Bloom Securities Brokerage Company Chief Executive Mohamed Fathallah said in an interview with Al-Arabiya that Egyptian stocks are still below fair valuations according to many investment banks, especially shares of the main EGX30 index .
Fathallah added that indicators The Egyptian Stock Exchange In a bullish movement that still continues… stating: “The market has the green light to complete the strong bullish movement, above all with institutional support and the increase in traded values, which in yesterday’s session exceeded the 3 billion barrier pounds, Wednesday.”
He stressed that the Egyptian stock exchange is now considered one of the safe havens to hedge against fluctuations in the foreign exchange market, as are many assets such as real estate, land and gold.
“The Egyptian government is determined to eliminate dollarization by all available means, including issuing savings bonds with standard interest and shifting the exchange rate with the aim of eliminating the parallel market, because there will be no foreign investment if the exchange rate is not stable,” according to Muhammad Fathallah.
He continued: “The movements of the pound will continue until this nightmare that has hit the Egyptian economy is completely eradicated.”
As for the 25% certificates.. Fathallah said they are being offered for the first time in the Egyptian market, and the positive is the announcement by the National Bank of Egypt to accept foreign investment in these savings certificates.. adding, “The foreign investor will want to get the Egyptian pound by exchanging foreign currencies in the banking sector to enter the 25% certificates are a successful step.
