Estimated losses from halt of trading in Egypt Stock Exchange reach US$70 billion
The Egyptian Stock Exchange was closed also Wednesday for the fifth day in a row. The stock market suffered heavy losses last week due to the popular demonstrations in the country. The Egyptian authorities estimate the losses at some US$ 70 billion.
More damages was inflicted to other sectors, mainly the retail markets, after the looting of retail stores in several Egyptian governorates.
Not surprisingly, the international rating agency Standard & Poor's warned that the ongoing closure of the stock market will limit further the pace of economic growth.
Meanwhile there are some early positive signs of getting to normalcy. Some banks activated their ATMs to allow the disbursement of staff salaries.
And Eng. Ahmed Almnakhali, the director of traffic management in the Suez Canal, conveyed the movement in Suez Canal Authority is normal, pointing out that 56 vessels crossed the Suez Canal on Tuesday, and 50 ships are expected to cross the channel on Wednesday.