CAIRO: Local retailers in the Egyptian Exchange (EGX) have not received any response yet to roughly 300 complaints presented against its chairman Mohamed Omran over the past 10 days, sources told The Cairo Post.
This comes shortly after dozens of local traders organized a protest outside the headquarters of the EGX Sunday, calling for the removal of its chairman, blaming him for a market plunge over the past two weeks.
Disappointed traders marched toward the office of Egypt’s Attorney General after their protest, and filed a legal claim accusing Omran and the EGX administration of “failure and plotting along with managers of public investment funds against Egypt’s president… which led the stocks to all- time lows.”
The benchmark slipped 4.9 percent during the course of last week and equities shed nearly 20.4 billion EGP ($2.67 billion) in five sessions.
Despite the “unpredicted success” of the economic conference which resulted in anticipated investments of $72.5 billion, the EGX neglected all positive drivers, losing roughly 45 billion EGP in less than 10 sessions, Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post.