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Egypt bourse to restore same-day trading: EFSA head
Same-day trading will resume at Egypt's stock exchange in October, says head of Egyptian Financial Supervisory Authority (EFSA) Ashraf El-Sharqawy
Ahram Online Published in Ahram Online on 24 - 09 - 2012

Same-day trading will return to the Egyptian Stock Exchange in October, Ashraf El-Sharqawy, head of the Egyptian Financial Supervisory Authority (EFSA), told Reuters on Monday.
Trading Settlement in Egypt's stock market is currently undertaken using a T+1 system for government bonds and a T+2 system for all other securities.
As for removing price fluctuation caps, EFSA will not study such a proposal until the practice of pre-session 'exploratory trading' is restored, El-Sharqawy said at an investment conference organised by investment bank Beltone Financial.
A 10 per cent price-movement cap on traded shares is currently in place in Egypt's stock exchange.
Bourse Chairman Mohamed Omran said earlier in September that pre-session 'exploratory trading,' used to determine stocks' opening prices, would be reinstated by the end of the year.
The practice of exploratory trading was cancelled in March of 2011, when the exchange reopened after seven weeks of closure following Egypt's Tahrir Square uprising.
Egypt's exchange has seen a whopping 61 per cent rise since the start of 2012, with its benchmark EGX30 index reaching its highest levels since January of last year. Trading volumes, which have plummeted on the back of Egypt's uncertain political and economic prospects, have also almost reached their pre-uprising levels.
In another attempt to help boost trading, new measures governing stocks' closing prices are expected to be introduced in October.
The new regulations will stipulate that the amount of shares whose average price is used to determine the closing price of any given share must be equivalent to at least 0.5 per cent of the stock's average daily turnover over three months. The stocks in question must also be valued at over LE10,000.
Closing prices of Egypt-listed stocks are currently calculated using a weighted daily average of all the market's trade operations, regardless of the volume traded in the share itself.
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