Mohamed Omran, Chairman of the Financial Regulatory Authority (FRA) issued a decision to set the maximum trading limit in the Egyptian stock exchange (EGX) for dealers under 21 years of age at EGP 10,000.
The decision also prohibits marginal purchases or securities’ borrowing for traders between the age of 16-21, according to a statement issued on Sunday.
Omran said that the determination of the maximum trading value came in light of the statistics presented by the competent departments of the authority, which showed that the number of listed dealers on the EGX reaches about 383,00, of whom 337,00 or 88% own portfolios worth EGP 3.4 billion with an average value of EGP 10,000 per wallet.
Moreover, statistics show that 56% or nearly 215,000 dealers own portfolios of less than EGP 5,000, with an average of EGP 1,220 per wallet.
He mentioned that two-thirds of the traders, or 253,000, have portfolios of less than EGP EGP 10,000 with a total value of EGP 540 million, and an average of EGP 2,140 Egyptian per wallet.
On the other hand, statistics show that there are 2,280 traders, who own about EGP 571 billion, with an average of EGP 250,000 million for the wallet.