4.25 AM Monday, 22 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:29 05:47 12:20 15:47 18:48 20:06
22 April 2024

This beggar's stock portfolio is worth Dh211,000

By Staff

A broker in Egypt was shocked when a beggar approached his car at a traffic signal.

He was taken aback because the ‘poor’ man was actually his client at the brokerage firm where he was employed.

The ‘beggar’ used to make a weekly deposit of up to 10,000 pounds, according to the report in Middle East News Agency (MENA).

The totalvalue of that beggar’s portfolio who was a regular investor in the Egyptian stockmarket through the brokerage firm was more than 400,000 pounds.

The employee, who requested anonymity, told the MENA that the beggar was about 60 years old and he used to deposit money frequently and sometimes up to even three times a week.

Every time he would deposit anywhere between 2,000 to 3,000 pounds, the broker confessed.

He added that the man was usually dressed in tattered clothes when he went to the firm to deposit his money, but nobody paid much attention to his attire.

However, he added, no one suspected him to be a beggar either, especially as the value of his portfolio was worth about half-a-million pounds.

The broker also revealed that the beggar had lost half of his investment within the past few years as the movements of his portfolio are usually not well thought out.

He added that the faulty decisions had led to the loss of more than 70% of what his portfolio was worth earlier.

However, the beggar still invests in the stockmarket and deposits cash every few days and his portfolio was looking healthier than before.