Egypt stock market halted again after sharp falls

by: - March 24, 2011
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Egypt’s stock market closed almost 4% down after a second day of turbulent share trading on Thursday.

Dealing on the benchmark EGX index was suspended minutes after it opened, when shares tumbled 6.5%.

The market had re-opened on Wednesday after a two-month closure, but trading was suspended when shares fell 10%.

The authorities are trying to stabilise the market following the ousting of former President Hosni Mubarak and suspicions of corruption at some firms.

The stock market had been shut since 27 January after losing 18% in the two trading days before closure.

The government has taken a number of steps to support the market, including:

  • a shorter trading day for the first week
  • automatic trading suspensions if the market suffers sharp falls
  • a 250m Egyptian pound ($42m, £26m) government fund that can be invested in the market.

Source: BBC News