Egypt Bourse Stays Shut as Cancellation of Trades Not Ruled Out
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The Egyptian Exchange, shut since Jan. 27 amid anti-government protests, has no legal grounds to cancel transactions that sent the EGX 100 Index tumbling on the last trading day though such a decision is possible, Chairman Khaled Seyam said.
“We’re not ruling anything out,” Seyam said in a telephone interview today. The bourse will remain closed until at least 48 hours after the nation’s banks open again for business, said Hisham Turk, the exchange’s spokesman. Lenders will stay shut for the rest of the week, state-run Nile News television reported yesterday.