Egypt’s Stock Market Resumes Trading on CIB Shares

Monday, 26th October 2020
by Invest Gate

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 Stock Exchange has resumed trading Commercial International Bank (CIB) shares on October 25 after suspending it on October 23 at the request of the Financial Regulatory Authority (FRA), Ahram Online reports.

FRA has filed a request to the Egyptian stock market to suspend the trading of CIB’s shares over what a leaked document from the Central Bank of Egypt (CBE) described as “serious violations of the Central Bank’s laws, decisions, and norms,” according to state-run Al Ahram.

During the opening of Sunday’s trading session, CIB shares downed by 10 percent, the maximum allowed decline limit, pushing Egypt’s stock market to suspend trading on them for ten minutes, after which trading resumed again.