Egypt's Financial Supervisory Authority has issued new measures to avert deep fluctuations in the stock market when it reopens, including reduced trading hours, MENA state news agency said Tuesday. The trading session at the Egyptian Exchange has been reduced to three hours instead of four, between 10:30 am (0830 GMT) and 01:30 pm (1130 GMT), when the market reopens on Sunday after a two-week close.
A pre-opening session has been suspended, EFSA said. It also said current price limits will remain effective but trading of a share would be suspended for 30 minutes if its value changes 10 percent, while its price would be fixed until the end of trading if it moves by 20 percent.
The Cairo bourse closed down 10 percent on the day on January 27, after 70 billion Egyptian pounds (11.9 billion dollars) was wiped off shares in 48 hours, and authorities initially decided to keep it shut until January 30.