Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    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    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.



Egypt mulls gradual removal of circuit breakers as market ends positively
Published in Daily News Egypt on 29 - 03 - 2011

CAIRO: Egypt's EGX 30 index was up by 3.01 percent at the close of trading Tuesday, registering 5,409 points after opening at 5251.3.
Egypt's broad EGX 100 index also ended in the green, closing up by 2.47 percent.
Selling was dominated by non-Arab foreigners and Arabs while Egyptians dominated the buying of stocks.
Acting bourse Chief Mohamed Abdel Salam said in press conference Tuesday that protective regulations governing Egypt's stock exchange may be removed within the next few days.
The exchange had reduced trading hours and enforced circuit breakers and down-limits on stocks as protective measures after the bourse had been closed for nearly two months.
“We have a meeting today with the Egyptian Financial Supervisory Authority and we will make the final decision about reducing circuit breakers. Maybe we will not stop them all at once, but things will get back to normal step by step,” he said.
He explained that the bourse did not fully recover from the negative effects of the previous period, and pointed out that the 10 percent circuit breaker which halts trading for an arbitrary period was never used. He had previously said that the market will not close again.
“We only use the 5 percent regulations which call on the bourse to close for 30 minutes on the first day when the bourse fell 5 percent and another two days when it increased 5 percent,” he said.
Abdel Salam said that the reason for the bourse's better performance is the confidence investors in the Egyptian market and the stocks listed, the positive message relayed in the media in last two weeks and the brokers who, according to him, dealt well with the panic of investors.
Lisa Anderson, president of the American University in Cairo (AUC), was invited as a guest in the opening of the session; along with Sherif Kamel, the dean of the school of business and some students who were allowed to ask the bourse chief questions.
Anderson said that she was very enthusiastic about the reopening of the stock market and its positive performance as this would create more opportunities for investors in Egypt in general and more opportunities for research about financial markets, in which AUC could contribute through its students and faculty.
Maha Gaber, a finance student at AUC who asked the bourse chief about short-selling regulations and why they have not yet been introduced to the market said she was optimistic after Abdel Salam assured her that the bourse is ready for such regulations which would be introduced soon, “when the time is right.”
Gaber added that the reforms and decisions regarding new regulations were slow due to “bureaucracy in the old government,” but hopes that the new government will be “more rapid” in making these decisions in the future.


Clic here to read the story from its source.