360° Coverage : Ousting Morsi may restore investors' trust: Experts

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Ousting Morsi may restore investors' trust: Experts
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Ousting Morsi may restore investors' trust: Experts

Jul 5 2013, 2:52am CDT | by

Cairo, July 5 (IANS) Egyptian analysts expect investors to regain trust in their country, as profits of the Egyptian stock exchange reached 22.7 billion Egyptian pounds (over $3.2 billion) a day after the ouster of president Mohamed Morsi.

Cairo, July 5 — Egyptian analysts expect investors to regain trust in their country, as profits of the Egyptian stock exchange reached 22.7 billion Egyptian pounds (over $3.2 billion) a day after...

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1 year ago

Ousting Morsi may restore investors' trust: Experts

Jul 5 2013, 2:52am CDT | by

Cairo, July 5 (IANS) Egyptian analysts expect investors to regain trust in their country, as profits of the Egyptian stock exchange reached 22.7 billion Egyptian pounds (over $3.2 billion) a day after the ouster of president Mohamed Morsi.

Cairo, July 5 — Egyptian analysts expect investors to regain trust in their country, as profits of the Egyptian stock exchange reached 22.7 billion Egyptian pounds (over $3.2 billion) a day after the ouster of president Mohamed Morsi.

The hike in the stock market was described by observers as "noteworthy", as its losses in the first six months of 2013 was estimated at 54.4 billion Egyptian pounds ($7.7 billion), when the country was engulfed in heated unrest and political division between pro-Morsi Islamists and anti-Morsi liberals, Xinhua reported.

Ehab al-Desouky, head of the Economic Center of Sadat Academy, said the stock exchange's profit was a "practical reaction" to the new trend in Egypt after Morsi's ouster.

"The stock exchange's hike depends on the investing decision, and the investing decision depends on the investor's trust in the future more than his trust in the present, which means that the bourse's rise today reflects the investors' mounting hope about Egypt's future after ousting the one year-lasted regime," Desouky said.

Egypt's armed forces removed Morsi from his post Wednesday, and put a roadmap for the transitional period, including forming a national government with broadened powers, suspending the current constitution, and forming a commission to prepare for constitutional amendments.

Desouky said the roadmap "assured" the investors about the "near future" of Egypt, as the first thing the investors care is "stability".

However, he believes that ending the political conflict and putting a roadmap "aren't enough" for assuring the investors.

"Ending the political unrest, appointing an interim president, and putting a roadmap can only ensure the investors in the 'short term'. What Egypt urgently needs now to encourage investments is a 'powerful cabinet' for the sake of the long-term planning," the expert said.

Echoing Desouky's view, banking expert Bassant Fahmy said the stock exchange's rise was a "promising" sign about the investors' belief in a stabilised future.

"This elevation is a good indication for the investors' trust in Egypt's situation, but forming a cabinet of 'proficient' ministers is much more important for the investors than assigning a new interim president," Fahmy said.

He said the cabinet is directly responsible for putting forward policies to facilitate the investors' work and for meeting peoples' aspirations to end their "indignation".

Fahmy also said that the security situation would be "much better" after ousting Morsi, and would therefore be another key reason for investors to come in.

"Fragile security affected the investors' turnout during Morsi's time, and it was out of the weak management of his loyal cabinet. I believe that all faults of the former regime will be avoided in the future," said Fahmy.

IANS

Source: IANS

 
Update
5

2 weeks ago

Sinai Jihadi Group Reportedly Pledges Allegiance to Islamic State

Nov 4 2014 11:26am CST | Source: Big Government

Ansar Bayt al-Maqdis (ABM), Egypt’s most dangerous Islamist entity, has reportedly thrown its weight behind the Islamic State (ISIS) terror group. A statement released by ABM read, “After entrusting Allah we decided to swear allegiance to the emir of the faithful Abu Bakr al-Baghdadi, caliph of the Muslims in Syria and Iraq and in other countries,” according to a Reuters report. Alleged statement swearing allegiance to the Islamic State (Reuters) Since the fall of Muslim Brot ...
Source: Big Government   Full article at: Big Government
 

 
Update
4

3 weeks ago

Egypt Requests Support in War against Jihadi Groups, Bans Hamas

Oct 27 2014 12:20pm CDT | Source: Big Government

Egypt has called upon its allies and the international community at large to help the country combat threats, both internally and externally, from terror groups such as Ansar Bayt al-Maqdis and Hamas. On Friday, an attack in one of Egypt’s sectors of the Sinai peninsula killed 31 Egyptian soldiers and wounded dozens more. The event prompted the Egyptian Foreign Ministry to ask allies for support in the country’s “fight against terrorism,” as battles continue to ignite between the current gover ...
Source: Big Government   Full article at: Big Government
 

 
Update
3

4 weeks ago

World View: Egypt in state of emergency after terrorist attack in Sinai

Oct 26 2014 9:49am CDT | Source: Big Government

This morning's key headlines from GenerationalDynamics.com: Egypt in state of emergency after terrorist attack in Sinai Sinai attack signals the end of Gaza peace agreement terms Hamas reports that it's resumed work on restoring tunnels used in Gaza war Egypt in state of emergency after terrorist attack in Sinai Egypt's president Abdel al-Fattah al-Sisi has declared a state of emergenc ...
Source: Big Government   Full article at: Big Government
 

 
Update
2

4 weeks ago

Egyptian Army Arrests Terror Leader in North Sinai

Oct 23 2014 9:06am CDT | Source: Big Government

The Egyptian Army arrested the leader of the U.S. designated terrorist organization Ansar Beit Al-Maqdis on Friday in North Sinai, reported Ahram Arabic news. Walid Attalah is suspected of orchestrating the RPG attack in North Sinai last Thursday that killed three Egyptian policemen and wounded seven.  Ahram Online quoted an official source saying, "Walid Attalah received Egyptian citizenship during the era of ousted president Mohamed Morsi ...
Source: Big Government   Full article at: Big Government
 

 

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