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Egypt bourse could resume normal trade hours - agency - ASHARQ AL-AWSAT English Archive
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CAIRO, (Reuters) – Egypt’s stock market could resume normal four-hour trading this week following talks to cancel emergency procedures, state news agency MENA cited an official as saying on Saturday.

Egypt’s benchmark index fell to its lowest level in nearly two years on Thursday, the second day of trade since political turmoil closed the bourse for more than seven weeks. However, the broad index reversed its decline and closed higher at 0.9 percent.

“There should be a cancellation of the exceptional procedures that have been applied upon the resumption of trading on the stock exchange last Wednesday, which aimed at stabilising the market,” Mohamed Abdel Salam, chairman of the bourse, was quoted as saying.

“There are talks with the Egyptian Financial Supervisory Authority (EFSA) to announce the cancellation of these procedures on Sunday … one of these procedures include the return of the trading session to four hours instead of three,” MENA quoted Abdel Salam as saying.

The cancellation would also revive over-the-counter (OTC) trading procedures, MENA reported.

The government has been reluctant to restart normal trade until compensation was arranged for small investors caught out by falling share prices and safeguards put in place to prevent anyone under investigation from shifting funds abroad.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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