2023-07-09 12:41:00
The cancellation came at the request of brokerage firms and Hermes.
Dubai – Al Arabiya.net
Posted on: July 09, 2023: 04:41 PM GST Last updated: July 09, 2023: 07:50 PM GST
The Egyptian Stock Exchange management approved requests submitted by the “Hermes Brokerage” company and a number of financial brokerage companies to cancel the transactions that were carried out during today’s session on the shares of the “Arab Energy” company, due to their execution by mistake.
About 75 deals were executed by mistake by some individual investors, with a value of about 395 thousand Egyptian pounds, on the shares of an Arab energy company, on the first trading days of the share on the Egyptian Stock Exchange.
It is noteworthy that the volume of execution on TAQA shares during the first trading sessions for the share was limited to a single deal of large volume, with a value exceeding 3.6 billion Egyptian pounds.
The stock witnessed an increase of more than 8,900,000% at the beginning of trading, according to the method of calculating the opening and closing prices in the Egyptian market, as the stock exchange announced a guide price per share of EGP 0.50 (at nominal value), while the price limits for trading were opened.
The first executions were on the stock at a price exceeding 450 pounds, which raised a state of astonishment on social media platforms among the community of dealers in the stock exchange, and some asked for the need to intervene.
More than 104 million shares were registered in the applications at the beginning of trading, at prices ranging between 0.01 pounds and 500 pounds per share, in a strange discrepancy, while the supply side did not witness the presence of any shares.
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