Egypt’s stock market resumes trading on CIB shares Sunday

Egypt’s stock market resumes trading on CIB shares Sunday

Egypt's Stock Exchange resumed, on Sunday, trading Commercial International Bank (CIB) shares after suspending it on Thursday at the request of the Financial Regulatory Authority (FRA).

On Thursday, FRA filed a request to the Egyptian stock market to suspend the trading of CIB's shares on the back of the controversial resignation of CIB's chairman and managing director, Hisham Ezz El-Arab, over what a leaked document from the Central Bank of Egypt (CBE) described as "serious violations of the Central Bank's laws, decisions and norms.“

During the opening of Sunday's trading session, CIB shares downed by 10 percent, the maximum allowed decline limit, which pushed Egypt's stock market to suspend trading on them for ten minutes after which trading resumed again.

Egypt's national banks, who own shares in CIB