{"id":591739,"date":"2019-12-16T05:08:08","date_gmt":"2019-12-16T05:08:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/"},"modified":"2019-12-16T05:08:08","modified_gmt":"2019-12-16T05:08:08","slug":"egx-struggles-on-low-trading-volumes-lack-of-new-listings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/","title":{"rendered":"EGX struggles on low trading volumes, lack of new listings"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EGX struggles on low trading volumes, lack of new listings:<\/strong> Egyptian equities are struggling to attract investors due to low trading volumes and a lack of new listings, <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKBN1YJ069\">analysts tell Reuters\u2019 Arabic service<\/a>. The state privatization program, announced 21 months ago with the promise of listing minority stakes in 23 state-owned companies, has so far only delivered a secondary sale of <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/05\/eastern-tobaccos-public-offering-42-3-covered-on-second-day-of-subscription\/\">Eastern Company shares<\/a>. \u201cWe have few products with little variety and shares are illiquid,\u201d said Mona Mostafa, trading manager at Arabeya Online Brokerage, adding that domestic investors have lost confidence in the market and its management.<\/p>\n<p><strong>Where we stand: <\/strong>Reuters\u2019 figures show trading volumes have fallen a little over 40% since 2017, and turnover on the bourse yesterday was an anemic EGP 205 mn, more than 70% below the trailing 90-day average. The benchmark EGX30 is up just 3% for the year as of yesterday\u2019s close, and the exchange\u2019s aggregate market cap is down 15% since 2017. \u201c<strong>Retail investors are in control of the exchange<\/strong>,\u201d said Mubasher\u2019s Ihab Rashad.<\/p>\n<p><strong>A lackluster start for short selling:<\/strong> Short selling, which was <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">launched on the EGX<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">earlier this month<\/a>, is yet to take off, with analysts reporting only dozens of trades. Many brokerages simply don\u2019t know how the short-selling system operates, the newswire claims.<\/p>\n<p><strong>Poor IPO flow in 2019: <\/strong>The piece, by Reuters\u2019 Ehab Farouk, notes that of the year\u2019s two IPOs, the first (Fawry) attracted strong interest, while Rameda\u2019s shares fell in their EGX debut and saw corporate founders \u201cexiting rather than increasing the company\u2019s capital.\u201d (The transaction did, in fact, see selling shareholder Greville effectively reinject a portion of the proceeds into the company <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/27\/rameda-prices-its-ipo-at-egp-4-66-per-share-7152\/\">through a capital increase<\/a> prior to the start of trading.)<\/p>\n<p><strong>Shares are well-priced right now because retail appetite is low<\/strong>, and the solution is \u201cnew stocks in new sectors to spur liquidity,\u201d says Amr Al Alfi, head of research at Shuaa Securities Egypt.<\/p>\n<p><strong>Saudi Aramco\u2019s recent IPO has also hit the EGX<\/strong>, spurring Arab investors to liquidate positions here to buy into Aramco, El Alfi suggests. <strong>Trades by Arab investors fell by half in 11M2019<\/strong>, coming in at 5.2% of total trades against 10.3% in the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGX struggles on low trading volumes, lack of new listings: Egyptian equities are struggling to attract investors due to low trading volumes and a lack of new listings, analysts tell Reuters\u2019 Arabic service. The state privatization program, announced 21 months ago with the promise of listing minority stakes in 23 state-owned companies, has so far [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":591740,"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":[8572],"tags":[394,102,68,72,125,831,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-aramco","tag-capital-markets","tag-egx","tag-enterpriseam","tag-investment-watch","tag-short-selling","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fe1a5059-6b32-4a3b-bd45-9df0c8f1394c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/707.jpg","photo_position":"above","related_issue":[591734],"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>EGX struggles on low trading volumes, lack of new listings - 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\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX struggles on low trading volumes, lack of new listings\" \/>\n<meta property=\"og:description\" content=\"EGX struggles on low trading volumes, lack of new listings: Egyptian equities are struggling to attract investors due to low trading volumes and a lack of new listings, analysts tell Reuters\u2019 Arabic service. The state privatization program, announced 21 months ago with the promise of listing minority stakes in 23 state-owned companies, has so far [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-16T05:08:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/707.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EGX struggles on low trading volumes, lack of new listings\",\"datePublished\":\"2019-12-16T05:08:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\"},\"wordCount\":370,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/707.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Aramco\",\"capital markets\",\"EGX\",\"EnterpriseAM\",\"investment watch\",\"short selling\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings\/\",\"name\":\"EGX struggles on low trading volumes, lack of new listings - 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Aramco had only an indirect impact by changing companies\u2019 relative weight in global market indices such as the MSCI Emerging Markets Index.\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\/2019\/9\/Mohamed-Farid-EGX-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555447,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/the-jury-is-out-on-the-tax-fee-incentives-on-the-egx\/","url_meta":{"origin":591739,"position":1},"title":"The jury is out on the tax + fee incentives on the EGX","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"Market watchers have welcomed a basket of EGX-centric tax incentivesand fee cuts unveiled last week, but they want specifics \u2014 and they\u2019re still not entirely sold on the idea that the incentives will allow domestic investors to swallow the 10% capital gains tax on EGX trades due to come into\u2026","rel":"","context":"In &quot;EGX&quot;","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/449.jpg?fit=%2C&ssl=1&resize=350%2C200","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":591739,"position":2},"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":548242,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/fra-could-double-egx-freefloat-requirements-to-boost-liquidity\/","url_meta":{"origin":591739,"position":3},"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 &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\/2022\/8\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/egypts-first-ipo-this-year-sees-shares-up-31-on-the-first-day-of-trading\/","url_meta":{"origin":591739,"position":4},"title":"Egypt\u2019s first IPO this year sees shares up 31% on the first day of trading","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"IPO WATCH- Fawry IPO \u2015 the first this year \u2015 sees shares up 31% on the first day of trading: The IPO of e-payments platform Fawry got off to a good start on the first day of trading, with shares closing up 31.2% to EGP 8.48 per share on Thursday.\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\/2019\/8\/782.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564235,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/contact-offering-margin-to-hc-brokerages-clients\/","url_meta":{"origin":591739,"position":5},"title":"Contact offering margin to HC Brokerage\u2019s clients","author":"enterpriseam admin","date":"18 August 2021","format":false,"excerpt":"Contact to finance HC Brokerage\u2019s margin traders: Contact Financial Holding\u2019s arm Contact Factoring will finance margin trading by clients of HC Brokerage after signing an agreement with the firm, according to a joint statement (pdf). The non-bank lender will loan EGP 400 mn initially, with each client being eligible for\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\/468.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\/591739","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=591739"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591739\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/591734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/591740"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=591739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=591739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=591739"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=591739"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=591739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}