Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    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    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Stock exchange head says was not pressured to resume trading
Published in Daily News Egypt on 01 - 03 - 2011

CAIRO: Khaled Serry Siam, chairman of the Egyptian Stock Exchange, said in a press conference Monday that the decision to resume trading was taken by him as well as the head of the Egyptian Financial Supervisory Authority (EFSA) after a meeting with Prime Minister Ahmed Shafiq Sunday.
Siam said that he had asked Shafiq for political support and for him to do everything in his power to urge investors to invest all they can in the market and help the economy.
He added that all the different viewpoints of all the stakeholders regarding the stock market's opening, as well as all of the risks involved, were conveyed to the Prime Minister and all relevant stakeholders including an International Advisory Board.
Egypt's stock exchange has been closed for a month and is scheduled to reopen Tuesday.
During the meeting with Shafiq, the resignation of Ziad Bahaa Eldin, formerly the head of EFSA, was discussed as well as his new role as the head of a committee to formulate conflict of interest policies.
“We need a law for conflict of interest, not only on the ministerial level but for any public servant and if this law were in place in the beginning we would not have had all these cases of fraud and corruption,” Siam said.
He urged the media present to take heed of the saying “all those accused are innocent until proven guilty” describing the ongoing onslaught of rumors surrounding various public figures as detrimental to confidence of investors in the stock market.
Siam outlined EFSA's new rules and regulations that were announced earlier this week which aim to reduce sharp fluctuations in prices at the start of trading, and insuring that all measures are taken to prevent transactions for those individuals whose assets have been legally frozen by the Prosecutor General.
Regarding fraud and corruption charges, Siam said that they have been working very closely with the Prosecutor General's office.
“Since day one we have been in touch with the Prosecutor General and we have been taking immediate action in freezing the trading of those individuals, and we have even asked the Prosecutor General not to make any sentences public during the trading session and to restrict any statements to before and after trading as a security measure,” he said.
To help small investors, Siam announced a LE 250 million fund was created to support investors who were most affected by the fall in the stock market, which fell by 16 percent in the two days before it was closed.
Small Investor Associations who were present criticized Siam and the authorities for not doing enough to protect them. They questioned his affiliation to the National Democratic Party and accused him of being just “a puppet for the regime.”
The associations suggested that more funds should be made available and that there are more funds at the disposal of the bourse's chief and the head of EFSA that are not being utilized to protect the small investors whose assets have been financially jeopardized by the drop in markets.
They accused Siam of taking the decision to resume trading in favor of the larger investors, and said that the bourse should not open until more transparency is realized in terms of corruption and fraud in the boards of various companies.
Security personnel asked the association's representatives to leave after they repeatedly interrupted proceedings. Both sides then clashed verbally leading to some pushing and shoving. Siam left the hall but was quickly followed by members of the press and the associations who convinced him to return and promised that they would listen to his remarks.
Siam returned to the conference and explained that all measures that could have been taken to protect all types of investors in the market were taken and that there is nothing more he could do at the present time.
Those investors who had been on the margin, or through credit facilities, would be supported by the fund which Siam announced will be doubled after a meeting with brokerage firms which was scheduled for later in the day.


Clic here to read the story from its source.