CAIRO - In a bid to boost investor confidence in the Egyptian Exchange, the Bourse, invited the Japanese Ambassador in Cairo and CITIBank officials to be the guests of honour at the Ringing of the Bell ceremony, in the headquarters of Egyptian Exchange (EGX). “I think that Egyptian Exchange will prosper in the near future; we want to boost the relations between the two countries, especially as we have already enjoyed strong relations for many years,” said Japanese Ambassador in Cairo Norihiro Okuda, before the Ringing of the Bell ceremony. The diplomat was accompanied by Mohamed Abdel Salam, EGX Chairman, Aftab Ahmed, the Chief Operating Officer, CITIBank Egypt, and Steve Donovan, the Managing Director and Middle East and Pakistan Transaction Services head, CITIBank. The Japanese Ambassador disclosed that EGX's strong performance augurs well for the long run, adding that Egyptian stocks are among the strongest in emerging countries. The officials are optimistic, although the local market traders were afraid of huge losses once the Egyptian Exchange reopened on March 23. After dropping the maximum allowed by emergency circuit-breakers, minutes after reopening on March 23, the Egyptian Bourse quickly found its feet and has gained a remarkable 10 per cent this week. Meanwhile, CITIBank's Aftab said: “We are very confident about the performance of the Egyptian Exchange, which has started to regain its stability, which is considered to be a catalyst for attracting more investors, whether foreign or Arab, in order to enhance the Egyptian economy. “The bank's strategy hasn't changed, although Egyptian Exchange closed for 55 days after the Egyptian Revolution, as we are working hard to spread confidence among our foreign clients in Egypt,” stressed Aftab, adding that the bank hopes to achieve annual growth of an average of five per cent till 2050. Commenting on the bank's losses during the Revolution, Donovan said they were actually less than the expected, adding that 70 per cent of the bank's investments are focused on the Egyptian market. Meanwhile, Abdel Salam explained the big difference between the Tokyo Stock Exchange and the EGX is due to the great political changes in Egypt, especially since the ousting of President Mubarak. Abdel Salam added that the Japanese tsunami only hit the east of the country; the daily life in the rest of the country remained normal, helping keep the stocks in Tokyo open during the tsunami.
