Egyptian regulators, confronted by investors angry over stock losses and a closed exchange, said they will weigh the cancellation of transactions that led to the biggest tumble in the EGX 100 Index in more than two years.
Individual equity holders, who accounted for 48 percent of all trading on the Egyptian Exchange last year, jammed into a meeting in Cairo with bourse Vice Chairman Mohamed Farid Saleh yesterday, demanding changes in regulation and management before the market resumes operations on Feb. 20. The exchange shut after the EGX 100 plunged 14 percent on Jan. 27.
Egyptian shares have since climbed in London and the U.S. as President Hosni Mubarak bowed to protesters seeking his resignation last week and ceded power to the military after 30 years in office. Bourse officials said they are studying scrapping transactions from the last day of trading and will delay the planned opening for at least a third time. Unexpected developments could put trading off even longer, Saleh said.
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