Tuesday 1 March 2011

Egypt bourse sorting out compensation steps: official | Reuters

Egypt's stock exchange said it delayed its planned reopening until Sunday so it can refine measures to support thousands of small investors caught out by collapsing shares prices during the country's political unrest.

The market, closed for a month, had been due to open on Tuesday, but exchange officials and the regulator were unable to agree with brokerage firms over how money from a compensation fund would be distributed, a bourse official said on Tuesday.

Angry investors hooted the exchange's chairman at a press conference on Monday, demanding that trading remain suspended and accusing him of turning a blind to what they said was market manipulation in the last two days of trade in January.

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