Monday, March 21, 2011

Egypt Stock Exchange, Closed for Seven Weeks Amid Unrest

Egypt’s stock exchange, which has been closed for more than seven weeks, will open on March 23, government spokesman Magdi Rady said in Cairo today.

Egyptian Prime Minister Essam Sharaf asked Mohamed Abdel Salam, the head of the state-run clearing house, to supervise the stock exchange for six months, the Cabinet said in a statement. Abdel Salam will continue with his job at the clearing house and will take over the running of the stock exchange from today, the Cabinet said.

“This decision comes after all necessary measures have been taken to ensure the safe opening and smooth trading of the bourse,” the Cabinet said in a second statement.

The stock market has been closed since the end of trading Jan. 27 after the benchmark EGX 30 Index plunged 16 percent that week amid the uprising that toppled President Hosni Mubarak.

Changes being sought by citizens in the Middle East will be good for the markets there, investor Mark Mobius said today in an interview with Bloomberg Television. Egypt offers opportunities for investors and telecommunications and construction companies may be worth buying in the region, he said.

(source:bloomberg.com)

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