- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:25 05:43 12:19 15:46 18:50 20:09
A trader reacts during the re-opening session of the Egyptian stock market in Cairo, Egypt, on March 23, 2011. Egypt's benchmark EGX 30 index fell by around 8.9 per cent on 23 March 2011, on the bourse's first day of trading since January 27, despite an upwards rally by local investors in the latter half of the session. A 30 minutes suspension on all trading was enforced after the EGX 30 tumbled by almost 10 per cent minutes after trading began (EPA)
Index provider MSCI said on Thursday it would consult with investors on the function and accessibility of the Egyptian stock exchange after its re-opening following more than seven weeks of closure.
The stock exchange closed on January 28 amid mass protests that eventually toppled the 30-year rule of President Hosni Mubarak but opened on Wednesday to narrowly avert the 40-day suspension limit that would lead to expulsion from MSCI's closely followed emerging markets index.
"MSCI will monitor the future developments on the Egyptian Exchange and continue interacting with market participants to gather feedback on the functioning and accessibility of the Egyptian stock market," the index provider said in a statement.
Egypt's stock market suspended trade for half an hour in its second day of trade with its key index down more than five per cent.
MSCI told Reuters last week that the country could still be removed from the index if trading was frequently interrupted or restricted by price floors.
The index provider also said the implementation of planned changes to its Egyptian stock index would be postponed to an as yet unannounced date.
Bourse slides 0.7% on 2nd day of trade
The Egyptian stock exchange's broad index dropped 0.7 per cent lower by mid-session on Thursday, the second day of trade since political unrest closed the bourse in January.
Brokers said the decline in share prices was less than forecast. The index rebounded from lows early in Thursday's session, when a 5.5 per cent decline prompted the exchange to suspend trade under circuit breaker rules.
Under the rules, trading is suspended for half an hour if the broad index falls 5 per cent. Other circuit breakers prevent the price of any single stock from falling more than 10 per cent a day.
"I've seen more buy orders than expected. There seems to be positive sentiment," said Osama Mourad of Arab Finance Brokerage.
Orascom Telecom and Mobinil both jumped 10 per cent, while Telecom Egypt rose 7.4 per cent and Orascom Construction 5.2 per cent.
On Wednesday, the exchange's first day of trade since Jan. 27, the index plummeted by 8.95 per cent.
The acting chairman of the exchange, Mohamed Abdel Salam, urged investors to buy shares in an interview on state television:
"I advised others who have liquidity that crises create billions. If you have any liquidity, hurry, choose and buy. Those who want to invest, grab your chance before the market rises. The market is very promising."
A sell-off by foreign investors could also put renewed pressure on the currency, but bankers said that because it takes two days to settle stock exchange trades, any increase in cash flows out of the country would not be felt until Monday.
The pound traded as weak as 5.9605 to the dollar on Thursday, a six-year low.
Follow Emirates 24|7 on Google News.