Egypt bourse suspends CIB shares after 10 percent fall on chairman’s exit

A file photo shows a policeman guards a branch of Commercial International Bank (CIB) on the outskirts of Cairo, Egypt November 13, 2016. (Reuters/Amr Abdallah Dalsh)

Shares in Egypt’s Commercial International Bank (CIB) plunged 10 percent at Sunday’s opening, and were suspended from trading for 10 minutes by the stock exchange, following the resignation on Friday of CIB chairman Hisham Ezz al-Arab.

CIB shares recovered after trading resumed following the suspension.

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Ezz al-Arab said on Friday he was stepping down with immediate effect under orders from the central bank, which cited compliance concerns at the Egyptian lender.

Shares in another 36 companies were briefly suspended from trading on Sunday after they fell by 5 percent.

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Last Update: Sunday, 25 October 2020 KSA 20:54 - GMT 17:54
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