The Egyptian Exchange will reinstate the practice of buying and selling single stocks within the same daily trade session by the end of the week, bourse officials announced on Sunday.
The ability to buy and sell a particular stock in the same trade session (T+0) was halted in February 2011 after the popular uprising that swept autocratic president Hosni Mubarak from power.
In April, Reuters, citing Egyptian Financial Supervisory Authority head Ashraf El-Sharkawy, reported that plans to reinstate the practice came in an effort to boost market trade volumes.
According to El-Sharkawy, the move is expected to increase the number of daily transactions by between 30 and 40 percent, thus alleviating the “huge liquidity problems” from which the exchange currently suffers.
Ahram Online
