World Markets

Egypt bourse suspends CIB shares after 10% fall on chairman's exit

Credit: REUTERS/MOHAMED ABD EL GHANY

Shares in Egypt's Commercial International Bank (CIB) plunged 10% at Sunday's opening, and were suspended from trading for 10 minutes by the stock exchange, following the resignation on Friday of CIB chairman Hisham Ezz al-Arab.

Adds detail, background

CAIRO, Oct 25 (Reuters) - Shares in Egypt's Commercial International Bank (CIB) COMI.CA plunged 10% at Sunday's opening, and were suspended from trading for 10 minutes by the stock exchange, following the resignation on Friday of CIB chairman Hisham Ezz al-Arab.

CIB shares recovered after trading resumed following the suspension.

Ezz al-Arab said on Friday he was stepping down with immediate effect under orders from the central bank, which cited compliance concerns at the Egyptian lender.

Shares in another 36 companies were briefly suspended from trading on Sunday after they fell by 5%.

(Reporting by Ehab Farouk, Nadia El Gowely and Ulf Laessing; Writing by Patrick Werr; Editing by Catherine Evans)

((Ulf.Laessing@thomsonreuters.com; Reuters Messaging: follow me on twitter @ulflaessing))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More