Egypt's new stock exchange chief wants to invigorate markets in 6 months

Egypt's new stock exchange chief wants to launch a raft of reforms aimed at increasing trading volumes over the next six months, with the listing of big companies high up on the list.

Mohamed Farid, who was appointed as chairman of the Cairo bourse in August, told Reuters in his first interview with international media that the main reform would be reducing trading halt times to 15 minutes, down from 30.

The exchange currently suspends trading on stocks that rise or fall by over 5 percent for more than 30 minutes. Farid, who holds Masters degrees in business administration, mathematical economics, and economic and financial sciences from British and Egyptian universities, hopes the decision will attract foreign investors.

"We are working on strengthening the market and increasing trading frequency over the short term by introducing new trading methods and streamlining current regulations," he said at his office on the western outskirts of Cairo.

"We are going to halve the trading halt time to 15 minutes as of tomorrow's session," he added, a move which will allow more time for trading to take place.