EGX Chairman: Discovery Session Returns On November 1

The Egyptian Exchange Chairman Mohamed Omran said Thursday the Discovery Session (pre-trading session) will be re-activated next November.

Omran added that the EGX is holding experimental sessions preparing for its return. Holding the experiments comes after obtaining the Egyptian Financial Supervisory Authority (EFSA)’s approvals, he said.

Moreover , Omran noted that the Egyptian bourse is preparing for making some major changes in the capital market, particularly applying the new amendments on the closing price determinants of the stock on 01/10/2012.

Under the new amendments, the amount of shares whose average determines the closing price must be equivalent to at least 0.5 per cent of the stock’s average daily turnover over three months. The stocks must also be valued at over EGP 10,000 or its equivalent in foreign currency.

Elsewhere, Omran has ruled out the possibility of canceling the pre-cautionary measures within this year. It is up to the EFSA to set the time for canceling such measures since it had put those measures earlier after 25th January revolution, he added.