New rules to reform Egyptian stock market

A new decree designed to prevent investors from manipulating prices on the emerging stock market was issued by Minister of Economy Youssef Boutros Ghali. The decree changes the way closing stock prices are calculated and announced.

The new system will be applied starting Sunday. Closing stock prices are to be calculated according to average prices, 100 papers at least required.

"Some people were using the shares to manipulate the market and to get the prices up towards the very end of the day," Mahmoud Mohyi, the Minister’s economic advisor, told Reuters.