Egypt market reopening delayed – again | beyondbrics – FT.com

Investors and brokers in Egypt began the week frantically preparing for the Cairo stock exchange to reopen on Tuesday after a month-long shut down – but all to no avail. Word came overnight that the restart, scheduled for 10.30am in Cairo (8.30am in London), had been delayed once more, this time until Sunday 6 March.

Everyone expects prices to fall when trading finally does begin, but it seems that the authorities want to keep deferring the pain.

The state-run news agency MENA reported the delay and said trading would resume on Sunday “in order to allow investors to profit from the backing of the government to guarantee the bourse’s stability”, according to the BBC. It offered no further detail on what that “backing” means.

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