{"id":565185,"date":"2021-03-24T13:49:10","date_gmt":"2021-03-24T13:49:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/good-news-brokerage-firms\/"},"modified":"2021-03-24T13:49:10","modified_gmt":"2021-03-24T13:49:10","slug":"good-news-brokerage-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/good-news-brokerage-firms\/","title":{"rendered":"Good news, brokerage firms"},"content":{"rendered":"

The EGX30 rose 2.2% at today\u2019s close<\/strong> on turnover of EGP 1.12 bn (24% below the 90-day average). Regional investors were net sellers. The index is down 1.3% YTD.<\/p>\n

In the green: <\/strong>MM Group (+5.9%), Ibnsina Pharma (+5.8%) and Abu Qir Fertilizers (+5.4%).<\/p>\n

In the red: <\/strong>Orascom Development (-1.1%), EKH (-0.5%) and SODIC (-0.2%).<\/p>\n

\n

<\/a> Brokerages are about to get a financial shot in the arm <\/strong>from a fund to which the Financial Regulatory Authority (FRA) has given the green light. The fund aims to boost trading volumes on the Egyptian Exchange, the regulator said in a statement (pdf)<\/a>. The statement provided no information on the size of the fund, who would own and manage it, or how it will work. We reached out to a number of sources at the FRA for comment; all declined to provide additional information.<\/p>\n

The fund will be structured to allow brokerage companies to access financing at competitive rates to support margin trading<\/strong>, EGX Chairman Mohamed Farid told us, adding that authorities are yet to decide eligibility criteria.<\/p>\n

The move is an extension of the central bank\u2019s <\/strong>share-purchase initiative<\/a><\/strong> launched last year and it aims to support the market stability and boost liquidity, he said.<\/p>\n

This isn\u2019t the first time policymakers have tried to boost liquidity on the exchange:<\/strong> The fund is part of several initiatives to stimulate trading on the EGX including allowing factoring companies to finance margin lending<\/a> by brokerage companies and the EGP 20 bn share-purchase program<\/a> launched last March in a bid to stem sell-off and support asset prices amid the covid-19 induced market volatility and of which the bank usedEGP 500 mn as at last January<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX30 rose 2.2% at today\u2019s close on turnover of EGP 1.12 bn (24% below the 90-day average). Regional investors were net sellers. The index is down 1.3% YTD. In the green: MM Group (+5.9%), Ibnsina Pharma (+5.8%) and Abu Qir Fertilizers (+5.4%). In the red: Orascom Development (-1.1%), EKH (-0.5%) and SODIC (-0.2%). Brokerages […]<\/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":[68,633,76,642,440],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565185","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-egx","tag-enterprisepm","tag-financial-regulatory-authority","tag-go-with-the-flow","tag-mohamed-omran","wpautop","entry"],"acf":{"mongo_id":"971312e1-f894-440b-abff-245b2484f2eb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565177],"teaser":"","voice_url":""},"yoast_head":"\nGood news, brokerage firms - 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\/03\/24\/good-news-brokerage-firms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news, brokerage firms\" \/>\n<meta property=\"og:description\" content=\"The EGX30 rose 2.2% at today\u2019s close on turnover of EGP 1.12 bn (24% below the 90-day average). Regional investors were net sellers. The index is down 1.3% YTD. In the green: MM Group (+5.9%), Ibnsina Pharma (+5.8%) and Abu Qir Fertilizers (+5.4%). In the red: Orascom Development (-1.1%), EKH (-0.5%) and SODIC (-0.2%). 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