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Wednesday, 2 November 2022

EGX’s Emirati roadshow is a wrap + EFG Hermes tops EGX brokerage table in October

EGX boss Rami El Dokany has wrapped up the UAE leg of the bourse roadshow, the EGX said in a statement (pdf). El Dokany met with representatives from 16 regional and international financial institutions, including the Arab Monetary Fund’s Abdulrahman Al Hamidy and the Dubai International Financial Center’s Arif Amiri.

The roadshow saw the EGX boss promote listed companies and work to restore confidence among investors in the market. El Dokany said the recent loan agreement reached with the IMF would partially improve the market, according to the statement, adding that central bank moves to ease the imports crisis would help stabilize the economy. He also showcased plans to give the market a competitive edge by introducing new products like derivatives trading and Sharia-compliant indices.

Investors took the opportunity to urge El Dokany to speed up state IPOs in order to revive the EGX and boost liquidity in the market. They also suggested looking into mechanisms to allow dual listing with Arab exchanges to help boost liquidity, and training investor relations officials to allow for smoother communication channels with foreign financial institutions, the statement read.

OCTOBER’S BROKERAGE LEAGUE TABLE-

EFG Hermes topped the EGX’s brokerage league table once again in October with a market share of 19.0%, according to figures from the EGX (pdf). Rounding out the top five were Beltone (10.1%), CI Capital (7.3%), Mubasher (3.9%) and Pioneers (3.6%).

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