Egypt-Turkey bourse tie up due to be finalized by September
A link-up between Egypt's and Turkey's stock exchange is projected to be finalised by the end of September 2013, Mohamed Omran, the head of the Egyptian bourse said Monday.
The link-up will enable Egyptian investors to trade directly in the Turkish bourse and vice versa.
Omran added on the sidelines of a press conference that joint trading will be implemented on the “major” securities in the two bourses, which are both members in the World Federation of Exchanges.
He added that the Egyptian Financial Supervisory Authority (EFSA) is currently reviewing the legal and logistical aspects of the link-up project.
Egypt's stock market has struggled to recover from the aftermath of the 2011 popular uprising which unseated Hosni Mubarak. The main EGX30 index dropped from around 7,000 points before the uprising to some 5,000 points in April 2013.
The EGX30 has also lost 5 percent of its value since the beginning of 2013.
Earlier in April, Turkey-based Anadolu Agency quoted the head of Istanbul exchange, Ibrahim Turhan, as saying that the integration project would include other countries in the region.
Turkey has emerged as an international supporter of post-Mubarak Egypt. It pledged a $2 billion loan to Egypt during President Mohamed Morsi's visit to Ankara last September, the first tranche of which has already been disbursed.
The second tranche is expected in the next two months, according to news reports.
- Turkey to finalise payments to Egypt in two months
- Hakim finally lays to rest marriage and court problems
- Hakim expecting first baby from second wife
- Department of Health and Medical Services and Emaar Healthcare Group join hands with Joslin Diabetes Center and Harvard Medical Faculty Physicians
- Man Utd's Van Persie out of Liverpool clash