Cairo – Mubasher: The issuances of shares and bonds in the Egyptian market valued at EGP 220.2 billion in 2018, 52.3% up from EGP 143.6 billion in 2017, the head of Financial Regulatory Authority (FRA) said on Tuesday in a press conference.
The new issuances or capital hikes rose by 34% last year to EGP 159 billion, versus EGP 119 billion in 2017, state-run news agency MENA reported, citing Mohamed Omran.
Omran noted that this value will grow to EGP 215 billion without taking companies’ nominal value amendments and capital cuts into consideration.
He stressed that the securities market was able to provide an attractive investment environment in light of its cutting-edge techniques and crucial legislation.
The bonds market is one of the most important available financing instruments to achieve growth, he added, pointing out that securitisation is a key way to accelerate the money cycle as securitisation bonds valued at around EGP 5.2 billion in 2018, rising 74% from EGP 3 billion in 2017.
On the other hand, Omran said that the EGX has recorded the best performance as compared with several global stock markets despite the 13.2% decline it recorded in 2018 with a market capitalisation of EGP 750 billion.
