According to the AA’s news; Egypt may freeze talks on a proposed joint index covering the Egypt and Istanbul stock markets due to launch in September..
Egypt is likely to freeze talks on a proposed joint index covering the Egypt and Istanbul stock markets that had been due to launch in September, an Egyptian government official said Sunday.
The current situation in Egypt “might not be suitable” for the planned partnership between the two bourses, the high-profile official, who asked not to be named, told the Anadolu Agency.
“The decision to freeze talks was not prompted by political motives, but by Egypt’s internal situation,” he added.
In September, the EGX signed a deal with its Turkish counterpart Borsa Istanbul (BIST) calling for the launch of a joint stock index to include 30 listed companies from each exchange.
The partnership was meant to go into effect on September 19.
Earlier this month, Mohamed Omran, chairman of the Egyptian Stock Exchange (EGX), told the AA that talks between the Egyptian and Istanbul bourses over the proposed joint index would soon resume.
The high-profile official told the AA the two stock markets enjoy good relations, adding that the Egyptian bourse might send a letter to Turkish officials clarifying the current situation.
Relations between Egypt and Turkey have cooled since the Egyptian army’s July 3 ouster of Mohamed Morsi, Egypt’s first democratically elected president, in a move described by Turkish Prime Minister Recep Tayyip Erdogan as a “military coup.”
Last week, Egypt’s Foreign Ministry recalled the Egyptian ambassador in Ankara for consultations. The move came shortly after Turkey had recalled its Ambassador to Egypt Huseyin Avni Botsali.