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The Egyptian Stock Market
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Book Synopsis Go Long Or Short in Pyramids? News from the Egyptian Stock Market by : Andreas Billmeier
Download or read book Go Long Or Short in Pyramids? News from the Egyptian Stock Market written by Andreas Billmeier and published by International Monetary Fund. This book was released on 2007-07 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Similar to other emerging economies, the Egyptian stock market has recently experienced a remarkable run-up but also a major downturn. This paper analyzes the stock market from two angles. First, it compares the performance of the major stock price index with its underlying fundamentals. Second, it explores the relationship between the Egyptian and other stock markets. The paper finds that (i) there is some evidence against a stable relationship between the Egyptian index and its fundamental value; and (ii) short-term correlations and long-term cointegrating relations provide conflicting signals on the value of Egyptian stocks as a means of diversification.
Book Synopsis The Egyptian Stock Market by : Mr.Mauro Mecagni
Download or read book The Egyptian Stock Market written by Mr.Mauro Mecagni and published by International Monetary Fund. This book was released on 1999-04-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the behavior of stock returns in the Egyptian stock exchange, the efficiency of the market in pricing securities, and the relationship between returns and conditional volatility. GARCH(p,q)-M models estimated for the four best known daily indices indicate significant departures from the efficient market hypothesis; the tendency for returns to exhibit volatility clustering; and a significant positive link between risk and returns, which was significantly affected during the market downturn that followed the introduction of circuit breakers in the form of symmetric price limits on individual shares.
Book Synopsis Efficiency and Risk-return Analysis for the Egyptian Stock Exchange by : Mauro Mecagni
Download or read book Efficiency and Risk-return Analysis for the Egyptian Stock Exchange written by Mauro Mecagni and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Capital Market in Egypt written by and published by . This book was released on 1995 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Day-of-the-week and Size Effects on the Egyptian Stock Market by : Waiel Faheem
Download or read book Day-of-the-week and Size Effects on the Egyptian Stock Market written by Waiel Faheem and published by . This book was released on 1998 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis External Factors that Affect the Egyptian Stock Market by : Amal Soliman El Ghouti
Download or read book External Factors that Affect the Egyptian Stock Market written by Amal Soliman El Ghouti and published by . This book was released on 1999 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Egyptian Capital Market written by and published by . This book was released on 1999 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does the Egyptian Stock Exchange Still Have a Day-End Effect? by : Eskandar A. Tooma
Download or read book Does the Egyptian Stock Exchange Still Have a Day-End Effect? written by Eskandar A. Tooma and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper utilizes both parametric and nonparametric analysis to test whether the introduction of a volume weighted average price (VWAP) mechanism for closing a trading session on the Cairo and Alexandria Stock Exchange (CASE) has eliminated the day-end phenomenon or not. Results provide evidence that: (1) the day-end effect is still present and significant on the CASE; (2) the effect is significantly larger for stocks that are restricted by 5% price limits; and (3) counter to U.S. market data the effect is significantly higher for high-price stocks.
Book Synopsis Market Timing by : Yasmin H. Abdel Razek
Download or read book Market Timing written by Yasmin H. Abdel Razek and published by . This book was released on 2007 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research is dedicated to test the market timing ability in the Egyptian stock market. Any investor is always making a decision of whether to follow an active strategy or a passive one. Active strategists implicitly believe that the market is not efficient and that stock prices follow patterns that can be identified enabling them to achieve superior return to the market. Passive strategists believe in the Efficient Market Hypothesis (EMH); i.e. that stocks do not depart from their fir economic values for long periods of time unjustifiable. They also believe that stock prices do not follow any pattern rather they believe in the random walk hypothesis.Market timers represent the active strategists school of thinking and Buy and Hold represent the passive strategists school. Our mission was to get the price data for the most active 30 stocks in the Egyptian stock market collectively listed in the CASE 30 index and derive return data from them. Then we regress the results according to the two most widely used models to test market timing ability; these being: (1) Treynor/Mazuy Model and (2) Henriksson/Merton Model.Using empirical modeling has lead us to the conclusion that there is no market timing ability in the Egyptian stock market and that an investor in this market is better of with a buy and hold strategy. We also concluded that there is a possibility of getting the same return on the market using less stocks in the portfolio provided that they are carefully selected based on their return history and their correlation to the rest of the stocks in the portfolio.
Book Synopsis The Effect of Stock Trading Volume on Return by : Mona Atuea
Download or read book The Effect of Stock Trading Volume on Return written by Mona Atuea and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examined the relationship between trading volume and stock return to shed more light on the structure of the Egyptian stock exchange and the information arrival pattern, aiming to reach recommendations which may be beneficial to the stock exchange, investors and other stakeholders. The study found that there is a contemporaneous relationship between trading volume and return, besides the historical data of trading volume especially for the last five days helps improve the prediction of future return. Even though one should not only rely on trading volume to predict return as it explains a very small part of change in stock return. Also, the Egyptian stock exchange is informationally inefficient as the information arrives to the market sequentially not simultaneously and that there is much noise and speculative trading. The study recommends that the number of transactions is a better measure of trading volume in the Egyptian stock market. These results are important to the Egyptian Exchange management, investors, and technical analysts.
Book Synopsis An Analysis of Day-of-The-Week Effects in the Egyptian Stock Market by : Hassan Youssef Aly
Download or read book An Analysis of Day-of-The-Week Effects in the Egyptian Stock Market written by Hassan Youssef Aly and published by . This book was released on 2004 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates daily stock market anomalies in the Egyptian stock market using its major stock index, the Capital Market Authority Index (CMA), to shed some light on the degree of market efficiency in an emerging capital market with a four-day trading week. The results indicate that Monday returns in the Egyptian stock market are positive and significant on average, but are not significantly different from returns of the rest of the week. Thus, no evidence was uncovered to support any daily seasonal patterns in the Egyptian stock market, indicating that stock market returns are consistent with the weak form of market efficiency. These results should be interpreted with caution since the Egyptian stock market has only a limited number of stocks that are actively traded.
Book Synopsis Detecting the January Effect in the Egyptian Stock Market by : Osama El-Ansary
Download or read book Detecting the January Effect in the Egyptian Stock Market written by Osama El-Ansary and published by . This book was released on 2016 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Calendar anomalies are the most popular anomalies specially month of the year or January effect. January effect refers to the theory that monthly average stock market return is highest in January than any other month of the year. The importance of detecting this anomaly is that investors can capitalize on knowing this information to achieve abnormal returns. There is lack of research on January, or monthly, effect in the Egyptian stock exchange, even for the existing ones results are contradicting. This research objective is to detect January effect in the Egyptian stock exchange over the period from 26 of July 2004, to 31st of January 2009, on both the EGX30 general index and the companies that constitute it as of 1st of February 2009.The research will use two models to test January effect. The first one is the basic model that has been used widely to detect January effect worldwide. The second model is the extended model adopted from Agrawal (1994) which introduces the effect of the Dow Jones Industrial Average index DJIA returns on the EGX30 returns.The research examines the January effect on the EGX30s' companies using an extended model to the basic one after introducing the effect of both the security's trading volume and the return on the EGX30.Findings supported the absence of January effect on the EGX30, and its companies. However, it was detected that December is the month of the year on the EGX30.
Book Synopsis Herding Behavior in the Egyptian Stock Market by : Noha Allam
Download or read book Herding Behavior in the Egyptian Stock Market written by Noha Allam and published by . This book was released on 2014 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper tests for the existence of herding behavior in the Egyptian stock market using daily and monthly data of listed companies on the Egyptian stock Exchange. We follow the methodology of Christie and Huang (1995) and Chang, Cheng, and Khorana (2000) to test for the presence of herding behavior in general, during up and down times (times of stress in the market), and during bearish and bullish market phases. We also split the sample into pre-revolution and post-revolution periods to test the effect of 25th January, 2011 revolution on herding behavior in the market. We found that: first, the Egyptian stock market exhibits herding behavior in general and weak adverse herding in stressful conditions; second, prolonged effects of adverse herding exist in up markets only and herding behavior is a short-lived phenomenon; third, no evidence of herding behavior during bull and bear markets was noticed; fourth, during the pre-revolution period, in pre-post revolution analysis, herding existed in the Egyptian stock market in general and weak adverse herding existed during times of market stress as well as during bullish market phases, however no evidence of herding behavior during bearish market phases was observed; fifth, interestingly, during post-revolution period, adverse herding exists in all market states; stressful conditions, in general, and during bullish and bearish phases; and finally, after modifying the model for multicollinearity and autocorrelation, no evidence of herding behavior in the Egyptian stock market in general for all tested periods was recorded.
Book Synopsis Psihodinamička psihijatrija: Humana seksualnost, seksualni i rodni poremećaji, kontroverze homoseksualnosti by : Ljubomir Erić
Download or read book Psihodinamička psihijatrija: Humana seksualnost, seksualni i rodni poremećaji, kontroverze homoseksualnosti written by Ljubomir Erić and published by . This book was released on 2008 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Finances of Egyptian Listed Firms and the Performance of the Egyptian Stock Exchange by : Erik Feyen
Download or read book Finances of Egyptian Listed Firms and the Performance of the Egyptian Stock Exchange written by Erik Feyen and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the finances of Egypt's listed firms and the performance of the Egyptian stock exchange during the period 2003-07/08. Egyptian companies can be clearly divided into a top tier and a second tier. Egypt's top tier of listed firms tends to finance themselves mainly from operating cash flows, trade credits, and other short-term borrowing. This raises questions as to whether recent performance could have been even better had these firms done more in the way of long-term financing and long-term investment. This issue is even starker for a large second tier of much smaller firms. Regarding the stock market, the analysis finds that the Egyptian Exchange has experienced extraordinary market capitalization growth fueled by strong price increases. Market activity has been increasing as well, but reached expected levels only recently. Despite strong improvement, however, many companies remain illiquid. In its ability to raise capital, Egypt seems to do well, but privatizations and relatively low gross fixed capital formation might distort this picture.
Book Synopsis Long Memory Process in the Egyptian Stock Market by : Maged S. Sourial
Download or read book Long Memory Process in the Egyptian Stock Market written by Maged S. Sourial and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper focuses on the Egyptian Stock Market, revisiting the issue of volatility persistence in stock market returns. Previously, Mecagni and Sourial (1999) using AR(1)-GARCH(p,q)-M provided evidence that the effect of shocks to volatility tends to decay within few time lags and the duration of the shock last for only few days. These results had been confirmed by Moursi (1999), using volatility-switching GARCH model, stating that excessive returns volatility should not pose serious threats to the ESM. The investigation has been approached empirically different, testing for presence of fractional dynamics i.e. long memory in ESM's returns, using two methodologies Fractional ARIMA (ARFIMA) and Fractional Integrated GARCH (FIGARCH) models. The investigation is conducted using Egypt's IFC-Global index weekly returns during the period January 1996 till end of June 2001. The empirical results provided evidence that ESM's weekly returns exhibit fractional dynamics with long-memory features.
Book Synopsis Egyptian Stock Exchange by : Mahmoud Otaify
Download or read book Egyptian Stock Exchange written by Mahmoud Otaify and published by . This book was released on 2020 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to analyze, using descriptive statistics, the performance and activity of the Egyptian stock exchange during the period of the interest; 2002-2015. The indicators revealed that the market performance and activity had a growth rate during the period of 2004-2007, that is, before the Global financial crisis in 2008 (GFC2008). Its activity was negatively affected by the GFC2008 and started slowly to improve at the end of 2009 until the outbreak of the Egyptian Revolution of January (ERJ2011) which resulted in low activity and performance till the end of 2013.
