A share on the Egyptian Stock Exchange is down 6% and topping the trading value
The share of the Commercial International Bank fell about 6% in today's transactions, and trading values were issued in the Egyptian market after the announcement that Hisham Ezz Al-Arab stepped down from the bank’s presidency and appointed Sherif Sami instead.
The Egyptian Stock Exchange suspended the trading of the shares of the largest bank listed in it for 10 minutes at the beginning of today's transactions, after it fell about 10%, and it was also decided to suspend about 55 other shares for half an hour after a drop of more than 5%.
The main Egyptian index lost about 5% before reducing its losses to 3.7%.
"What happened this morning was a natural reaction to Friday's data from the Commercial Bank and the Central Bank, and don't forget that the market is basically weak from the start," said Radwa Al-Swaify, head of the research department at Pharos Investment Bank.
She added that "the market will move by accident in the coming period until the emergence of new positive incentives that encourage investment and purchase."
On Friday, Commercial International said that Ezz Al-Arab decided to leave his post with immediate effect, by order of the Central Bank, which referred to monitoring notes.
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