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Egypt market not to close on June 30, says regulator’s head

Dr. Ashraf El Sharkawy, Chairman of Egyptian Financial Supervisory Authority (EFSA) said in an interview with Reuters that there is plan to close the Egyptian Exchange (EGX) on June 30 as long as banks operate normally and communications are available. Meanwhile, opposition parties plan to stage mass demonstrations on June 30 in protest against President Mursi’s policies.
Egypt’s bourse has incurred massive losses as investors fret about the looming protests.
“To halt the market is very easy, but the decision to resume trading after shutdown is difficult,” El Sharkawy added. The Egyptian bourse had been shut replica breitling professional watches down for 38 sessions in 2011 following popular revolt that eventually led to the ousting of President Mohamed Mubarak.
Asked about emergency steps to be taken by the bourse and the regulator in case that unrest breaks out on June 30, the top official indicated that there are several actions that could be taken to protect the market. However, he declined to give further details. Commenting on the remarks of MSCI that it may hold consultations over excluding Egypt from its MSCI Emerging Markets Index, El Sharkawy stated that Egypt was not excluded from the index.

Date : 2013-06-16 02:30:30 Source : Mubasher

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