The Egyptian stock market (EGX 30) administration will reopen at the start of next week, rather than on Wednesday as originally planned. Chairman of the Egyptian Stock Exchange Khaled Serry Seyam attributed the further suspension to irregular work in banks. Protests staged at a number of banks have raised fears that the bourse may be negatively affected. The decision was made after discussion with the Egyptian Financial Supervisory Authority (EFSA) and other relevant parties, Seyam said in a press release. The Egyptian bourse has been closed since 31 January due to a wave of nationwide protests which started on 25 January leading to the ouster of former President Hosni Mubarak's regime. Two days after the protests started, share prices dropped by 16 percent. The EXG 30 administration decided on Saturday to resume trading on Wednesday. Seyam also announced on Sunday the suspension of money transfers by ministers, officials and businessmen who have been banned from traveling outside Egypt, and who have had their assets frozen. They wil not be allowed to sell any shares until a further decision is made by the public prosecution.
