Egypt's stock exchange said yesterday it would delay its reopening for a week as angry traders called for the stock market to resume operations sooner rather than later.
The exchange, which was closed on January 27 following a precipitous fall in market value as civil unrest broke out, will now remain closed until Sunday. The exchange had been expected to reopen today.
Resumption of trading was postponed "in order to allow investors to profit from the backing of the government to guarantee the bourse's stability", the country's state-owned news agency reported yesterday.
A statement posted to the Egyptian Exchange (EGX) said Dr Ahmed Shafik, the Egyptian prime minister, had "asserted the importance of resuming trading on EGX, as this would threaten the exchange's reputation, credibility and its ability to attract investors and companies on the long term".
The country's attorney general has issued a list of investors who are now forbidden to trade, as Egypt tries to trace the deposed Hosni Mubarak regime's financial holdings. However, a head of steam is growing among Egypt's investors eager to resume trading, with many businessmen complaining openly about the latest postponement.
Naguib Sawiris, the chief executive of Orascom Telecom Holding, told Bloomberg News the exchange's continuing closure was "unwarranted".
"There is a fear because of small investors who have been demonstrating in front of the Cairo stock exchange in masses and they put the fear into the management of the stock exchange," he said.
Fund managers and brokers said many investors were being prevented from withdrawing their money from funds to ensure the country's stock markets avoided heavy losses.
The EGX 30 Index fell 10.5 per cent at the onset of the country's civil unrest and is expected to fall further when trading does resume.
Egyptian stocks listed overseas have suffered greater losses. Shares of EFG-Hermes listed in London have fallen 26.3 per cent since the political upheaval erupted, while Orascom Telecom Holding's shares have declined 16.8 per cent.
Mostafa Abdel Aziz, a broker at Beltone Financial in Cairo, said he and a group of other brokers would protest against the exchange's prolonged closure, in opposition to those "who are afraid of the market reopening and losing a few bucks".
"At the end of the day, the economy of this country is at stake. We are annoyed at the immature demonstrators pressuring the government and the exchange," he said.
Other investors said a large backlog of investments, currently being investigated for evidence of assets owned by the Mubarak regime, could account for the delay.
"It's not really best practice to keep stock exchanges closed, but they've had a pretty tumultuous time," said Daniel Broby, the chief investment officer of Silk Invest, an investment manager in emerging markets based in London.
ghunter@thenational.ae
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
UAE%20ILT20
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.