Sources in the Financial Regulatory Authority (FRA) said that the it welcomes a proposal submitted by the Capital Market Advisory Committee to increase the time of the trading session on the Egyptian Stock Exchange (EGX) by half an hour, provided that transactions begin at 9:30 am, instead of 10:00 am, and close at 2:30 p.m.
The sources added, in statements to the Middle East News Agency (MENA) after a meeting held on Tuesday, headed by Islam Azzam, FRA Vice Chairman, in the presence of Mohamed Farid, EGX Chairman to discuss the new mechanisms for trading in the Stock Exchange, that the Authority is heading to approve this proposal.
The sources indicated that it was agreed during the meeting on a number of proposals, including: raising the minimum change for the closing price (VWAP) of the stock to EGP 250,000 instead of EGP 100,000, and set additional criteria for calculating the closing price in the auction session.
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