00:00 Mohamed Abdel Ahadi, CEO of Wathika, a financial paper company, joins us.
00:05 Welcome, Mohamed.
00:07 Your opinion, starting with the fact that today EGX30 exceeded 19,460 points in the intraday during this session.
00:15 We are always looking forward to see if there will be profit taking anytime soon.
00:20 We are always seeing that the trend is still rising.
00:23 What is your opinion on these levels and to what extent do you think it is still a good thing to buy at these historical and statistical levels?
00:32 First of all, welcome to all of you and to all the viewers.
00:37 EGX is celebrating today, every day, with other levels and highs in the 30 index.
00:46 Today, we recorded the EGX 30 index with 19,400 points.
00:54 This is the first point for the 30 index that has not reached since a long time.
01:01 Every session we achieve statistical figures.
01:05 We did not achieve statistical figures only in the 30 index, but we also achieved them in the head of the market capital of the EGX.
01:14 The head of the market capital of the EGX today is worth 1.3 trillion.
01:19 Today, the head of the market capital was worth 1.276 trillion.
01:24 This means that the EGX has won this week about 24 billion pounds.
01:31 This is the achievement of statistical figures in the head of the market capital and in the 30 index.
01:38 But I want to clarify that the trading bank and its high levels that the 30 index has achieved,
01:47 the prices of the stocks did not meet the same highs as the 30 index.
01:52 Therefore, some stocks did not achieve the high levels that we call the index has reached up to 19,400.
02:01 But I want to tell you something, as long as the fixed standards, as long as the high levels exist,
02:08 and the main standard is that the Egyptian state has a very large financial bubble of dollars.
02:15 Therefore, its most important principle is to activate the government's proposals.
02:22 We witnessed this week the activation of the Eastern proposal for the price of $ 625 million.
02:30 Therefore, the value of the share in the stock market was 18 to 20 pounds.
02:36 The deal was implemented at 28 pounds.
02:39 So the prices of the Egyptian stock market are completely reduced.
02:42 I see in the coming period that the general indicator of the Egyptian stock market will achieve highs of 19,400.
02:50 What is the trick and what is the goal?
02:52 Today we saw the Egyptian stock market for communications.
02:54 We see it in very consecutive highs, in several sessions.
03:00 During the previous period, the Prime Minister announced that he had implemented
03:04 approximately $ 1.9 billion in the proposal program.
03:09 And he announced in his speech to CNBC Arabia, by the way,
03:14 that the fixed companies will not be approved unless according to the law 95 to 92,
03:21 unless according to the program that opens the companies.
03:24 We see that the companies in the coming period will announce the activation of the proposal program for the companies.
03:31 And it is very clear that the Egyptian government will continue to announce.
03:35 Let me stop with you, Mr. Mohamed, at this point.
03:37 The issue of activating the initial proposals depends on two things.
03:42 The first thing is to see if there will be another reduction for the Egyptian pound before the end of the year.
03:48 And this is also related to the review of the International Monetary Fund.
03:52 Let's start with the review.
03:53 The review is supposed to be in the middle of September.
03:55 So far, government officials in Egypt are saying that the date for the experts to come from the International Monetary Fund
04:02 and conduct this review has not been set.
04:04 Do you think that this review will be postponed?
04:08 And is it postponed?
04:09 Does it mean that we will witness a devaluation or reduction in the Egyptian pound
04:14 before we see this shipment and reach Egypt?
04:17 I want to tell you that I fully support that the review will not take place on September 15.
04:25 Especially since this is the second review.
04:28 There was a review in March.
04:30 It was postponed.
04:32 And there is a review that was supposed to be in September.
04:37 And I see that the Egyptian state is currently looking for a lot of solutions outside the International Monetary Fund.
04:47 This means that the International Monetary Fund is looking for a number of basic criteria.
04:54 First, to reduce the Egyptian pound.
04:58 Second, to implement government proposals or sell state-owned assets.
05:03 We have noticed that the Minister of Finance is currently looking for other sources of funding.
05:09 The oil and gas industry was sold.
05:11 Egyptian assets worth $9.1 billion were sold.
05:16 When the Egyptian state reduces the Egyptian pound, it puts millions of citizens under the poverty line.
05:23 The President said during the previous period that the review will not be postponed during the coming period.
05:31 Therefore, we are in a period of collecting dollar resources outside the International Monetary Fund.
05:39 What the Minister of Finance said during an interview with CNBC Arabia,
05:42 he said that they are looking for a foreign fund worth $2 billion, not the proposal program.
05:48 He talked about Samurai funds and Panda funds.
05:52 So, how much will this collection of these resources be enough to compensate for the fact that there is another reduction of the Egyptian pound?
06:02 The Egyptian state is currently looking for a lot of dollar resources outside the International Monetary Fund.
06:12 I believe that the meeting will not be held until September 15.
06:18 As you said, the inflation rate in Egypt has reached 37.1%.
06:29 As an Egyptian state, I will look for a new reduction of the Egyptian pound.
06:35 The inflation rate will increase by 100%.
06:37 It was not 100%.
06:39 I apologize, but the time is up.
06:44 Thank you very much, Mr. Mohamed Abdelhadi, Director General of the Wathiqa Company for the circulation of financial documents.
