The Egyptian Exchange Cancels Some Precautionary Measures and Modifies Trading Hours

In accordance to the developments taking place in the Egyptian stock market, market stability and trading rates returning to its normal levels, the Egyptian Exchange (EGX) decided (after coordinating with EFSA) to cancel some precautionary measures that were adopted after the revolution of January 2011.

The market will be back to Price Discovery Session starting from August 7, 2014.  Price limits for the main market will be10% and NILEX 5%.

EGX also modified trading to be 4:30 hours. Trading session will start from 10:00 am and ends at 2: 30 pm right after the holy month of Ramadan.
 
Dr. Mohammad Omran, EGX Chairman, stated that the recent stability helped us to cancel a number of precautionary measures adopted after the revolution of 2011.   The price discovery session will be has been updated with many amendments to truly reflect any development may occur since the closing of the previous day’s trading session. 
 
Dr. Omran said that these changes gives a clear message to investors that the Egyptian stock market has recovered from the events of recent years, and the situation in Egypt has returned to normal.  He added that acquisitions by foreign investors on Egyptian companies have risen significantly in recent months as well as Morgan Stanley announced keeping EGX in the emerging markets index, confirming the return of foreign investor appetite for the promising Egyptian market again.