The morning trading session in US dollar with settlements T+0 (immediate settlement) and T+1 (settlement will be implemented in a day) in tenge, euro with settlements T+0 in tenge and US dollars, Chinese yuan with settlements T+0 in tenge ended on Kazakhstan Stock Exchange (KASE).
US dollar weighted average rate with settlements T+0 in tenge made up KZT 322.63 per dollar (KZT+0.20), the trades volume USD 23,250,000 (USD-36,000,000)
Chinese yuan weighted average rate with settlements T+0 in tenge made up KZT 51.0000 per yuan (KZT+0.1537), the trades volume CNY 200,000 (CNY-200,000)
The Egyptian Financial Supervisory Authority (EFSA) has decided to reintroduce T+0, or same day settlements on the Egyptian Exchange (EGX) starting from Thursday 23 May
T+0 settlements give traders the option to sell or buy all or part of the shares which they have already bought or sold during the same trading session.
Halting T+0 settlements was a precautionary measure that EFSA introduced after the 25 January Revolution in order to shore up capital on the nation's stock exchange after its 55-day closure during and after the revolution.
"The reason is that T+0 is more like gambling than trading," he added.
Economist Ahmed Al-Outafy predicted that the reintroduction of T+0 settlements will increase EGX capital by 15%.
Until February, when president Hosni Mubarak was toppled by huge popular protests, investors were allowed to buy and sell many shares the same day (T+0) but anyone holding stocks by the end of each session then had to settle two days later (T+2).
The T+0 rule was scrapped on February 8 and other measures were imposed in a bid to calm volatile trading in the wake of the uprising.
"We need stability in prices to reinstate the T+0 system,"
A lot of international institutions prefer the (T+2) system," Sharkawy said about the demand for a switch back to T+0.