Egypt Independent

State employees resume work, start holiday tomorrow



The state administrative apparatus, banks and the stock exchange resumed work on Wednesday, after the end of the Eid al-Fitr holiday, despite having a holiday on Thursday to mark the anniversary of the June 30 revolution (instead of Friday).

Employees are scheduled to resume regular daily working hours, amid expectations that some will get de-facto holidays, especially as Wednesday falls between two official holidays.

Many government employees received about 9 days off for the Eid holiday. However, the long vacations that employees receive in various state agencies and sectors cause confusion in markets, government institutions, and the private sector.

The banking system is also disrupted for a long time, which leads to failure to meet the needs of citizens.

Analysts expect the performance of stock exchange indexes to remain low due to the holiday season and the desire of investors to keep cash during the holiday. Hence, the weak trading volumes that dominated last week’s trading are expected to continue.

“The occasional performance of the main index is expected to continue, targeting 13,350 points, that would reach 14,000 points after the holidays end,” Analyst Ahmed Samir said.

 

Edited translation from Al-Masry Al-Youm