The Egyptian Financial Supervisory Authority (EFSA) has issued 1,149 approvals for establishing new companies and increasing capitals of companies in the first quarter (Q1) 2016.
Head of the EFSA Sherif Sami explained in a Saturday statement that the value of the approvals is EGP 17.2bn, of which EGP 9.9bn have been paid. This is compared to 1,008 similar approvals with the value of EGP 14bn in Q1 2015, of which EGP 10.4bn were paid.
The capital market of the stocks in the bourse registered EGP 407bn at the end of March, 19.5% less than Q1 2015, Sami added.
Stock market’s main index EGX-30 went up 7.4% since the beginning of 2016, but it witnessed a 17.6% decrease compared to Q1 2015. EGX-100 performance also went down by 24% in the corresponding period in 2015.
The total volume of securities trading in Q1 2016 recorded EGP 68bn, compared to EGP 80bn in Q1 2015. Trading by Arab and foreigner traders registered EGP 193m at the end of March, the statement said, adding that the total value of bond trading (government, companies, and housing) registered EGP 24bn in the same period.