Egypt's CIBC leads brokerage ranking in October with 9.7% market share
The Commercial International Brokerage Company (CIBC) has acquired the lead for brokerage ranking on the Egyptian Exchange (EGX) during October.
The companys newly acquired top status comes after it gained a 9.7% market share of total transactions, with a trading value of EGP 5.58bn.
The Financial Brokerage Group came in second, retreating by one place from September, with a trading value of EGP 4.27bn, executed on about 264.1m securities. It held a 7.4% market share in October.
Moreover, Hermes Securities Brokerage advanced one position to fall in third place, with a market share of 6.4%, and transactions amounting to EGP 3.66bn through the implementation of 115,700 operations on about 1.14bn securities.
EgyTrend Brokerage made the largest jump among brokerage firms in October, advancing 123 places to fourth, with a market share of 4.7% and a trading value of EGP 2.68bn.
Pioneers Securities maintained its fifth place for the second consecutive month, with transactions amounting to EGP 2.57bn. It held a 4.5% market share through the implementation of 99,140 transactions.
Amer Abdel Qader, Managing Director of Pioneers, said that the company had focused since the beginning of the year on individual transactions. It acquired the largest percentage of the market, noting that the company maintained the description of arranging individual transactions.
He added that the company has also taken great interest in corporate dealings, as well as online transactions, due to the customers tendency to apply social distancing due to the novel coronavirus (COVID-19) pandemic.
In the sixth place, Naeem Brokerage came in five places higher than last month, with a market share of 3.8%, and transactions worth EGP 2.17bn. It was followed by Beltone Securities Brokerage in seventh place, with transactions amounting to EGP 1.99bn and a market share of 3.5%.
Osama Gamal, Managing Director of Naeem Brokerage, said that the company aims to maintain its ranking among the top league during the November transactions, in addition to working to achieve profitability during the current year.
He explained that the company had taken over a number of operations outside the cabin (OTC), the last of which was the implementation of the deal to buy Bahrain-based Ahli United Bank on its unit in Egypt with a value of EGP 913m.