CAIRO, June 24 Egypt has decided to ease
restrictions imposed on the stock exchange after a 2011 popular
uprising, reflecting increased confidence in the country's
political outlook since the inauguration of President Abdel
Fattah al-Sisi two weeks ago.
The Egyptian stock exchange will reinstate a 30-minute
pre-trading session following the Muslim holiday of Eid al-Fitr
at the end of July, the exchange said in a joint statement with
the country's financial regulator EFSA on Tuesday.
Share prices will be allowed to move by up to 10 percent in
pre-trading compared to the previous session before being
suspended, in addition to the 10 percent already permitted
during regular trading. The levels are still well below the 40
percent fluctuation limit applied before 2011.
EFSA suspended pre-trading and imposed tighter limits on
daily share price moves when the stock market was jolted by the
outbreak of street protests in early 2011 that led to the
toppling of President Hosni Mubarak.
More than two years of street protests and political turmoil
followed, scaring off foreign investors and tourists - key
sources of income and foreign currency for the Arab world's most
"Things are stable now in the country so we agreed (with
EFSA) to cancel the precautionary measures, which confirms the
return of the market to its normal state before 2011," the head
of the stock exchange, Mohamed Omran, told Reuters.
He did not say when the original, wider limits on price
movements might be fully restored.
Sisi was elected president last month, less than a year
after removing Islamist President Mohamed Mursi following mass
(Reporting by Ehab Farouk; writing by Stephen Kalin; editing by