Dec 10 2005 |
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Egypt's Bourse to See Active Trading with Excess Liquidity from Telecom Egypt Subscription
Cairo (APD) - Trading on the Cairo and Alexandria Stock Exchanges (CASE) is expected to witness a significant boost in the coming period due to the extra liquidity available on the market after the end in the subscription of 20% Initial Public Offering (IPO) in the state-owned fixed-line monopoly provider Telecom Egypt (TE).Traders told Egypt's business daily, al-Alam al-Youm, that there is extra liquidity in the market due to the LE 9.2 billion surplus left from subscription in TE's IPO.
After the end of subscription in TE's IPO last Wednesday, investors diverted attention to the blue-chip shares like telecom, banking, textiles, and petrochemicals shares. Traders said that such shares lured investors after their prices dropped during the subscription period in TE's IPO.
Traders expected the bourse to witness a significant boost in the coming period as investors will heavily buy into the bourse with the excess liquidity found on the market.
The public portion of the IPO for a 20% stake in TE attracted 210,000 new investors who entered the market for the first time, Hany Serry Aldin, president of Egypt's Capital Market Authority (CMA), said last week. [EW-FC]
© APD (Arab Press Digest) 2005
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