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President of the Egyptian Stock Exchange: We await the approval of the important amendments by Parliament

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The head of the Egyptian Stock Exchange, Dr. Mohamed Farid, expressed in an interview with “Al Arabiya” the hope of increasing the clarity of vision on the performance of the Egyptian stock market, after having activated the decisions that have begun to be applied in market venue starting from the first trading day of the new year 2022, including those relating to stamp duties and capital gains.

He stressed that the amendments we are seeing in this moment came after several discussions between specialized institutions or professional associations working in the field and in consultation with the Ministry of Finance and relevant government agencies.

He believed that the definitive abolition of the stamp duty on the resident merchant, Capital gains tax declarationIt arrived initially, and its impact has been absorbed by market investors, and “everyone is waiting for the legal amendments. in preparation for their approval by the Parliament “.

He stressed that the amendments included “the establishment of incentives and flexibility for stock exchange operations, and where appropriate in which one of the listed companies wishes to acquire through a stock exchange, in so that dealing with them is a sale and the tax is not collected with the exchange process. “

He believes that this “helps to stimulate the growth of listed companies and to increase the chances of acquiring companies not listed on the Egyptian stock exchange”.

He explained that the management of the Egyptian stock exchange “is not working in isolation from NGOs and has several discussions on development opportunities, in several issues, including the extension of trading hours and whether it will have a potential positive impact. “

He said that “there is a period after the closing phase of the session at 2:30 pm, Egypt time, after which financial brokerage firms will start working to divide what has been bought and train them for the combined accounts “.

The head of the Egyptian stock exchange said: “Discussions of professional associations, institutions and investment funds concluded at the time that there was no immediate and urgent need to extend trading hours.”

Regarding the modification of the closing price mechanism, Farid said that the Egyptian stock market “has adopted international best practices, and most of what is followed in neighboring countries, which is the approach followed by about 90% of the markets “.

But he did not rule out the possibility of “further development, not changing the existing approach to the price closing process”, explaining that what is in act in markets close to Egypt, it is placed between two options: the first is to adopt the price of the last trading transaction or the closing price itself without requirements.

Expects that throughout the year in course, the scholarship will receive proposals for 5 or 6 government companies, according to the announcement of the competent commission, considering that these proposals will be important to deepen and motivate the level of activity and increase the level of satisfaction in terms of performance financial.

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