The Commercial International Brokerage Company (CIBC) has clinched the leadership of the brokerage market ranking in July 2022.

The CIBC accounted for 18.6% of the transactions on the Egyptian Exchange, with a total of EGP 6.25bn during July, advancing 3 positions from the June ranking.

On the other hand, the Financial Brokerage Group fell one position to be the second, after it acquired 9.7% of the stock market’s trading during July, with a turnover of EGP 2.8bn.

Hermes Securities Brokerage settled in third place, with EGP 2bn turnover and a market share of 7%.

The transactions of the top 10 brokerage firms showed a clear impact of the decline in the value of transactions in the stock market during the past month, as the value of trading on listed shares amounted to EGP 12.3bn, down from EGP 13.3bn in the previous month.

Prime Securities advanced five positions during July, supported by deals, after it executed a total of EGP 1.9bn transactions, with a market share of 6.5%.

Shawkat Elmaraghy, Managing Director of Prime Securities, said that the company aims to obtain a bond trading licence during the second half of this year.

He explained that the company has worked to diversify the sectors in which it operates due to the decline in trading volumes on the stock exchange in the last period, explaining that the growth in daily trading values ​​that appeared in the last days of July is positive for the market in general.

He explained that the company acted as a broker for both parties in the exit agreement between the Japanese company Toyota and the Egyptian Drilling Company (EDC). Toyota sold its 30% stake to the Egyptian Natural Gas Holding Company (EGAS) for EGP 660.2m.

Arqaam Securities Brokerage advanced two places to be in fifth place with EGP 1.4bn in transactions, and a market share of 4.8%, while Cairo Capital Securities climbed 19 positions during July, with executions worth EGP 1.12bn and a market share of 3.9%, occupying the sixth place.

HC Securities and Investment joined the top 10 in July with EGP 980m turnover, followed by Mubasher International in eighth place with EGP 944m turnover, and then Al Ahly Pharos Securities Brokerage and Pioneers Securities Brokerage at the bottom of the list.

Amer Abdel Qader, head of the brokerage sector at Pioneers Securities, said that the market witnessed large sales by foreigners that exceeded about EGP 2bn and the turmoil resulting from the Russian-Ukrainian war affected all markets, not only the Egyptian market.

He pointed out that the return of foreigners to the Egyptian market is linked to raising interest rates, and it will be more in the debt markets than in the stock market, especially since the American market is currently very attractive.

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Fatma Salah