Saudi Aramco’s initial public offering (IPO) is forecasted to positively affect Egypt’s petrochemicals sector, Egyptian stock exchange expert Hanan Ramsis told Russia Today.
Ramsis confirmed that the IPO will directly affect the petrochemicals sector and help it recover from the recent setbacks. Since Egypt is currently recording the highest rise in its petrochemical sector, Egypt is bound to be affected.
She further said that if Armaco entered the Egyptian market, this giant offering will inevitably benefit capital gains.
The expert stressed that the strategic return of the petrochemical sector will support investments in Egypt, as it had the largest share of gains in the Egyptian stock market. Moreover, Aramco’s potential offering in the London and New York stock exchanges positively affects buyers’ psychology, she said.