EGX demands listed companies to disclose their financial and operational position

The Egyptian Exchange management has requested from the listed companies to reveal the latest financial and operational position and if there is any undisclosed material events resulted in the recent movements in shares prices, according to statement issued by Egyptian Exchange on Sunday .
The management aims by this action to give a clear and objective picture of the actual situation of the listed companies and their updated financial indicators after the downturn that hit the international stock exchanges over the past week, the statement explained. 
In line with this, Mohammed Omran, EGX Chairman noted: "We have a clear policy to leave the market operating according to the supply and demand mechanism."
"Moreover, we have a commitment towards investors to clarify the complete picture of all the information with a greater degree of transparency and disclosure of the real situation of the companies," he added .
Omran pointed out that "this should allow investors to take their investment decisions objectively without the influence of any incidental emotion."
He continued: “Thus, EGX decided to request from all listed companies to issue a detailed statement that discloses their latest financial and operational indicators and EGX will publish them of the trading screens as well as EGX website."
Omran added: "We know that there is a psychological impact on the investor due to the case of the decline which hit the international markets over the past week. Yet, the investor should have an objective vision on the performance of companies that he or she invests in to make sure of the probability of the existence of such effects on the domestic market."
International reports had warned of the possibility of a slowdown in global economic growth, which consequently drove the international stock markets to the down trend. This downtrend affected the Arab markets as well as the Egyptian Exchange.

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