Egyptian Bourse suspends trading on 85 stocks after exceeding allowable drop level

The Egyptian Exchange had to suspend the trading of 85 stocks for half an hour after they fell by more than the 10 percent, which is more than the maximum drop level allowed in a single session.

In exclusive statements to MENA on Sunday, an official source at the bourse said the suspended stocks include that of Emaar Misr For Development, General Company for Silos & Storage, Maridive Group, Orascom Telecom and Beltone Financial and as well as others.

Meanwhile, Managing director of Watheeqa Securities Company Ahmed Abdel Hamid said the total number of stocks that fell by 5 or 10 percent reached more than 120.

Earlier, the Egyptian Exchange continued downward trend with losses in midday trading amounting to EGP 14 billion within the current crisis hitting all world exchange markets due to the fall in oil prices.