Prime Minister Ahmed Nazif appointed Khaled Seyam as chairman of the Egyptian Exchange, the Investment Ministry said.
Seyam, who will replace Maged Shawky, will take up the post on July 15, the ministry said today in an e-mailed statement. Seyam is the deputy chairman of the Egyptian Financial Supervisory Authority, which regulates financial markets.
“It should have a neutral effect on the market,” Ashraf Akhnoukh, a senior equity trader at CIBC brokerage in Cairo, said by phone. “He will most likely carry on with the same policies of his predecessor.”
Shawky, who has headed the exchange for five years, asked to step down as of July 1, the ministry said in the statement.
During his tenure, Shawky oversaw the creation of the Nile Stock Exchange for small- and medium-sized companies. He said in March that the exchange was planning to introduce commodity- related derivatives as part of plans to set up a market trading raw materials in the longer term.
