Patience runs out in Egypt market | beyondbrics – FT.com

The latest delay to the reopening of Cairo’s stock exchange has tipped the impatience that some market players were feeling with the authorities into downright anger.

“They are just looking for excuses,” said one broker from a major firm. “They have no real reason for this. They are just afraid to take a hit. It is like someone who faces an exam, but he is not prepared and his book has been burnt, so he is avoiding it because he doesn’t want to fail.”

The broker said the real reason for the continued closure was that the authorities were afraid there would be a huge outcry from retail investors once the bourse has opened and stocks tumble, as they are expected to.