Stock Market News – Egypt Stock Exchange Reopens

Egypt’s stock market is set to reopen after a suspension of more than one month due to political turmoil, according to a governmental statement on Sunday.

The stock exchange has been shut down since Jan. 30, five days after the eruption of the nationwide anti-regime demonstration that toppled Hosni Mubarak’s 30-year ruling.

“The prime minister has presented proposed measures through the Egyptian Financial Supervisory Authority and the Egyptian exchange in preparation for a resumption of bourse trading,” said the statement.

Hundreds of investors demonstrated in front of the bourse headquarter on Sunday against the cabinet decision to reopen it on March 1, saying that there isn’t yet enough precautionary measures to protect the investments.

The trading activities of Egyptian stock market will be suspended again in case of any sharp decline, Siri Siyam, the president of bourse said.

The stock market saw a precipitous plunge on Jan. 27, the last trading day before it closed, when the main index EGX 30 dropped by more than 10 percent, loosing 70 billion Egyptian pounds (12 billion U.S. dollars) in 48 hours.

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