Stock Exchange employees postpone planned strike action

Employees of the Egyptian Stock Exchange have postponed a strike slated for Thursday until after they have met with the prime minister.

The strike was called by the head of the Disclosure Department, Hisham Amer, who is demanding to be excluded from corruption investigations involving Alaa Mubarak, son of deposed President Hosni Mubarak.

Yet sources said the strike was primarily in protest at reductions in the salaries by 10 to 20 percent. Amer’s salary was reduced from LE55,000 a month to LE44,000.

The same source said that legal measures would be taken against Amer for inciting the strike.

“Salaries of the upper management are too high,” said stock exchange director Mohamed Omran.

Meanwhile, the stock exchange saw a limited rise on Tuesday after a series of falls in the last four days, with the EGX index rising by 0.63 percent and scoring 24 points to close at 3906 points, as stocks of 116 companies went up against 42 that went down.

Translated from Al-Masry Al-Youm

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