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كلام أسواق - مصر
CNBCArabia
Follow
9/25/2023
Category
🗞
News
Transcript
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00:00
We turn to Cairo, Mr. Mohamed Rida, CEO of Solid Capital, joins us to talk about market fluctuations.
00:06
Welcome Mr. Mohamed.
00:08
For the first time, the EGX 30 is testing its market levels, 20,400 points, and the profit margins have shown during the session.
00:18
But the question is, to what extent is the Egyptian market still forming performance for investors today,
00:26
despite the fear of rising inflation, and will it remain so for a long time?
00:33
Let's talk about the pattern we've seen in the last period in the Egyptian market,
00:39
the rise of 3 or 4 shares, 6 of the main index,
00:46
compared to the rest of the index, which is a bit far from the subject,
00:50
and it's even visible in the 70 index, which is fluctuating, and the main index is somewhere else.
00:55
The Egyptian market is under great pressure,
00:58
due to the rise in interest rates, which we're importing from outside,
01:02
from the rising of the US Federal Reserve, and today there are other statements
01:06
from the US Federal Reserve officials about other increases or increases in interest rates.
01:11
Of course, the Egyptian center, despite knowing that the rise in interest rates
01:15
won't be able to resist or face the currency's inflation or inflation,
01:21
but today it wants to maintain the balance, or the gap between the interest rates
01:27
and the dollar's interest rates, so that it can maintain the low level
01:32
of foreign investment in government funds.
01:35
To be clear, the amount of trading, or the value of trading,
01:39
we've seen in the last period, may be working in the same intermediaries,
01:43
some of the shares are present, and it's changing from the big shares to the big ones.
01:47
We've seen that when there are very strong increases, the first thing is the big shares,
01:51
then the next shares, then the small shares, then the intermediaries,
01:54
and then again the big shares.
01:56
Maybe all this, this pattern, wasn't present in the last period,
01:59
maybe it was more focused on the leading shares, or the main shares,
02:02
which are moving, or the shape of the trade.
02:05
So, the idea of importing new investment, or the new direction,
02:08
in terms of the stock exchange, may be difficult,
02:10
despite the rise in interest rates, and the candidate,
02:12
that there may be increases with the announcement of the central bank of Egypt,
02:15
that he's targeting 7% of inflation,
02:18
this will require a lot of effort, not only in terms of interest rates,
02:21
but also in other intermediaries, so that he can pull the currency out of the market more,
02:25
and try to control the inflation in the levels he announced.
02:29
Yes. We're still seeing the Arabs, maybe, who took the market away today,
02:32
Mr. Mohamed, in the process of rising,
02:34
while the foreigners and Egyptians are facing, maybe, during the process of selling.
02:39
Are we still making a bigger effort, in your opinion, on the Arabs,
02:45
during this period, in terms of how many acquisitions are coming from the companies,
02:50
and maybe the main shares, to support the market?
02:54
Let's speak clearly, most of the shares that the government owns,
03:01
whether direct or indirect, are targeted by unnatural companies,
03:05
and are targeted by acquisitions.
03:06
And this is very clear, today, I said at the beginning of the news,
03:09
the issue of Salat, or Kima, or others, and of course, the pressure that is put on this process.
03:13
Today, there is a very high demand, or a high demand, for foreign investors,
03:17
in specific countries, in the name of being on the schedule of the acquisition process,
03:22
on the main shares in some companies, and that they enter the capital markets.
03:26
So today, the Arabs, yes, their interest in this, of course,
03:29
maybe they are the investors of this period, we're talking about other levels,
03:32
we're talking about the definition of the acquisition process,
03:36
which is more related to the process of specifying the price of the currency,
03:39
or other things, with the review at the end of the year,
03:42
with other acquisitions, there are some news about the early elections,
03:47
or some political acquisitions that may be on the table,
03:50
all of this will have a very big role, maybe the Arab investor is more,
03:54
is more, a little bit more brave to enter the Egyptian market, in a stronger way,
03:57
the difference of the currency now, gives it a greater advantage,
04:00
because the amount of investments is greater, and the amount of acquisitions is greater,
04:04
but of course, the process of specifying the price of the currency,
04:07
or the stop at a certain level, is the biggest point of the difference,
04:10
in the process of major acquisitions, but on the process of trading,
04:13
and building a position, they are certainly interested in this matter during this period.
04:16
Okay, so we can say that the process of completing acquisitions,
04:20
as happened today, maybe for the Egyptian communications,
04:23
which was always the biggest candidate for the process of selling the share in Vodafone Egypt,
04:28
to the Qatar's sovereign fund, is dependent on the process of implementing the fund review,
04:33
and especially yesterday, we heard Mr. Mohamed, that the Ministry of Finance,
04:37
is maybe integrating the first review with the second,
04:40
and it is proceeding in the right way, as the Egyptian government wants,
04:44
with the International Monetary Fund.
04:46
Let me say that one of the most important files,
04:52
or the controversial file, in the process of reviewing the fund,
04:56
is the process of investigating the withdrawal of the state from some investments,
05:01
and this was done through the program of government subsidies,
05:03
which the state has used more than once, and has announced more than once,
05:06
at the level of the government-owned securities companies, the business sectors,
05:09
and some of the army's institutions, and other such things.
05:12
And of course, today, this investigation, we see that there was no progress in this file,
05:17
so maybe the delay in the process of reviewing is more related to this matter,
05:22
and unfortunately, the delay is due to the payments of the 3 billion,
05:27
which are supposed to be sold in advance,
05:29
and the other 9 billion are sold to the development partners,
05:32
and all this is due to this matter, and of course,
05:34
the idea that I can move from this file,
05:37
even some of the international financial institutions,
05:40
also have the idea of agreement,
05:42
so today we will talk about the changes that may be in the scene,
05:45
for the sake of the general organizational form within the country,
05:48
and we will also talk about the form of the seizure process,
05:51
and its progress, with the idea that we have reached a conviction
05:54
of the current currency price in front of the dollar, and the future, God willing.
05:58
Finally, your legacy for development,
06:00
you see that the share is performing well today,
06:02
after some of the deals that were made on it,
06:04
but a good rise in the share of Mr. Mohamed,
06:06
57% from the beginning of the year,
06:09
and within 12 months, more than 100% of the share of your legacy for development has risen.
06:13
How do you see its movements,
06:15
and on what basis is this rise in the share?
06:18
Let's talk about the stocks that have a very large level of performance,
06:25
in a slightly stronger financial way,
06:27
there is a development in terms of its activity and its returns,
06:32
we see a better development in terms of performance and future returns,
06:36
all this is a big step,
06:38
we see that most companies have a very large impact
06:41
on the effects of the currency, the dollar, and other such things,
06:45
and you can see that the companies have been able to deal with this gap in a great way,
06:49
they have put themselves in a very clear future strategy,
06:54
there is a real development in terms of the financial centers and the financial resources
06:58
that have been present in recent periods,
07:00
all this may support the direction,
07:02
I think that people always have this in this system,
07:05
which is always developing towards more and deeper projects,
07:08
and this is a future goal that will be achieved in the coming period.
07:11
Thank you Mohamed Rida, CEO of Solid Capital,
07:15
you were with us from Cairo.
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