Egypt stock exchange to reopen Wednesday

CAIRO: Egypt's stock exchange is to reopen on Wednesday, state television said, more than two weeks after it was shut down following a precipitous plunge amid anti-regime protests.

Saturday's announcement came a day after Egypt's long-time ruler Hosni Mubarak handed control of the country to a military council, following 18 days of demonstrations seeking his overthrow.

The Cairo exchange has been closed since January 27, when it dropped 10 percent, losing 70 billion Egyptian pounds (12 billion dollars) in 48 hours and prompting authorities to announce it would be shuttered temporarily.

As demonstrations against the government continued, the exchange's board opted to keep it shut, repeatedly pushing back reopening dates.

Egypt's banks were also temporarily closed during the crisis amid fears that depositors would rush to withdraw their cash, but they reopened last week when long queues formed in front of many branches.