In an interview with Al-Arabiya, a board member of Elite Financial Consulting, Mohamed Kamal, expected more growth for the Egyptian Stock Exchange In the first quarter of this year, the main index test for the level of 15 thousand points down to 18 thousand points.
He said that the factors supporting the rise in the Egyptian stock market in the first quarter of 2023 are to a large extent anticipating the entry of foreign investors, which increases liquidity in the market. Adding, “Foreign investment is the decisive point in the new start of the Egyptian Stock Exchange index in the next phase.
“I expect the return of hot money to the Egyptian bond market after the huge interest rate hike of 300 basis points,” said an Elite Financial Advisors board member.
Kamal indicated that part of the foreign investment will be directed to the local stock market with exchange rate stability.
He explained that the Egyptian Stock Exchange saw, in the first half of 2022, significant declines from the 12,000 points level to the 8,500-8,600 points level, and after the exchange rate liberalization on October 27, it witnessed a positive rebound, with the repricing of Egyptian equities, and the entry of Arab and Gulf funds to seize opportunities in the Egyptian equity market, as well as the positive interaction of local institutions and individuals.
