Egypt to launch ETFs and short selling
10 May 2011 Cairo
Image: Shutterstock
The Egyptian Stock Exchange is to launch exchange traded funds and allow short selling in an attempt to boost liquidity in the market at a time of political unrest, said the bourse's chairman Mohamed Abd El Salam.
The current ban on intraday trading will be removed later this month, and same day short selling will be introduced, said El Salam. Intraday trading has been banned since the exchange reopened following the uprising that ousted president Hosni Mubarak in February.
The exchange's EGX30 Index has lost 31 per cent of its value since January, with trading volumes falling by a similar amount.
The current ban on intraday trading will be removed later this month, and same day short selling will be introduced, said El Salam. Intraday trading has been banned since the exchange reopened following the uprising that ousted president Hosni Mubarak in February.
The exchange's EGX30 Index has lost 31 per cent of its value since January, with trading volumes falling by a similar amount.
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