CAIRO: The Egyptian Exchange (EGX) is expected to list 10 new companies during the first half of 2015, Chairman Mohamed Omran said Saturday.
In 2014, the EGX management listed 13 new firms in the main market and NILEX with total capitals worth 1.9 billion EGP ($265 million), 10 times higher than the capital of the firms listed in 2013, Omran said at a press conference Saturday.
“I expect a big leap in the market performance next year,” Youm7 quoted Omran saying during the conference. He cited cooperation between the Egyptian Financial Supervisory Authority and all EGX administrative bodies for his prediction.
Omran further said exchange traded funds (ETFs) will start trading in January 2015. These funds allow investors to cover markets in different countries or sectors at costs lower than other investments.
In April, the EGX granted Beltone Financial Holding Company a license for establishing XT-MISR—the first ETF in Egypt—through the main EGX index EGX30.
Egypt’s stock market witnessed a great performance over 2014, as the benchmark index EGX30 surged to a 6-year price high, according to Osool Securities Brokerage technical analysis head Ehab Saeed.
“The benchmark index surged to a 6-year price high to hit 9,835 points, the highest level since 2008 and up around 46 percent compared to its level at 6,774 points by the end of 2013,” Saeed said in a statement to The Cairo Post Thursday.
“The real estate sector was the best performer during 2014; led by Heliopolis, Medinet Nasr, Sodic and Talaat Moustafa it reached record levels,” The analyst added. “The banking sector was also a key player, topped by market bellwether CIB stock that had a 60 percent increase, while the telecom sector was the worst performer.”