Tuesday, November 23, 2010

A look at the Eqyptian Stock Market

As It Shifts, Egypt's Economy Retains Some Oddities : The Two-Way : NPR:

"Nearly 30 years in office, Egypt's President Hosni Mubarak has become a strong proponent of a market economy. Only vestiges remain of the state socialism that for decades defined Egypt.

Enterprises like banks that were once state-owned are now firmly in private hands. Foreign investment, construction and tourism are growing and Egypt's stock exchange, said to be the oldest in the Middle East, is thriving."

From the Egyptian Exchange's history page:
"The Egyptian Exchange is one of the oldest stock markets established in the Middle East. The Egyptian Exchange traces its origins to 1883 when the Alexandria Stock Exchange was established, followed by the Cairo Stock Exchange in 1903."

The article tells of past futures and forward markets as well as how some believe that the 1907 Panic that swept the world actually got its start in Egypt.

Here is a Yahoo Chart comparing returns on S&P vs Egyptian Exchange's Index. 

(BTW Picture #8 on the NPR page is of the exchange)
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