The Egyptian Exchange (EGX) Chairman, Dr. Mohammed Omran stressed on the vital role that the mutual funds should play as a major component of the Egyptian economy. He pointed that it's time to give more attention for small and medium enterprises (SMEs) funds which represent a large segment of the national economy.
EGX Chairman revealed for local investors awaiting for the activation of the (market maker) mechanism as well as ETFs that EGX adopted its organizational rules recently and sent to The Egyptian Financial Supervisory Authority (EFSA) for approval.
Dr. Omran during his speech at the opening session of the conference "The investment funds and their role in supporting the Egyptian economy" said that Egypt needs a growth rate of at least 6 or 7%, to positively reflect Egyptians' lives, stating that it could be achieved not only by the major national projects funded through the stock market, but also through the increased spending on infrastructure. Moreover he suggested to allow institutional investors to participate in the ownership and establishment of infrastructures funds and other funds' types.
He also commented on the recent declines witnessed by EGX during the last 2 trading sessions that it's a normal (profit-taking) wave after a rising period that exceeded 70% in EGX main index during the past 9 months where the listed stocks market capitalization increased by more than LE 160 billion.
FTSE Mondo Visione Exchanges Index:
Egyptian Exchange Chairman Calls For More Attention To SMEs Funds
Date 31/03/2014