MARKET INFORMATION
Egyptian Stock Exchange (EGX)
http://www.egx.com.eg/

Trading Hours

Pre-opening session

08:30 – 10:00

(random cut off time from 09:50 till 10:00)

Continuous Trading

10:00 – 14:15

Closing Auction

14:15 - 14:30

Official Closing Price

 Matched price in the closing auction or VWAP of last 30 mins
traded (Moving VWAP)

Time Zone

Winter: GMT+2
Summer: GMT+3

Trading Days

Sunday – Thursday

Trading Currency

Egyptian Pound (EGP) and US Dollar for certain stocks

 

 

 

 

Main Indices

1) Egyptian Exchange EGX 30 Price Index includes the top 30 companies in terms of liquidity & activity. It’s a free-float capitalized weighted index.

Reuters code

.EGX30

Bloomberg code

EGX100EW

2) Egyptian Exchange EGX 70 Price Index (EGX70) tracks the performance of the 70 most active companies after excluding the constituents of EGX30

Reuters code

.EGX70EWI

Bloomberg code

EGX70EWI

3) EGX100 Index tracks the performance of the 100 most active companies. It includes the constituents of EGX30 & 70 combined.

Reuters code

.EGX100EWI

Bloomberg code

EGX100EWI

Exchange Code

Reuters

CA

Bloomberg

EY

Trading ID/ Trading Requirements

Unified Code

Settlement Cycle

T+2

Current Index Status

MSCI EM - FTSE EM

GDR

GDR listing is allowed, few stocks are already listed.

Market Cap

USD 55.7bn
Average Daily Value Traded
YearAVG VALUE TRADED
2022 $70.1mn
2023 $84.7mn
MARKET DYNAMICS

Stock Limit
Up/Down

+/-20% from previous close. Open/Closing auction matching price criteria is +/-10% from the MVWAP of last EGP300k traded OR 0.5% of ADVT in the last 3 months 

Tick
Size

* EGP/USD 0.01 for stocks priced at 2.00 or higher.

* EGP/USD 0.001 for stocks priced below 2.00

Market/ Stock
Suspension

1) If a stock’s MVWAP moves 10% from previous close, it gets suspended for 10 mins then it will resume trading to the permitted ceiling/floor.

2) If EGX100 reaches -10%, trading on all stocks gets suspended for 30 mins. If EGX100 moves a further -10% on the day, the bourse gets suspended for a period specified by the head of exchange.

 

Closing
Auction

14:15 – 14:25
any changes are possible
14:23 – 14:25 Random
14:25 – 14:30
Trading At Last

Board Lot

No board Lots

Crosses

Crossing can be done in market spread during the regular trading hours

Off- Market
Crosses

1) Trading hours: 9:15-9:30
2) Value of the trade should either be no less than EGP10mn or at least 1% of a company’s outstanding shares, with a minimum of EGP500K per ticket.

Official
Closing Price

Matched price in the closing auction or VWAP of last 30 mins traded (Moving VWAP)

Iceberg
Orders

Not available

Client Account Structure

Shares must be blocked by the local broker via client’s custodian to undertake any sale order Omnibus trading is available, client need to establish via client’s custodian

MARKET REGULATIONS
Foreign Ownership Restriction
Foreign investors may own up to 100% of any stock; however, they are restricted from trading on Sinai Cement (SCEM) and Sharm Dreams (SDTI).
Disclosure Rules
At 5% ownership and its multiples (for non-board members), the disclosure should be submitted after execution. At 20% ownership or above, the shareholder is considered a major shareholder and is then requested to disclose prior to trading. In the case of reaching 33% ownership, shareholders are allowed to buy up to 2% annually or submit a mandatory tender offer (please refer to Chapter 12 of the Capital Market Law for details). Before reaching a 10% ownership of any listed bank, the Central Bank approval must be obtained. Additionally, in case the shareholder is a board member, then a disclosure is required prior to any execution and post execution at 3% ownership and its multiples.
Securities Lending
Not permitted
Short selling
Permitted but with complicated terms
Crossing Restrictions
Same NIN crossing is not permitted
Timeline for New NIN Setup
T+0
Failing Trades
Sales: Subject to a buy-in on T+5. Also incurring 50 BPs penalty fees per day
from T+1 until settled or bought in. Buy-ins are mandatory and undertaken on
the main market

Purchases: subject to interest claims from T+3 onwards as funding obligation
passes from client to broker. No deadline for closing the position
MARKET FEES & TAXES
Market Fees 3.0 bps Capital gain tax Suspended
Withholding Tax None Dividend Tax 10%
Stamp Duty Tax 12.50 bps