Bourse lifts 5 percent ceilings on shares in 12 firms

The Egyptian Stock Exchange yesterday removed the share price ceilings, which were previously 5 per cent up or down on the original share price.

Minister of Foreign Trade Youssef Boutros Ghali described the move as 'significant'.

During a visit to the Bourse yesterday, Ghali said that the lifting the price limits was one of a series of changes to be made over the next few weeks.

"The aims of these changes are to activate the Stock Exchange and transform it into a financial centre for the region," Ghali said at a press conference after inaugurating the new system, which will be initially applied to the shares of the twelve most dynamic companies.

Accompanying Ghali on his visit was the chairman of the Capital Markets Authority (CMA) Abdul-Hamid Ibrahim, who denied that the CMA had influenced the choice of the companies, saying that their shares accounted for up to 60 per cent of trading on the Bourse until last Thursday.

"Shares of other companies will be included in the system once they reach the same level," Ibrahim said.