Egypt’s stock exchange plans to start exchange-traded funds and allow short-selling this year to boost trading and give investors greater access to local markets, Chairman Mohamed Abd El Salam said.
The Egyptian Exchange will introduce “same-day” short selling and lift a restriction on intraday trading this month, the bourse’s Abd El Salam said in an interview in Dubai yesterday. Intraday trades have been suspended since March when the bourse opened following a two-month closure during the uprising that ousted President Hosni Mubarak in February.
The country’s worst political crisis in three decades has deterred investors and hurt the economy, which the International Monetary Fund estimates will grow as little as 1 percent this year, the lowest annual rate since 1992. The benchmark EGX 30 Index (EGX30) has tumbled 32 percent since January, the world’s worst performer, while average trading volumes have fallen 30 percent from the same period a year earlier.
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