The Egyptian stock exchange, seen here, will stay closed into next week, Al Arabiya television said. Photographer: Andrew Burton/Bloomberg
The Egyptian Exchange, shut since Jan. 27 amid anti-government protests, will stay closed into next week and honor transactions that sent the EGX 100 Index tumbling on the last trading day, Al Arabiya television said.
Exchange officials, confronted by investors angry about stock losses, said yesterday they would weigh annulling trades that led the EGX 100 down 14 percent, the biggest one-day drop in more than two years. Chairman Khaled Seyam ruled out such a move, saying it would be illegal, Al Arabiya reported today.
Egyptian shares have climbed in London and the U.S. since the Cairo exchange closed as President Hosni Mubarak bowed to protesters seeking his resignation last week and ceded power to the military after 30 years in office. Seyam and Hisham Turk, a spokesman for the bourse, didn’t answer calls and text messages to their phones today.
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