{"id":564093,"date":"2021-08-08T13:39:52","date_gmt":"2021-08-08T13:39:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/new-closing-price-mechanism-to-come-on-2-september-farid-gets-new-four-year-term-as-egx-boss\/"},"modified":"2021-08-08T13:39:52","modified_gmt":"2021-08-08T13:39:52","slug":"new-closing-price-mechanism-to-come-on-2-september-farid-gets-new-four-year-term-as-egx-boss","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/new-closing-price-mechanism-to-come-on-2-september-farid-gets-new-four-year-term-as-egx-boss\/","title":{"rendered":"New closing price mechanism to come on 2 September + Farid gets new four-year term as EGX boss"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>MARKET NEWS- <\/strong><strong>The new mechanism for calculating closing share prices <\/strong><strong>will come into effect on 2 September<\/strong>, the bourse said in <a href=\"https:\/\/ent.news\/2021\/8\/EGX-Decision-No.-727-for-2021.pdf\">a statement (pdf)<\/a> today. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4bf63530-9d62-4496-880b-c49beed3fbb6\">Approved by the EGX last week<\/a>, a \u201cpre-close auction\u201d system will be introduced in a move designed to improve accuracy, increase trading volumes and boost foreign inflows into Egyptian shares. EGX shares will also be allowed to rise and fall by 20% during a single session, up from a current 10%, while the limit on intraday share price movements on Nilex shares are set at 10% compared to the <a href=\"https:\/\/www.egx.com.eg\/ar\/trading_system.aspx\">current 5%<\/a> limit.<\/p>\n<p><strong>Want to get technical?<\/strong> Farid <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/782b5bbe-a256-4830-b7dc-0e053eda6003\">explained to us<\/a> how the \u201cpre-close auction\u201d and \u201cMVWAP\u201d will work last month.<\/p>\n<p><strong>IN OTHER EGX NEWS- The EGX chairman is getting another four-year term.<\/strong> EGX Chairman Mohamed Farid has been re-appointed for a second four-year term by Prime Minister Moustafa Madbouly, according to <a href=\"https:\/\/ent.news\/2021\/8\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%AA%D8%AC%D8%AF%D9%8A%D8%AF-%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2021\/8\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%AA%D8%AC%D8%AF%D9%8A%D8%AF-%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2021\/8\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%AA%D8%AC%D8%AF%D9%8A%D8%AF-%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9.pdf\">(pdf)<\/a> from the prime minister\u2019s office. Farid was tapped as chairman of the bourse in August 2017, six years after serving as its vice-chairman (<a href=\"https:\/\/egx.com.eg\/en\/bod-mohamed-farid.aspx\">official bio<\/a>). His return to government service was preceded by a five-year stint as CEO and chairman of private-sector economic think tank Dcode, as well as an adjunct at AUC and the Arab Academy for Science, Technology and Maritime Transport. We <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/17\/coffee-with-mohamed-farid-chairman-of-the-egx\/\">grabbed coffee<\/a> with him back in 2019.<\/p>\n<p><strong>EARNINGS WATCH- Talaat Moustafa Group (TMG) Holding saw its bottomline after taxes <\/strong><strong>and minority shareholders grow 23% y-o-y in 1H2021 to EG<\/strong><strong>P 969.4 mn<\/strong><strong>, <\/strong>according to the company\u2019s consolidated financial statements (<a href=\"https:\/\/ent.news\/2021\/8\/TMH.pdf\">pdf<\/a>). Revenues for the first six months of the year reached EGP 5.5 bn, up 27% y-o-y.<\/p>\n<p><strong>MARKET ROUNDUP-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.14% at today\u2019s close<\/strong> on turnover of EGP 1.76 bn (26.7% above the 90-day average). Local investors were net sellers. The index is down 0.98% YTD.<\/p>\n<p><strong>In the green: <\/strong>Qalaa Holdings (3.4%)<strong>, <\/strong>Rameda Pharma (+3%), and MM Group (+2.7%).<\/p>\n<p><strong>In the red: <\/strong>Pioneers Holding (-2.3%), Cleopatra Hospitals Group (-1.9%) and Egyptian Resorts Company (-1.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MARKET NEWS- The new mechanism for calculating closing share prices will come into effect on 2 September, the bourse said in a statement (pdf) today. Approved by the EGX last week, a \u201cpre-close auction\u201d system will be introduced in a move designed to improve accuracy, increase trading volumes and boost foreign inflows into Egyptian shares. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7219],"tags":[548,302,633,642,1434,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564093","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-abu-qir-fertilizers","tag-earnings","tag-enterprisepm","tag-go-with-the-flow","tag-mopco","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"08fac608-83ef-4fd7-9b21-565174183d18","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564083],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New closing price mechanism to come on 2 September + Farid gets new four-year term as EGX boss - 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\/2021\/08\/08\/new-closing-price-mechanism-to-come-on-2-september-farid-gets-new-four-year-term-as-egx-boss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New closing price mechanism to come on 2 September + Farid gets new four-year term as EGX boss\" \/>\n<meta property=\"og:description\" content=\"MARKET NEWS- The new mechanism for calculating closing share prices will come into effect on 2 September, the bourse said in a statement (pdf) today. 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No reason was given for the push. Approved by the EGX earlier this month, a \u201cpre-close auction\u201d\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563978,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/egx-to-change-its-closing-price-mechanism\/","url_meta":{"origin":564093,"position":1},"title":"EGX to change its closing price mechanism","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"Major changes to the EGX coming this fall: The board of the EGX has approved a slew of changes meant to boost trading volumes, particularly by institutional investors. These include setting up a new mechanism for calculating the closing share price and easing limits on intraday price movements on shares,\u2026","rel":"","context":"In &quot;SPEED ROUND: CAPITAL MARKETS&quot;","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622891,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/egx-mulling-new-mechanism-to-calculate-shares-closing-price\/","url_meta":{"origin":564093,"position":2},"title":"EGX mulling new mechanism to calculate shares\u2019 closing price","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"The EGX is looking into introducing a new mechanism to calculate the closing price of shares, which is currently calculated based on the average price at which a share is traded and the volume of trade over the course of the day, EGX boss Mohamed Farid tells Al Mal. New\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572705,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/egx-looking-to-change-how-closing-share-prices-are-calculated-says-farid\/","url_meta":{"origin":564093,"position":3},"title":"EGX looking to change how closing share prices are calculated, says Farid","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"REGULATION WATCH- EGX looking to change how closing share prices are calculated, says Farid: The EGX plans to implement \u201csoon\u201d a mechanism proposed by the Financial Regulatory Authority\u2019s stock exchange advisory committee that would see the EGX conduct auctions to determine the closing price of shares, EGX boss Mohamed Farid\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567339,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/20\/fra-committee-suggests-closing-auction-mechanism-for-egx\/","url_meta":{"origin":564093,"position":4},"title":"FRA committee suggests closing auction mechanism for EGX","author":"enterpriseam admin","date":"20 January 2020","format":false,"excerpt":"REGULATION WATCH- FRA committee suggests closing auction mechanism for EGX share pricing: A proposal tabled by the Financial Regulatory Authority\u2019s stock exchange advisory committee could see the EGX start conducting auctions to determine the closing price of shares, industry sources told Al Mal. As it stands, closing prices are calculated\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/644.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563584,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/08\/the-egx-is-putting-closing-auctions-to-the-test\/","url_meta":{"origin":564093,"position":5},"title":"The EGX is putting closing auctions to the test","author":"enterpriseam admin","date":"8 July 2021","format":false,"excerpt":"The EGX will today trial a new system to calculate closing share prices that is hoped to improve accuracy, increase trading volumes and boost foreign investment in Egyptian shares. The bourse is considering introducing an auction system to determine closing prices, a method used by some of the world\u2019s biggest\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/80.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\/564093","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=564093"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564093\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564083"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564093"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564093"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}