Egyptian Exchange Posted
On Sunday, 25 June 2023, Rami El-Dokany, Executive Chairman of The Egyptian Exchange (EGX), held a virtual meeting with more than 10 chairpersons of major EGX30 listed companies.
El-Dokany highlighted the importance of continuous communication between EGX and all market participants, especially listed companies. He referred to the previous meetings held with listed companies and assured there are more to come.
EGX Executive Chairman presented milestones of EGX performance in the last period, whereas the main index, EGX30, had big hikes since the beginning of the year, achieving by this the best performance among Arab stock exchanges. Total market capitalization increased significantly compared to beginning of current year. Total turnover value in 2023 first half amounted to more than EGP 242 billion compared to EGP 141 billion in the first half of last year.
El-Dokany discussed strategies of the coming period and the importance of continuous quality improvement of listed companies’ disclosures. He stressed the importance of ongoing communication and full transparency with all stakeholders. El-Dokany pointed out the investor relations training programs that EGX started delivering recently to improve the performance of investor relations officers.
He stressed the importance of cooperation between listed companies and research departments in investment banks stating, “Top management of listed companies shall provide research analysts with necessary data to enable them to prepare proper researches reflecting true fair values of these companies”. This will result in maximizing institutuional investments and eventually converging market prices of the shares up to their fair values.
The attendees discussed the proposed steps to alter the traditional stereotypical image of the stock market and the strategies to modify the “message” addressed to investors to reflect changes occurred in the markets.
Finally, the attendees presented their ideas regarding promotional efforts to attract new investors from all over Egypt.