Global Arab Network | Egypt stock market attracts 2 million in the last 6 months

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Egypt stock market attracts $702 million in the last 6 months

Global Arab Network - - Gamal Ragay

Saturday, 03 July 2010 21:13

Foreign investors pumped new investments in the Egyptian stock market amounted to nearly EGP 4 billion ($702.24 million) in the first half of 2010 as compared to net sales of EGP 2.6 billion in the corresponding period a year earlier, Chairman of the Egyptian Stock Exchange, Maged Shawki said.

Despite the global and local conditions which led to sharp fluctuations in stock prices, the Egyptian market succeeded in attracting new segments of foreign investors, Shawki noted.

He added that the purchasing trend by foreign investors reflects confidence in the Egyptian economy, which achieved a surplus in the balance of payments amounted to more than USD 3.1 billion during the period from June 2009 to March 2010 as compared to a deficit of USD 2.3 billion during the same period in the previous year.

The Egyptian market attracts many foreign investors, Finance Minister Youssef Boutros Ghali told MENA.

Ghali asserted the stability of the capital market in Egypt in spite of small difficulties, reiterating the importance of training local human cadres in the field of attracting investments.

Meantime, Ghali stressed the importance of laying out a clear-cut strategy to reform international organizations, especially the financial ones. Ghali also called for coordination to reach applicable steps for that end.

Ghali's statements came during a lecture at Oxford University on reforming international organizations.

It is worth mentioning that the total value of the new budget in Egypt reaches LE 403.168 billion.

LE 185.616 billion was allocated or improving living conditions of citizens and LE 48 billion went to education sector.

LE 21 billion earmarked for health services while, LE 67.68 billion for subsidizing oil products and LE 13.585 for subsidizing supplies. The sum of subsidies is reaching LE 116.616 billion.(MENA, SIS)

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