Egypt stock exchange hours

Egypt stock exchange hours

Author: sits Date of post: 24.05.2017

Egypt 's Stock Exchange, now Egyptian Exchange EGX , comprises two exchanges, Cairo and Alexandria , both governed by the same board of directors and sharing the same trading, clearing and settlement systems.

The Alexandria Stock Exchange was officially established in , with Cairo following in Both exchanges were very active in the s, and the combined Egyptian Stock Exchange ranked fifth in the world. The central planning and socialist policies adopted in the mids led to the exchange becoming dormant between and In the s, the Egyptian government's restructuring and economic reform programme resulted in the revival of the Egyptian stock market, and a major change in the organisation of the Cairo and Alexandria stock exchanges took place in January with the election of a new board of directors and the establishment of a number of board committees.

During the 19th century, Alexandria's Futures Market was one of the oldest in the world. It was there that cotton merchants met and cut deals based on supply and demand for the long staple Karnak and Menouf or the short to medium staple Ashmouni, Giza and Zagora.

Over the years, deals extended to cotton seed varieties such as Hull, Afifi and Sakellaridis. The first cotton deal-makers eagerly waited for the weekly arrival of the news-sheets from Europe to guide future operations.

Reputation counted for everything.

Egyptian Exchange to cut trading hours during Ramadan | AFRICAN MARKETS

Cotton growers who delivered on time were courted by exporters and received large orders the following season. Timing and reliability was of the essence if profits were to be made.

In , during the reign of Khedive Abbas Hilmi II , AGPA moved to an imposing new building, henceforth called The Bourse on Mohammed Ali Square. The Alexandria Bourse became a city landmark featuring in postcards, books and city guides.

The Association's old premises meanwhile, was transformed into a bank, and later on into the Top Hat night club. Cotton forward contracts were legalized in to coincide with Egypt's recovery from a massive economic slump brought on by the financial crash of when banking and real estate institutions collapsed due to excessive speculation.

egypt stock exchange hours

So far, government intervention had been practically absent. On the other hand, the spot market of Minet al-Bassal was left alone until With the number of limited liability companies reaching 79 at an aggregate capital of 29 million pounds, the city's taipans could no longer conduct pork barrel politics on Cairo's sidewalks or inside coffee shops and hotels.

And so it was when on Thursday, 21 May , [6] an ad hoc site committee presided by Maurice Cattaui Bey, chose the old premises of the Ottoman Bank today Groppi-Adly Branch on Maghraby Street as the elected but temporary official headquarters of the newly incorporated Bourse and Banking Company of Egypt Limited.

Bourse Khediviale du Caire. With ambitious plans in mind, the new company leased the premises for a non-renewable period of six years at an annual rent of Egyptian pounds.

In the meantime, an international competition was initiated for the design of a dedicated bourse to be situated at the center of Cairo's European district, not far from the National Bank of Egypt today Central Bank.

The prize for best design went in April to the French award-winning architect Raoul Brandon designer of the Cairo Orosdi-Back department store. The timing couldn't have been better, or so everyone thought. Emboldened by success and drunk on growth, the promoters of the Cairo bourse were in an excessive mood.

It was public knowledge that when lumped together, the Cairo and Alexandria Bourses rated among the world's top five Stock Exchanges. Egypt's economy was at an all-time high and the number of companies traded in the Cairo Bourse alone had reached with a combined capital of 91 million pounds.

Seventy-three brokers and intermediaries were on hand to take care of the spiraling share trading. The modest premises on Maghraby Street had most certainly outlived its usefulness. It was time for swank. But like the swing of a pendulum, the high state of euphoria disappeared overnight. Prudence having given way to high-risk speculation, what had started out with a real estate boom in Egypt, ended in what became known in the annals of speculative history as the Crash of The Egyptian Exchange was formerly known as the Cairo and Alexandria Stock Exchange CASE.

In , the CASE 30 Index made up of the 30 largest companies being traded changed its name to the EGX 30 Index.

By the end of November , there were listed companies on the Egyptian Stock Exchange with a market capitalisation of approximately L. The trading system at EGX has perceived gradual development from an outcry system prior to to an automated order-driven system.

In May , EGX contracted with "EFA", a Canadian software company which was first bought by the Australian Computershare company and was recently acquired by the leading international technology provider "OMX" , to provide a new trading, clearing and settlement system. The trading component of this system started operations in May , after applying a locally developed automated trading system for almost 9 years. In its endeavor to keep abreast with the latest technological advancements, based on its vision to become the financial hub and investment gateway in the Middle East and North African MENA Region that best serves its stakeholders, EGX has upgraded its trading platform to OMX high performance "X-Stream" solution, and launched it on 27 November , replacing the old trading system "EFA Horizon".

Egypt stock market halts trade after benchmark tumbles 5 percent

X-stream has the capacity to meet the future needs of EGX. Moreover, EGX offers an in-house developed OPR program that deals with the IPO's and private placements before execution in the market. This program facilitates orders' registrations and cancellations, assures accurate calculations of the allocation percentages and enables the market to absorb efficiently the surge in the amount of placements. The Egyptian Exchange has launched its main index EGX30 on February 1, The Index is weighted by market capitalization and adjusted by free float.

EGX Index Committee is an independent committee consists of 4 members and chaired by EGX Chairman. The members are market participants from member firms, fund managers and banks. The free float is the freely floated shares that are traded and held by the public tradable shares. Index Rebalance EGX30 constituents are reviewed on semi-annual base 1 February and 1 August by EGX Index Committee, whereby constituents are changed added or deleted , if necessary, based on the above-mentioned criteria.

Transactions taking place is the stock exchange is not subject to capital gain tax. Dividends distributed by companies listed on the exchange to shareholders are not subject to tax.

egypt stock exchange hours

The exchange has normal trading sessions from The Egyptian stock exchange plummeted 6. The Egyptian Stock Exchange closed at the end of trading on the 27th January after the benchmark EGX 30 Index EGX30 plunged 16 percent that week amid the uprising.

The exchange reopened on Wednesday 23 March after being closed for almost 8 weeks. The market fell by a further 8. Since the President Ben Ali fled neighboring Tunisia on January 15, the volatility of the EGX 30 Index has proven to be unmatched within the Arab world. Since the close of business on January 13 volume at closing , the EGX 30 Index has shed 45 percent of its volume - a drop of points, from to December 8. From Wikipedia, the free encyclopedia. Retrieved 13 December Archived from the original on 30 October Retrieved 12 December Retrieved 6 October Exchanges listing over 4, companies commit to promoting sustainability".

Sustainable Stock Exchanges initiative.

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