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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 CAIRO & ALEXANDRIA STOCK EXCHANGES Maged Shawky Sourial Chairman Our vision is to be the “Exchange of Choice” in the Middle East and North Africa (MENA) Region and as such we will spare no efforts to better serve our customers. In a year of mixed fortunes for markets, CASE has continued to reinforce and improve its position in terms of benchmark performance. Our core trading business has performed exceptionally well during a period of increasing competition among markets. CASE ranked top, compared to developed and emerging markets, tracked by Standard & Poor’s and Morgan Stanley indices. The well acclaimed magazine “Newsweek” pointed out that CASE was one of the top and best performing markets in the world. CASE market capitalization soared to US$ 93 billion during the year 2006 forming 80% of GDP, while value traded jumped to US$ 50 billion realizing around 79% increase over the previous year. The domestic market has seen significant growth in equities trading, which was mainly fuelled by the active participation of international and retail customers. Our vision is to be the “Exchange of Choice” in the Middle East and North Africa (MENA) Region and as such we will spare no efforts to better serve our customers. This year, we have worked on building and renewing our critical regulatory and infra structural platforms. Our commitment to develop a quality marketplace is indisputable. In line with our annual efforts, we released a set of new rules i.e. margin trading, intraday trading and some amendments in the listing rules. These measures were aimed at raising the responsibilities of intermediaries and facilitating mergers and acquisitions among issuers. These changes are important in continually improving the robustness of our marketplace. Furthermore, we have cemented our leadership in technology and driven ahead with an agreement with one of the key technology exchange companies worldwide, OMX Group, to establish a joint venture company in Cairo that will better serve the Egyptian, Middle Eastern and African capital markets. In the coming year, we plan to introduce new products such as Exchange Traded Funds. We will also be exploring new structured products and distribution channels for greater retail penetration. Furthermore, CASE will focus its coming efforts on encouraging new domestic and regional listings. By constructing a market of quality listed companies, we are in a position to greatly advance the reforms of the Egyptian economy. Moreover, CASE will continue its educational programs in collaboration with various universities in Egypt in order to enhance investor education. In its drive to be the major player in the MENA region, CASE also strives to be recognized globally. Consequently, CASE was the first Arab Exchange to be a member of the World Federation of Exchanges in 2005, which confirms the compliance of CASE to international standards. We would like to thank our members and customers for supporting our marketplace, and the employees at CASE for their hard work to achieve CASE vision. HISTORY AND DEVELOPMENT The Egyptian Stock Exchange is comprised of two exchanges: the Cairo and Alexandria Stock Exchanges (CASE), and is governed by the same board of directors that share the same trading, clearing and settlement systems. The Alexandria Stock Exchange was officially established in 1888 followed by Cairo in 1903. The two Exchanges were very active in the 1940s, when the Egyptian Stock Exchange ranked fifth in the world. Nevertheless, the central planning and socialist policies adopted in the mid-1950s led to the demise of activity on the Exchanges, which remained dormant throughout the period between 1961 and 1992. In 1990, the Egyptian government started an economic reform and restructuring program. The move toward a free-market economy has been remarkably swift and the process of deregulation and privatization has stimulated stock market activity. In mid-1997, the Exchange started its modernization plan that included an overhaul of its trading system, listing and membership rules, OTC trading and investor education. CASE aims to be one of the core financial centers in the Middle East North Africa (MENA) region, through the adoption of leading-edge technology, commitment to continuous improvement in its rules and regulations, the products and services it offers, and alliances forged with international markets. CASE is striving to strengthen its competitive position by embracing a strong customer orientation, offering timely and secure services to investors, members and market participants as well as promoting the confidence and understanding of investors of its operations. In short, fairness, efficiency and transparency constitute our ongoing vision and ultimate objectives. FUTURE OUTLOOK CASE is currently working on the following: • re-locating the Exchange to the Smart Village, being a main component of the regional financial center; • continuing commitment to best practices (conduct standards and integrity); • increasing diversity of offerings; • continuous reviewing of Listing and governance rules to ensure quality issuers on its main board; • introducing a new segment for SMEs and growing companies; • encouraging dual listings of blue chip companies; • introducing new trading mechanisms such as margin trading and short selling to further enhance market liquidity; • introducing Exchange Traded Funds and derivatives; and • spreading market awareness and investor education all over Egypt. PAGE 66
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 CAIRO & ALEXANDRIA STOCK EXCHANGES OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 3,220.90 153.38 754.39 35.92 Aug-06 3,709.55 161.28 852.40 37.06 Sep-06 2,717.61 135.88 660.12 33.01 Oct-06 2,906.79 161.49 506.70 28.15 Nov-06 3,421.08 155.50 893.99 40.64 Dec-06 5,241.66 262.08 889.04 44.45 TOTAL 21,217.59 171.60 4,556.65 36.54 Bonds Jul-06 84.68 4.03 0.75 0.04 Aug-06 84.76 3.69 0.57 0.02 Sep-06 48.16 2.41 0.44 0.02 Oct-06 30.52 1.70 0.17 0.01 Nov-06 224.30 10.20 1.30 0.06 Dec-06 56.70 2.83 0.42 0.02 TOTAL 529.12 4.14 3.64 0.03 Other Jul-06 140.72 6.70 66.69 3.18 Aug-06 163.73 7.12 104.52 4.54 Sep-06 168.50 8.42 102.15 5.11 Oct-06 159.33 8.85 86.09 4.71 Nov-06 523.87 23.81 155.99 7.09 Dec-06 207.28 10.36 196.84 9.84 TOTAL 1,363.43 10.88 711.04 5.75 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 74,314.81 5,674.44 Aug-06 80,253.22 6,232.75 Sep-06 84,631.52 6,444.93 Oct-06 85,628.25 6,609.54 Nov-06 87,135.97 6,560.74 Dec-06 93,354.12 6,973.00 CONTACT INFORMATION 6,000 5,000 4,000 3,000 2,000 1,000 0 7,000 100,000 6,000 90,000 80,000 5,000 70,000 4,000 60,000 50,000 3,000 40,000 2,000 30,000 1,000 20,000 10,000 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Ms. Nevine Mansour E-mail nmansour@egyptse.com Website www.egyptse.com PAGE 67
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