Egypt end week in red, benchmark EGX 30 drops 0.56%    Egypt's stocks close in red on Tuesday as benchmark EGX 30 falls 0.72%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







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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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