Egypt’s Stock Exchange to Reduce Trading Halt Time

Egypt’s Stock Exchange to Reduce Trading Halt Time
A general view of the Egyptian stock exchange in Cairo August 18, 2013. Egypt’s stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday’s carnage, with shares rapidly falling 2.5 percent. REUTERS/Louafi Larbi (EGYPT – Tags: )

Egypt’s financial regulator has approved the stock exchange’s decision to reduce trading halt times to 15 minutes, down from 30 minutes, as of Tuesday’s session, the exchange said on Monday, in an effort to boost market activity, Reuters reported.

The decision will lead to a “shortening of the time for which trading can be temporarily halted on a security during a session due to a price change … and will provide the bourse management the flexibility to increase or decrease halt times within a 15-30 minute range,” the bourse statement added.

The exchange currently suspends trading on stocks that rise or fall by over 5 percent for more than 30 minutes. It said on Monday the decision to halve the suspension time was aimed at increasing market activity and attracting foreign investors.



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