Most companies on Egypt bourse back trading extension

More than half of the companies listed on the Egyptian Stock Exchange (ESE) support a proposed extension of the bourse’s trading hours, ESE chairman Islam Azzam said.

A survey showed that almost 54 percent of the listed companies approved adding an extra trading hour, extending the timing from 9:30 am to 3 pm, versus the current 10 am to 2:30 pm, he told financial news website Asharq Business. 

Such a move would aim to align the ESE’s opening hours with those of UAE markets during Egypt’s summer time and to attract Arab investors during the first hours after the market opens, Azzam said.

Several small and medium-sized enterprises plan to list on the Egyptian bourse, he said. 

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Azzam also said the ESE is working to launch a sustainability index next month in collaboration with Standard & Poor’s.

The index will include 30 listed companies that meet governance, environmental, social responsibility and liquidity criteria.

Earlier this month Egypt rolled out a second package of tax incentives, introducing measures aimed at attracting investment in the domestic stock exchange.

The government will replace capital gains tax with a stamp duty to boost institutional participation in the bourse, the Egyptian cabinet said in a statement, quoting finance minister Ahmed Kouchouk.