{"id":548098,"date":"2022-07-26T04:00:47","date_gmt":"2022-07-26T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/the-egx-wants-to-bring-local-institutional-investors-back-into-the-market\/"},"modified":"2022-07-26T04:00:47","modified_gmt":"2022-07-26T04:00:47","slug":"the-egx-wants-to-bring-local-institutional-investors-back-into-the-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/the-egx-wants-to-bring-local-institutional-investors-back-into-the-market\/","title":{"rendered":"The EGX wants to bring local institutional investors back into the market"},"content":{"rendered":"

<\/a> The EGX wants state institutions to invest more in capital markets<\/strong>, with EGX officials having held recently a series of meetings with state-owned institutions in a bid to increase the amount of domestic institutional money in Egypt\u2019s equity market and raise liquidity, a source with first-hand knowledge of the push told Enterprise.<\/p>\n

Who\u2019s involved:<\/strong> The EGX has in recent weeks been meeting with a number of government institutions, fund managers, and the Central Auditing Organization to discuss issues that are preventing them from investing in the market. Egypt Post, state-owned ins. companies including Misr Ins. Holding, the National Social Ins. Authority, and the General Authority for Health Ins., and the Egyptian Endowment Authority have all been involved, our source says.<\/p>\n

What\u2019s the driver? It\u2019s all about liquidity.<\/strong> Trading volumes on the bourse have been anemic this year. Foreign institutions have pulled back from emerging markets in general (and Egypt, in particular) and state institutions have traditionally stayed away from equities (outside of units at major financial institutions such as Banque Misr and the National Bank of Egypt). That\u2019s left retail investors fully in charge of the direction of the local market in 2022: Domestic institutions accounted for less than 4% of total trading volume in May, according to Enterprise calculations based on figures provided to us by the bourse. Local institutional appetite has picked up in recent weeks, but so far in July has still only made up 13% of trades. \u201cIt\u2019s an ongoing process, and this is one of the most important issues we\u2019ve been working on lately,\u201d our source said of the talks. \u201cThe market currently needs an increase in liquidity, particularly institutional liquidity.\u201d<\/p>\n

2022 has been a bad year for the EGX:<\/strong> A general risk-off sentiment and the retreat of foreign institutional investors from emerging markets has driven the benchmark EGX 30 to lows not seen since November 2016<\/a>. A litany of headwinds \u2014 including rampant global inflation, rising US interest rates and geopolitical worries thanks to Vladimir Putin\u2019s invasion of Ukraine \u2014 have caused foreign money to exit the market, which is currently down nearly 23% year-to-date.<\/p>\n

But the EGX is hoping a more flexible investing environment will draw local institutions back: <\/strong>The meetings kicked off after Prime Minister Moustafa Madbouly discussed the matter with EGX boss Mohamed Farid in April.<\/a> By bringing all concerned parties to one table, the EGX wants to create more flexible investment frameworks that provide better returns to investors and enhance market liquidity. \u201cWe\u2019re currently looking to raise the quality of the investment process more than we\u2019re looking to raise the amount of investments,\u201d an EGX official told us.<\/p>\n

One problem: Ins. and pension funds don\u2019t tend to get heavily involved in equities:<\/strong> Local ins. companies often focus their investments<\/a> in debt (both sovereign and corporate). The social security and pensions law requires that public pension and social ins. funds invest no less than 75% of their capital in treasury bills and bonds, with the remainder divided among a range of asset classes. The state ins. fund for public-sector workers invested a mere 1% of its total funds in the EGX in 2019, according to the fund\u2019s then-head Mohamed Seoudi.<\/p>\n

The EGX thinks it has two potential solutions to the problem: <\/strong><\/p>\n

#1- Better asset managers: <\/strong>Following the series of meetings, state institutions identified the need to develop a criteria for selecting competent asset managers and make sure they\u2019re qualified to make better investment decisions.<\/p>\n

#2- Loosening the reins on asset managers:<\/strong> Current rules in place to limit losses and mitigate risk place strict limits on how managers of state assets can allocate capital. Participants in the meetings concluded that managers need to be given more flexibility when making investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX wants state institutions to invest more in capital markets, with EGX officials having held recently a series of meetings with state-owned institutions in a bid to increase the amount of domestic institutional money in Egypt\u2019s equity market and raise liquidity, a source with first-hand knowledge of the push told Enterprise. Who\u2019s involved: The […]<\/p>\n","protected":false},"author":1,"featured_media":548099,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,68,159,2172,72,891],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-egypt-post","tag-egyptian-endowment-authority","tag-enterpriseam","tag-madbouly-government","wpautop","entry"],"acf":{"mongo_id":"ccbd1317-0c5a-4ebc-b7ac-8f2b6f0040c2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/268.jpg","photo_position":"above","related_issue":[548092],"teaser":"","voice_url":""},"yoast_head":"\nThe EGX wants to bring local institutional investors back into the market - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/the-egx-wants-to-bring-local-institutional-investors-back-into-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGX wants to bring local institutional investors back into the market\" \/>\n<meta property=\"og:description\" content=\"The EGX wants state institutions to invest more in capital markets, with EGX officials having held recently a series of meetings with state-owned institutions in a bid to increase the amount of domestic institutional money in Egypt\u2019s equity market and raise liquidity, a source with first-hand knowledge of the push told Enterprise. 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Last year, we were cheering the fact that Egypt saw four IPOs \u2014 but we\u2019re ending 2022 on a less positive note, albeit not as bad as the zero we ended 2020 with.The two IPOs that\u2026","rel":"","context":"In "YEAR IN REVIEW: CAPITAL MARKETS"","block_context":{"text":"YEAR IN REVIEW: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-capital-markets-3\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/548.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543713,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/sfe-boss-wants-to-see-more-ins-pension-fund-investments-in-the-egx\/","url_meta":{"origin":548098,"position":1},"title":"SFE boss wants to see more ins. + pension fund investments in the EGX","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"More EGX investments by ins. + pension funds, please -SFE\u2019s Ayman Soliman: Pushing ins. funds\u2019 investments in EGX-listed stocks to 10% could \u201crevive\u201d the bourse, Hapi Journal quotes Sovereign Fund of Egypt (SFE) CEO Ayman Soliman as saying, adding that pension funds could also increase their bourse investments.More local activity\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549472,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/up-to-6-private-companies-in-ipo-talks-with-the-egx-says-el-dokany\/","url_meta":{"origin":548098,"position":2},"title":"Up to 6 private companies in IPO talks with the EGX, says El Dokany","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"The EGX is in \u201cserious talks\u201d with five or six private sector companies to list on the bourse, new EGX boss Ramy El Dokany told Bloomberg Asharq. He said the negotiations are at an \u201cadvanced stage\u201d and came on the back of the bourse\u2019s moves to simplify listing procedures. REMEMBER-\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/265.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578558,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/four-state-owned-companies-ready-to-list-with-eight-more-to-follow-egx\/","url_meta":{"origin":548098,"position":3},"title":"Four state-owned companies ready to list, with eight more to follow -EGX","author":"enterpriseam admin","date":"4 January 2023","format":false,"excerpt":"Gov\u2019t is ready to pull the trigger on listings of shares in four firms: The Madbouly government is ready to offer shares in four state-owned firms on the EGX and has eight more listings in the pipeline as it looks to reboot its privatization program, a media report suggests writes,\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/62.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546081,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/","url_meta":{"origin":548098,"position":4},"title":"State puts out welcome mat for private business, looking to net USD 40 bn in investment over four years","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"The state wants to attract USD 10 bn in fresh investment annually over an unspecified four-year period by opening the door to \u201cprivate sector participation in state-owned assets,\u201d President Abdel Fattah El Sisi said in a televised speech yesterday at the Egyptian Family Iftar event. You can catch the full\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548242,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/fra-could-double-egx-freefloat-requirements-to-boost-liquidity\/","url_meta":{"origin":548098,"position":5},"title":"FRA could double EGX freefloat requirements to boost liquidity","author":"enterpriseam admin","date":"1 August 2022","format":false,"excerpt":"FRA could double EGX freefloat requirements: The Financial Regulatory Authority (FRA) is studying the possibility of increasing the minimum freefloat requirement for EGX-listed companies to 10% of their total shares, up from a current 5%, FRA Chairman Mohamed Omran told CNBC Arabia yesterday. The FRA chief says the move would\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548098"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548098\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548099"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548098"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548098"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}