The Egyptian Stock Exchange announced the list of securities that are allowed to trade with three decimal places during the next week, based on the closing prices of Thursday.
In a related context, it included 47 companies, after excluding my company Modern Insulating Materials - Modern Bitumod, Ismailia Misr Poultry, after the two share prices rose to 2.318 pounds, 2.029 pounds, respectively, while the shares of the right to subscribe were added to El Shams Pyramids for Hotels and Tourist Establishments -2 , Genial Tours, after the stock price fell to 1.71 pounds and 1.791 pounds, respectively.
The Financial Supervisory Authority has agreed to amend the bidding unit to be one per thousand of the Egyptian pound, or from the foreign currency in which the security is registered, in relation to the securities whose market value is less than the level of "2 Egyptian pounds or any other currency", Provided that it is placed in a special list, and the list is reviewed weekly maximum, in the light of daily price changes, including what results from the decisions of the issuing party and affects the market price for listing and excluding securities.
The head of the stock exchange, Mohamed Farid, said in previous statements that developing the bidding system enhances the trading and liquidity of the market and avoids those shares whose market value is less than the level of "2 pounds or any other currency" suspended due to the price limits.
Adding that the development of the bidding system came in line with the best international standards and practices to allow greater flexibility in trading by urging the availability of a greater price range for low-priced securities, as the comparative study prepared by the stock exchange in this regard ended with the emergence of many emerging and advanced exchanges determining the minimum bid unit According to the price level of the security, including the stock exchanges of France, Austria, Malaysia, Singapore and Hong Kong, this enhanced liquidity and trading will stimulate public and private subscriptions through the capital market.