Egypt bourse suspends CIB shares after 10% fall on chairman's exit

Chairman Hisham Ezz al-Arab stepping down with immediate effect under orders from the central bank

  
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

CAIRO - Shares in Egypt's Commercial International Bank (CIB) plunged 10% at Sunday's opening, and were suspended from trading for 10 minutes by the stock exchange, following the resignation on Friday of CIB chairman Hisham Ezz al-Arab.

CIB shares recovered after trading resumed following the suspension.

Ezz al-Arab said on Friday he was stepping down with immediate effect under orders from the central bank, which cited compliance concerns at the Egyptian lender.

Shares in another 36 companies were briefly suspended from trading on Sunday after they fell by 5%.

(Reporting by Ehab Farouk, Nadia El Gowely and Ulf Laessing; Writing by Patrick Werr; Editing by Catherine Evans) ((Ulf.Laessing@thomsonreuters.com; Reuters Messaging: follow me on twitter @ulflaessing))

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