Sharaf sacks Chairman of Egyptian Stock Market

The interim Egyptian leader, Essam Sharaf, has sacked the Chairman of the Egyptian Stock Exchange, Mohamed Abdel Salam. Abdel Salam was appointed as Chairman after the January 25 revolution. No reason was given for Salam’s dismissal, although it was announced yesterday that it had lost over US$6 billion in the last ten sessions of trading. Experts put the losses down to the instability caused by ongoing protests in Egypt. Salam’s deputy, Mohamed Imran, has been appointed as his replacement. Sharaf has also appointed Khaled Al Nashar as Stock Exchange’s Deputy Chairman. Al Nashar was previously the Deputy Chair of an Insurance Holding Company.