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Reopening of Egyptian stock exchange delayed

Reopening of Egyptian stock exchange delayed

The reopening of the Egyptian stock market continues to be delayed, the state-run news agency MENA has reported. Trading had been anticipated to resume on Tues however the exchange is now due to reopen on Sunday, 6 March, MENA said.

The exchange has been closed for more than a month in the wake of anti-government protests. Trading was suspended on 27 Jan following the benchmark Egyptian index saw heavy falls amid investor concerns about the unrest.

If the index falls by 6% or more then trading is halted for the session. MENA said trading would resume on Sunday "in order to allow investors to profit from the backing of the government to guarantee the bourse's stability".

Some investors have demanded that trades created on the last 2 days of business on 26 and 27 January - when shares tumbled - ought to be cancelled. About 100 investors demonstrated in front of the Cairo stock market on Sunday.

However the head of the exchange has rejected the calls. "The public prosecutor has assured that there was no manipulating in the last week of trading [on the Egyptian bourse]," Khaled Serry Seyam said.

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