Egypt's markets watchdog has told local financial institutions they can no longer trade foreign securities, saying it exposes investors to risks that Egyptian authorities are unable to monitor.
A decree signed this week by Prime Minister Kamal al-Ganzouri amends Egypt's capital market law to make it illegal for brokerages and investment firms to deal in all foreign listed or unlisted securities, financial regulator EFSA said.
Traders said the restrictions were imposed after Egyptian investors suffered losses from a sharp drop in Facebook shares after the social platform's initial public offering.
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