Egypt’s bourse stops trading suspension in case of indices hike

CAIRO – 24 March 2020: The board of directors of the Egyptian Stock Exchange (EGX) cancelled Monday a mechanism to temporary suspend trading in case of the hike of the indices.

This decision comes in line with the global stock markets as EGX made a study of international markets and reviewing a report of the World Federation of Exchanges (WFE) studying markets reactions to severe market fluctuations.

The bourse added that the temporary pause of trading will only be imposed when the indexes go down.

According to previous rules, trading is suspended for 30 minutes when Egypt's broader index EGX100 goes up or down by more than 5 percent.

On Monday, EGX continued its uptrend for the third session responding to the Central Bank support by LE 20 billion. Market capitalization gained LE 16.47 billion, amid Egyptian purchases.

The benchmark EGX 30 rose 3.04 percent, EGX 50 climbed 4.34 percent, EGX 70 increased 4.01 percent, and the broader index EGX 100 jumped 4.32 percent.