Cairo – Mubasher: Egypt is expected to see a robust recovery in equity inflows as emerging markets are seen rallying, Renaissance Capital’s Head of MENA Research, Ahmed Hafez, said in a research note on Monday.
This could reverse the trend of foreign outflows seen in 2020 as foreign institutional investors were net sellers every month in 2020 on the Egyptian Exchange (EGX), Hafez noted.
The MSCI Emerging Markets Index advanced to record levels earlier in January, encouraged by rising optimism due to the launch of vaccination campaigns in several countries, Joe Biden’s victory in the US presidency elections, and stimulus packages announced by central banks.
By the end of the first two weeks of January, foreign investors acquired EGP 606 million worth of stocks in Egypt.
