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The Stock Exchange excludes “resorts” from the list of shares allowed to be traded with 3 decimal marks


The Egyptian Stock Exchange announced the list of securities allowed to be traded with three decimal marks during the next week, based on Thursday’s closing prices, and included 58 companies, after adding the two shares of Marsa Marsa Alam for Tourism Development, and the documents of the Oden Investment Fund to invest in Egyptian stocks after the price of the two shares declined. to EGP 1.91 and EGP 1, respectively, while the Egyptian Resorts share price was excluded after the share price rose to EGP 2.187.

 

The most prominent securities allowed to be traded in three decimal places during the next week were South Valley Cement, Palm Hills Development, Golden Pyramids Plaza, Qalaa Financial Consulting, Amer Group Holding, Porto Group Holding, Orascom Financial Holding, Orascom Investment Holding, and Naeem Holding for Investments.

 

The Financial Supervisory Authority had agreed to amend the bidding unit to be one per thousand of the Egyptian pound, or of the foreign currency in which the security is registered, for securities whose market value is less than the level of "2 Egyptian pounds or any other currency". Provided that it is placed in a special list, and the list is reviewed at most weekly, in light of daily price changes, including what results from the issuing authority’s decisions and affects the market price for the inclusion and exclusion of securities.

 

Mohamed Farid, head of the stock exchange, said, in previous statements, that the development of the bidding system enhances the trading and liquidity of the market and avoids those shares whose market value is less than the level of “2 pounds or any other currency” due to the price limits.

 

Farid added that the development of the bidding system came in line with the best international standards and practices to allow greater flexibility in trading, rather than urging a greater price range for low-priced securities, as the comparative study prepared by the Stock Exchange in this regard concluded that many emerging and advanced stock exchanges set the minimum The bidding unit according to the price level of the security, including the stock exchanges of France, Austria, Malaysia, Singapore and Hong Kong, and this would enhance liquidity and trading and stimulate public and private subscriptions through the capital market.

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