Egypt Bourse May Remove Precautionary Measures after Presidential Polls; Omran

The Egyptian Exchange (EGX) is unlikely to remove the remaining precautionary measures applied by the bourse since March 2011, said chairman Dr. Mohamed Omran on Tuesday.

“It is still early to think of taking such a move that should follow the completion of presidential and parliamentary elections,” Omran told state-owned agency MENA.

The top official added that most precautionary measures taken in March 2011 were ended, and what remains are the pre-opening session and price limits on indices and stocks, which will be cancelled following the political milestones.

The Chairman also indicated that EGX is regularly studying the market performance and movement and agreed with the market’s financial regulator, the Egyptian Financial Supervisory Authority (EFSA) to continue the precautionary steps during the current period.

Omran denied removing price limits from the Nile Stock Exchange (NILEX) stocks. He stressed that price limits will be canceled and thus the price range will be raised from 5% to 10%, while price ranges for active stocks will be raised to 20% from 10%.

Omran also said the securities listing committee approved on Monday the listing of Arabian Cement Co. with EGP 756 milloin capital.

The EGX board endorsed on Monday the executive regulations for ETFs, market maker, as well as rules for sizeable transactions on listed securities.

According to the bourse’s statement, the decisions will be submitted to the Egyptian Financial Supervisory Authority for endorsement.