Egyptian treasury bonds control exchanges on bourse
Treasury bonds continue to be the major player on the Egyptian Securities Market, according to London based Al-Hayat daily. In recent weeks, treasury bonds accounted for 66 to 70 percent of all exchanges on the local bourse.
Although private sector bonds offered larger yields compared with the treasury bonds, the latter nonetheless accounted for much of the demand by the public. Investors even preferred treasury bonds to new attractive recently-issued private bonds by companies such as Mobinil, Orascom and Lakah Group.
The Egyptian bonds market was valued at 19 billion Egyptian pounds ($4.8 million) by the end of last April. This figure includes EP 4.561 billion worth of corporate bonds.
Apparently, difficulties facing Egyptian stocks have made their way to the bonds market as well. –(MENA Report)
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