A stockbroker watches the share prices on a screen at the Egyptian stock exchange on December 23, 2020 in Cairo, Egypt.
The latest devaluation of the Egyptian pound creates openings for investors in the stock market, with companies that generate foreign revenues likely to benefit, Simon Kitchen, head of macro strategy at EFG Hermes, tells The Africa Report. EFG Hermes, an investment bank, asset manager, and securities brokerage which operates across the Middle East and North Africa “substantially” increased Egypt’s weight in its MENA model portfolio at the end of 2022, Kitchen says.performed very strongly since 2020 thanks to high oil prices and very low interest rates,
he says. The devaluation of the Egyptian pound, US dollar weakness, and some positive growth surprises in the global economy “create a better context for Egypt.”Also receive offers from The Africa Report
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