CAIRO: The Ministry of Finance called on Egyptians to step in and support the stock market as it opens after a two-month closure Wednesday.
A total of 34 investment funds were created in which citizens can invest as little as LE 100 to buy stocks in the market, an initiative initially started by the youth to mitigate the effect of an inevitable investor sell-off.
Egypt decided to resume trading on the stock market on March 23, just in time for it to avoid the risk of being delisted from MSCI’s emerging market index.
Egypt’s stock market last traded on Jan. 27 after falling 16 percent and losing around $12 billion in two days of trading, its second biggest drop in history.
There is a list on the Egyptian Stock Exchange’s website of the accredited brokerages through which the public can invest.
There is also an account at the Central Bank of Egypt that will receive donations and donations from the public inside and outside of Egypt to support the economy with the account number 25/1/2011.
“The money will be used to support different economic sectors including the stock market,” a ministry statement read.
The stock exchange will be overseen by Mohamed Abdel Salam, who will continue on as Chairman of Misr for Central Clearing, Depository and Registry (MCDR), replacing former chairman Khaled Serry Siam.
A LE 250 million fund is ready to support small investors in the stock market.
