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Thursday, 24 October 2019

Egypt’s bourse suspends trading for the first time in three years

Doaa A.Moneim , Sunday 22 Sep 2019
stock exchange
File Photo: A general view of the Egyptian stock exchange in Cairo (Photo: Reuters)
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For the first time since 2016, Egypt’s stock exchange suspended trading for 30 minutes on Sunday after the EGX 100 index fell by 5 percent, according to Egypt’s bourse data.
 
Head of the technical and financial analysis unit at Ideal Ratings Ahmed El-Maabady told Ahram Online that the EGX has been affected by the international stock market performance in recent days, which is being driven by global economic tensions.
 
“The recent calls for demonstrations in Egypt have also cast a shadow over the EGX performance and contributed to the decision by the bourse chairman to suspend the trading session on Sunday, and it may be cancelled if the EGX 100 drops 10 percent or more,” El-Maabady explained.
 
El-Maabady added that the main indexes EGX 30 and EGX 100 had already been on a downward trend for six months, as investors opted to liquidate their shares in the EGX to invest in real estate, a traditional save haven for their money in times of instability in the financial market.
 
“I expect that this situation could continue to 2020, since a better EGX performance depends on the improved stability of the global stock markets,” he said.
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