Egypt ranks first among 33 world emerging markets

Egypt came first among 33 emerging capital markets at a global level for the seventh consecutive month this year, according to the recent report by the International Finance Corporation (IFC).

The report further indicated that Egypt's Stock Exchange (ESE) has managed to realize an efficient performance level in terms of monthly capital return in October this year rating 7.9 per cent along with a relative strong leverage by the ESE worldwide.

The risk element in the ESE is still marking lower rates accounting for 1.7 per cent as compared to other emerging markets especially Indonesia and Korea whose risk ratios are the highest ever in these markets, constituting 4.2 per cent and 2.6 per cent respectively, the report added.

During the IFC conference on the performance of 10 emerging markets in the Middle East and Africa, the ESE ranked fifth in terms of its relative weight which went up to 3.2 per cent in October 1999 as compared to 3.1 per cent in September of the same year.

In a relevant note, a recent report by the Ministry of Economy and Foreign Trade pinpointed that Egypt’s capital market value has increased by the end of September 1999 to $ 28.1 billion as compared to $ 27.4 billion in August 1999, a matter which enables the ESE to occupy the 19th position among 32 emerging markets.

The ESE has also retained the second grade in terms of the stock Exchange registered companies which edged up to 1004 companies in September 1999 as compared to 989 in August of the same year.

In September 1999, value of ESE monthly circulated securities has amounted to $ 684.6 million, marking a daily average of $31.1 million as compared to a monthly rate of circulation worth $ 596 million and daily average of $ 42 million in August of the same year.