As the domestic economy shifts from stabilization toward growth, investors are increasingly anticipating a rapid unwinding of the central bank’s tightening cycle. To understand how this may shape market openings in 2026, we spoke with Okaz Asset Management Managing Director Randa Hamed (LinkedIn). Hamed’s career began in brokerage in 2000, heading the high-net-worth-individual desk during the years leading up to the 2003-2007 rally, giving her a front-row perspective on market cycles that still informs her approach today.

Hamed expects the central bank to deliver a dramatic 700 basis point cut in interest rates by year-end, bringing the corridor rate down to 12.50-13.00%. She points out that with headline inflation gradually cooling toward 9-10%, the economy is finally entering a phase where risk assets can deliver sustained returns. In her view, the combination of lower rates and easing inflation creates an environment that favors equities over fixed income, setting the stage for a broader market rotation.

This macro outlook is already shaping investor behavior. Okaz has seen its assets under management more than triple since last summer to EGP 2.5 bn. Hamed attributed the growth to “an inflow of investors whose CDs have matured.” She explained that, in a post-devaluation environment, fixed income often acts as a value trap, while equities provide the more reliable path for capital preservation.

Capitalizing on these shifts requires flexibility and a “human touch.” Hamed notes that while institutional giants are constrained by quarterly allocation cycles, boutique managers can rotate positions within weeks. “Being flexible, being small, I think sometimes helps you to make gains easier.”

This nimbleness allowed Okaz to build stakes in overlooked sectors like cement, where one holding rallied 600%, without distorting prices, she noted. For Hamed, the competitive edge isn’t found in an algorithm, but in a relationship that often spans generations. She explains that her clients prioritize a human touch over digital interfaces. “I retain my clients because we answer every call, any time of the day.” This approach is what Hamed believes protects the firm from larger competitors.

With the post-devaluation exporter trade winding down, Hamed is turning toward fundamental value openings. She observes that banks currently trade at low price-to-book multiples, fintech remains a high-conviction play, and the healthcare and pharma sectors are attracting significant regional capital. To mitigate currency risk, she continues steering clients away from T-bills and more toward equities. “If you had your money in T-bills during the devaluation, you lost in real terms,” she notes, underscoring the importance of adapting to macro realities.

Looking ahead, Hamed emphasized that for Egypt to fully institutionalize, the market needs greater depth with large-cap listings. She noted that the exchange is still top-heavy — with activity concentrated in a few index heavyweights — while stamp taxes continue to pose a barrier for retail participation. She expects a period of measured earnings-taking followed by strategic sector rotation rather than a broad-based rally.

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