Almost half of the top companies listed on the Egyptian stock exchange were banned from trading yesterday as the market was forced seconds after the opening bell to suspend activity for half an hour.
The country's biggest publicly traded steel producer, Ezz Steel, was among the companies banned from trading for failing to meet disclosure requirements on whether they have assets or shareholders under investigation, an Egyptian Exchange official said.
A total of 45 companies from the top 100 listed were suspended from trading as foreign investors sold about 342 million Egyptian pounds (Dh210.3m) of shares in the first day of trading in almost two months. Institutional investors accounted for 97 per cent of trading.
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