{"id":601009,"date":"2019-02-17T04:06:47","date_gmt":"2019-02-17T04:06:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/17\/coffee-with-mohamed-farid-chairman-of-the-egx\/"},"modified":"2019-02-17T04:06:47","modified_gmt":"2019-02-17T04:06:47","slug":"coffee-with-mohamed-farid-chairman-of-the-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/17\/coffee-with-mohamed-farid-chairman-of-the-egx\/","title":{"rendered":"Coffee with Mohamed Farid, Chairman of the EGX"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> Six years after serving as vice-chairman of the Egyptian exchange, Mohamed Farid (<a href=\"http:\/\/egx.com.eg\/en\/bod-mohamed-farid.aspx\">official bio<\/a>) was tapped as EGX chairman in August 2017. 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. He was also a consultant to the World Bank. Since taking the helm of the EGX, Farid has seen through the introduction of new trading tools and regulations, including market making, margin trading, and changes in the criteria for inclusion in the benchmark EGX30.<\/p>\n<p>In the latest edition of our \u201cCoffee with\u2026\u201d series, we sat down with Farid for a chat about the EGX and the questions on everybody\u2019s minds.<\/p>\n<p><b>The key takeaways:<\/b><\/p>\n<ul>\n<li>Farid is passionate about one thing: <b>The power of long-term incremental savings<\/b> via investing in the stock market to rebuild the middle class. It is, he says, the ultimate hedge against inflation;<\/li>\n<li><b>At least 3-4 private sector companies are in the IPO pipeline<\/b> \u2014 that\u2019s over and above what we can expect from the state\u2019s privatization program;<\/li>\n<li><b>The private sector is not being crowded out of the economy:<\/b> Private-sector participation in GDP has gone from 62% before 25 January 2011 to 69.5% in FY2017-18;<\/li>\n<li><b>The upcoming EGX30 Total Return index<\/b> will show the power of dividends \u2014 look for it to launch in 1Q2019;<\/li>\n<li>The opportunity to attract <b>new investors from Asia<\/b> to the EGX is substantial;<\/li>\n<li><b>Retail investors are aging out of the market<\/b> \u2014 EGX is working on outreach and education initiatives to attract a new generation;<\/li>\n<li><b>He\u2019s not concerned about competition from the London Stock Exchange<\/b> for high-profile Egyptian listings;<\/li>\n<li>There is a movement afoot to create a <b>real market for corporate debt<\/b>;<\/li>\n<li>Look for a push sometime late this year or early next year to breathe life into the Nilex \u2014 including, possibly, <b>listed venture capital and small private equity firms<\/b>.<\/li>\n<\/ul>\n<p><b>Enterprise: Could you give our readers, who aren\u2019t familiar with the subject, what exactly is the stock exchange?<\/b><\/p>\n<p><b>Mohamed Farid:<\/b> The stock exchange is a platform that anyone can use to invest a sum of money for a return. Be it for significant investments or incremental saving in capital markets. It\u2019s a platform where shares \u2014 a piece of paper that represents ownership in a company \u2014 are traded just like wheat, rice, sugar. Whether they are in food or in real estate, the companies on the exchange are ones that you and I deal with on a daily basis. These daily interactions between the consumers and companies impact the stock price, which in turn, impacts the company\u2019s ability to draw investments, which it will then spend on making the product for the consumer. This interlocking dependence between the consumer and the company is why the stock exchange matters to everyone.<\/p>\n<p><b>E: Incremental savings, you say? Could you elaborate? <\/b><\/p>\n<p><b>MF:<\/b> One of the biggest missed opportunities for people, is the long term incremental savings benefits that come with investing in the stock market. It\u2019s a problem of perception borne out of a misconception. The problem for the average person when it comes to capital markets \u2014 and the stock market specifically \u2014 is deciding on which stock to buy, when to buy it and when to get out. The concerns over swings and volatility become minute details when looked at from the long term perspective. We\u2019re talking over a period of about 20 or 25 years, where it is perfectly possible to save around EGP 1000 per month on a monthly\/annual basis. The longevity of the incremental investment should yield investors not to worry about what happens in a single trading day. People think 20 years is a long time, but numbers do add up.<\/p>\n<p>A point to remember \u2014 it\u2019s about investing in indices: What enables investors to overcome the choice and timing of their incremental investments or savings decision is investing in index trackers or instruments that are not prone to the movement of one single stock. This would reduce the impact of volatility in the prices of one stock in particular by investing in the constituents of an index.<\/p>\n<p><b>E:<\/b> What\u2019s the missed opportunity here?<\/p>\n<p><b>MF:<\/b> Just look at how the EGX has grown from a market cap of EGP 400 bn from before the EGP float in 2016 to EGP 1 tn at its highest level in April 2018. We\u2019re talking about more than a 100% increase in the value of the companies on the exchange. Few have reaped the benefits of this growth due to the lack of wider participation in the stock market by the middle class.<\/p>\n<p><b>E:<\/b> How are opening and closing prices calculated on the stock exchange?<\/p>\n<p><b>MF:<\/b> Opening prices are the previous day\u2019s closing prices. Closing prices are determined by what is called the volume weighted average price. You basically add up all the money spent on every trade on a stock and then dividing by the total number of shares traded.<\/p>\n<p><b>E:<\/b> What\u2019s the role of price discovery in the morning?<\/p>\n<p><b>MF:<\/b> The role of the price discovery mechanism is to factor into the opening price the impact of a major news or disclosure that came up after the previous day\u2019s closing price and might affect the stock price. The pre-opening session \u2014 or the discovery session \u2014 runs from 9.30 am to 10am (when trade starts on the EGX). During this session, if the news is perceived as impacting the price, you will find investors placing orders on the trading system. The object of the session is to get a theoretical matching price that is different from the closing price and is considered the opening price for the stock.<\/p>\n<p><b>E:<\/b> Let\u2019s talk about volatility. It\u2019s been a crazy year on the volatility front, first in EM and then the worst December since the financial crisis.<\/p>\n<p><b>MF:<\/b> The risk premium increased, whether it is for an emerging market or a developed market. With Brexit and the US-China trade war, the risk premiums on international markets will be present for some time. This rising risk premium will affect growth in developed markets and impact the decisions of the US Federal Reserve, which is why it has been raising interest rates at a slower pace than what was originally envisaged. Especially when you look at yield curves now internationally, they\u2019re a bit flat. This should unfold in the first three quarters of 2019, to see dynamics of growth and inflation.<\/p>\n<p>What makes Egypt stand out is the economic reform story and the government\u2019s significant desire to expand the role of capital markets in the economy. The depth of fiscal and monetary reforms accompanied by unprecedented infrastructure investments increases what is called potential economic growth rate and developing social safety nets and programs as the assumed trickle-down-effect proved not to work 100%. The government has also demonstrated that it is agile enough to respond to the volatility in international markets. Case in point, the delay of the state privatization program. Postponing the program is not a cancelation, but a clear and temporary adaptive measure.<\/p>\n<p><a href=\"https:\/\/enterprise.press\/2019\/02\/17\/coffee-mohamed-farid-chairman-egyptian-exchange\/\">Tap or click here<\/a> to continue reading our sit-down with Mohamed Farid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Six years after serving as vice-chairman of the Egyptian exchange, Mohamed Farid (official bio) was tapped as EGX chairman in August 2017. 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":601010,"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":[10943],"tags":[335,68,72,2221],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-enterprise","tag-coffee-with","tag-egx","tag-enterpriseam","tag-mohamed-farid","wpautop","entry"],"acf":{"mongo_id":"de189eca-86bd-401d-82a2-7830bb4c7091","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/3.jpg","photo_position":"above","related_issue":[600989],"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>Coffee with Mohamed Farid, Chairman of the EGX - 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\/02\/17\/coffee-with-mohamed-farid-chairman-of-the-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coffee with Mohamed Farid, Chairman of the EGX\" \/>\n<meta property=\"og:description\" content=\"Six years after serving as vice-chairman of the Egyptian exchange, Mohamed Farid (official bio) was tapped as EGX chairman in August 2017. 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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\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":592592,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/mohamed-farid-to-spend-another-year-heading-financial-regulator\/","url_meta":{"origin":601009,"position":1},"title":"Mohamed Farid to spend another year heading financial regulator","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"Farid has spent the past year as chair of the regulator","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637227,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/egx-completes-technical-tests-of-short-selling-platform\/","url_meta":{"origin":601009,"position":2},"title":"EGX completes technical tests of short-selling platform","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"The EGX has completed technical tests of a platform which would allow short-selling on the bourse, EGX Chairman Mohamed Farid said, according to Al Masry Al Youm. The move is part of several new financial tools and instruments the exchange plans to launch in the near future. Farid also briefly\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":623422,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/egyptian-exchange-boss-farid-says-global-volatility-risks-countries-adopting-inward-looking-growth-models\/","url_meta":{"origin":601009,"position":3},"title":"Egyptian Exchange boss Farid says global volatility risks countries adopting \u201cinward-looking\u201d growth models","author":"enterpriseam admin","date":"30 October 2018","format":false,"excerpt":"** #6 Global economic volatility could force countries to adopt \u201cinward-looking,\u201d consumer-driven growth models, says Farid: Global economic volatility could lead to policy changes and new growth models being adopted around the world, EGX Chairman Mohamed Farid told Zawyaon the sidelines of the annual conference of the Federation of Euro-Asian\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":639401,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/29\/farid-presents-investment-opportunities-to-swedish-delegation\/","url_meta":{"origin":601009,"position":4},"title":"Farid presents investment opportunities to Swedish delegation","author":"enterpriseam admin","date":"29 October 2017","format":false,"excerpt":"EGX Chairman Mohamed Farid met with a Swedish business delegation on Thursday, according to a statement. Farid reportedly presented the delegation with investment opportunities through the bourse.","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642355,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/13\/new-trading-systems-coming-short-selling-at-long-last\/","url_meta":{"origin":601009,"position":5},"title":"New trading systems coming, short selling at long last","author":"enterpriseam admin","date":"13 August 2017","format":false,"excerpt":"Short selling coming to the EGX? The EGX and Misr for Central Clearing, Depository, and Registry (MCDR) plan on introducing upgrades to the bourse\u2019s trading systems that herald the coming of short-selling and an options market, newly-appointed EGX boss Mohamed Farid said on Saturday, Al Borsa reports. The announcement comes\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601009","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=601009"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601009\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/601010"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601009"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601009"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}