The Managing Director of Bloom Securities Brokerage Company, Mohamed Fathallah, said in an interview with Al-Arabiya that the Egyptian stocks are still below fair evaluations according to many investment banks, especially the stocks of the EGX30 leading index.
Fathallah added that indicators The Egyptian Stock Exchange In an upward movement that is still continuing.. saying: “The market has the green light to complete the strong upward movement, especially with the institutional support and the increase in trading values, which exceeded the barrier of 3 billion pounds in yesterday’s session, Wednesday.”
He pointed out that the Egyptian Stock Exchange is now considered one of the safe havens to hedge against the fluctuations of the exchange market, like many assets such as real estate, land and gold.
“The Egyptian government is determined to eliminate dollarization by all available means, including issuing savings certificates with standard interest, and moving the exchange rate with the aim of eliminating the parallel market, because there will be no foreign investment unless the exchange rate is stable,” according to Muhammad Fathallah.
He continued, “The pound’s movements will continue until this nightmare that befell the Egyptian economy is completely eradicated.”
Regarding the 25% certificates.. Fathallah said that they are offered for the first time in the Egyptian market, and the positive is the National Bank of Egypt’s announcement of accepting foreign investments in these savings certificates.. adding: “The foreign investor will want to obtain the Egyptian pound by exchanging foreign currencies in the banking sector to enter into The 25% certificates are a successful step.