MARKETS

Egypt stock market set to reopen for reduced hours after Cairo violence

Egypt’s bourse is set to re-open for three hours today after days of deadly clashes on the streets amid political violence. (File photo: AFP)

Egypt’s stock market is due to re-open today after days of violent clashes in the country in which 750 people have reportedly been killed.

The Cairo bourse will open for three hours instead of four, the state news agency said, after trading was suspended on Thursday in the wake of the bloody crackdown.

“The decision was taken due to the events the state is witnessing,” the MENA agency said quoted the chairman of the Egyptian Financial Services Authority, Sherif Sami, as saying, according to Reuters.

Thursday’s closure marked the first time the stock exchanged had closed on a normal trading day since the January 2011 revolution in which former President Hosni Mubarak was ousted, when trading was suspended for almost two months.

Egypt’s shares plummeted by the most in the world during Wednesday’s clashes. The country’s EGX30 index slid 1.7 percent, the steepest drop since July 8, according to Bloomberg data. Shares fell in all but two companies listed on the Cairo exchange.

Egyptian banks, which have been closed since Wednesday, are scheduled to re-open today from 9am (7am GMT) to 12 noon (10am GMT), the central bank said on Saturday, according to Reuters.

Fresh demonstrations have been planned by Muslim Brotherhood anti-coup protesters on Sunday, in defiance of an intensifying crackdown that has led to the deaths of more than 750 people in the past four days of violence, according to AFP.

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Last Update: Sunday, 18 August 2013 KSA 09:37 - GMT 06:37
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