Omran: New Closing Price Rules To come Into Effect On Oct 1st

The Egyptian Exchange Chairman Mohamed Omran said Sunday the new amendments on the closing price determinants at the bourse will come into effect on 01/10/2012. Omran also added that the Discovery Session will be back before the end of 2012.

In a phone call with Reuters, Omran was quoted as saying; “The amendments on the closing price determinants at EGX shall come into effect on October 1st.”

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. 

Worth mentioning, the new amendments aim to control the state of volatility in the EGX-listed stocks’ prices.

Referring to the pre-trading session for quoting stocks’ opening guide prices, Omran said; “ The Discovery Session will be reactivated before the end of this year.”