CAIRO - Egypt's stock exchange, closed since Jan. 27 because of the protests that ousted President Hosni Mubarak, has decided to delay trade from Tuesday to Sunday, an official from the bourse said Monday night.
Dozens of investors gathered Monday morning at the premises of the Egyptian Stock Market to protest a decision to reopen it Tuesday. The marke has been closed since January 27 due to massive protests against the Mubarak regime.
They renewed appeals to the Supreme Council of the Armed Forces, in charge of Egypt’s affairs since Mubarak stepped down on February 11, to call off the re-opening decision.
Protesters Monday said that no adequate measures had been taken by the Stock Exchange or the Egyptian Financial Supervisory Authority (EFSA) to secure stability of trading at the market.
“The decision of resuming trading at present will lead the stocks to collapse and losses will be aggravated,” investor Khalid Adnan.
“Dozens of reports, (submitted to the prosecution) against several businessmen and former officials accusing them of corruption and profiteering, have not yet been handled,” he added
Pointeing to the people gathering outside the Stock building in central Cairo, he said that many of them had shares worth millions and “resuming trading before investigations will open the door for huge selling and many would escape with their money”.
Adnan urged extension of closing the Stock Exchange until the “situation is clear” and the results of the trading that took place on January 26 and 27 are announced.
Protesters also raised placards calling for setting up a “sovereign fund” to support perforemance at the Stock Exchange and protect it against the expected sellings by tainted businessmen.
The exchange last week decided to reduce trading hours to three, with trading on margin, or credit, suspended. Any move of 10% or more will trigger a circuit breaker and halt trading in the issue for the rest of the session.
