{"id":586367,"date":"2023-05-10T00:00:00","date_gmt":"2023-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/egyptian-companies-to-be-protected-from-msci-index-rebalancing-despite-fx-crisis\/"},"modified":"2023-05-10T00:00:00","modified_gmt":"2023-05-10T00:00:00","slug":"egyptian-companies-to-be-protected-from-msci-index-rebalancing-despite-fx-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/egyptian-companies-to-be-protected-from-msci-index-rebalancing-despite-fx-crisis\/","title":{"rendered":"Egyptian companies to be protected from MSCI index rebalancing despite FX crisis"},"content":{"rendered":"

<\/span>MSCI will give Egyptian securities listed in its benchmarks \u201cspecial <\/span>treatment\u201d <\/span>in <\/span>the wake of investor concerns over Egypt\u2019s limited FX liquidity, <\/span>Reuters<\/a><\/span>reports, <\/span>citing a note from the global index provider on Monday<\/span>. MSCI said it would not \u201cimplement any changes as part of upcoming index reviews for any securities classified in Egypt.\u201d The company will announce which stocks it is adding and removing from its indices in its quarterly review after US markets close tomorrow. <\/span><\/p>\n

El Dokany weighs in: <\/span>\u201c<\/span>We see this [decision] as part of the <\/span>wider impact<\/span> on the Egyptian economy \u2026 The Egyptian stock market is an inseparable part of the Egyptian economy,\u201d EGX boss Ramy El Dokany told Asharq Business (<\/span>watch, runtime: 1:44<\/a><\/span>). \u201cWe are in contact with [MSCI] to see how much their decision will affect Egyptian stocks.\u201d <\/span><\/p>\n

Egypt in MSCI indices: <\/span>Egyptian companies are part of MSCI Emerging Markets Index <\/span>and <\/span>MSCI's flagship global equity index MSCI ACWI Index. Over the past year <\/span>Ezz Steel, Heliopolis Housing<\/a><\/span>, and <\/span>E-Finance<\/a><\/span> have been added to MSCI\u2019s various indices, which also include EFG Hermes and Fawry.<\/span><\/p>\n

EGP stability will help draw in foreign investors: <\/span>\u201c<\/span>Foreign investors love the Egyptian market but the lack of stability in the exchange rate may be the reason for their delayed investments \u2026The exchange rate stabilizing would be the main motivation for investment,\u201d El Dokany said, voicing confidence in the country\u2019s decision makers to help stabilize the EGP.<\/span><\/p>\n

MEANWHILE- The EGX may be changing around its lineup of indexes- <\/span>\u201cWe are looking into restructuring a number of the older indices part of the stock market and maybe at some point terminate one of them,\u201d he told CNBC Arabia (<\/span>watch, runtime: 11:32<\/a><\/span>). He <\/span>said in March<\/a><\/span> that the bourse has conducted surveys to see which of its indices are among the least used. <\/span><\/p>\n

Shariah-compliant index pushed back: <\/span>A <\/span>Shariah-compliant index<\/span> is still in the works to hopefully launch before the end of the year, he said. The EGX boss previously suggested that the index could launch this summer.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX is in contact with MSCI to see how the decision will affect Egyptian stocks<\/p>\n","protected":false},"author":1,"featured_media":586368,"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":[102,68,72,118,2313],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-msci","tag-ramy-el-dokany","wpautop","entry"],"acf":{"mongo_id":"f65e17df-191a-4a65-8e76-6e305f04da9c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/534.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian 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Egyptian market","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\/6\/1223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619724,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/post-float-return-of-fx-liquidity-persuades-msci-to-remove-special-treatment-measures-for-egyptian-stocks\/","url_meta":{"origin":586367,"position":1},"title":"Post-float return of FX liquidity persuades MSCI to remove special treatment measures for Egyptian stocks","author":"enterpriseam admin","date":"9 May 2024","format":false,"excerpt":"Changes will take effect after May 31","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital 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markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581494,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/msci-adds-ezz-steel-heliopolis-housing-to-its-small-cap-index\/","url_meta":{"origin":586367,"position":3},"title":"MSCI adds Ezz Steel, Heliopolis Housing to its small-cap index","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"Ezz Steel and Heliopolis Housing have been added to MSCI\u2019s small cap index following its quarterly review. Heliopolis Housing is returning to the small-cap index after it was removed in May last year. There were no changes to the Egyptian firms included in MSCI\u2019s standard index. See the revised index\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\/2021\/9\/market-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/egx-positioned-for-rebound-in-2021-on-strong-fundamentals-positive-growth-outlook-credit-suisse\/","url_meta":{"origin":586367,"position":4},"title":"EGX positioned for rebound in 2021 on strong fundamentals, positive growth outlook: Credit Suisse","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"The EGX is well-positioned for a comeback next year, thanks in large part to Egyptian equities currently being cheap because of the covid-19 market slump, Credit Suisse\u2019s Head of Middle East Research Fahd Iqbal told Bloomberg. The EGX30 is currently the region\u2019s worst-performer \u2014 down 22% year-to-date \u2014 and trails\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546374,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/msci-adds-efg-hermes-to-global-standard-index-e-finance-enters-small-cap-index\/","url_meta":{"origin":586367,"position":5},"title":"MSCI adds EFG Hermes to global standard index, e-Finance enters small-cap index","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"MSCI tweaks Egyptian firms included in its global indices: EFG Hermes has been added to MSCI\u2019s standard equities index from its small cap index following its semi-annual review. E-payments giant Fawry has been moved from the standard index to the small-cap index, and is joined by state-owned fintech player E-finance,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586367","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=586367"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586367\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586368"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586367"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586367"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}