projects in infrastructure that will need financing, and the banking sector will not be able to provide all the finance needed," Egyptian Exchange Chairman Khaled Serry Sayam said at the Reuters Middle East Investment Summit in Cairo.
He said the capital market will be the only other option for financing major public-private partnership (PPP) infrastructure projects.
"I already have some information on the creation of new funds specializing in PPP projects and these funds could be listed on the bourse," he said. "In the coming few weeks, the first ETFs (exchange-traded funds) in Egypt will be listed."
Limited market gains
Political uncertainty is weighing on Egypt's stock market as the country approaches a presidential election in 2011, blunting the effect of quickening economic growth. President Hosni Mubarak has not said if he will seek a sixth term in office.
The Egyptian pound reached its lowest level against the dollar since January 2007 on Monday, suggesting demand for Egyptian securities could be waning among foreign investors.
But Sayam said Egyptian equities were still seeing growing interest from abroad.
"I think the proportion (of investors on the Egyptian market) is the same — 20 to 25 percent foreigners — but we can say that on the majority of days they are net buyers," he said.
Sayam forecast one or two initial public offerings on Egypt's main market by the end of 2010, and the small-cap Nilex exchange will include an estimated 40 companies by the end of 2011, up from 16 now.
Further liquidity would come when a derivatives market gets under way, likely in the second half of 2012, while the small secondary bond market, seen as vital to making fixed-income issuance more attractive for companies, should see progress in 2011, he said.
"I think we are ready in 2011 to see some good news about trading on the secondary market," said Sayam.
Sayam said Cairo was waiting for the London Stock Exchange to join it in a trading system enabling foreign investors to place buy or sell orders for shares on the Cairo exchange.
Officials had previously said the FIX system should be launched by mid-2010, starting with the link to London before connecting to other centers such as in the Gulf.
"I have talked to the head of the London bourse last week on the importance of accelerating the link process from their end," said Sayam. He said that the Egyptian bourse was ready for the process and was waiting for London to be ready.


Clic here to read the story from its source.