microstructure of the egyptian stock market
TRANSCRIPT
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
1/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
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_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
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_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
!i) {aj kj{jyd`gl{`cg cb uy`hjx `x ilxjk cg hcduj{`{`rj lzh{`cg
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
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_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
lgk !h) zg{`m gcv {aj dlynj{ alx gc dlynj{$dlnjy' [aj dlynj{ hcghjg{yl{`cg
uy`gh`umj yj|z`yjx {al{ lmm cykjyx `g m`x{jk x{chnx dzx{ ij xzid`{{jk {c {aj X{chn
Jqhalgfj' @g lkk`{`cg {c {aj dlynj{ hcghjg{yl{`cg uy`gh`umj- {aj lzh{`cg yzmjx lyj
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ycmj cb `gk`r`kzlm `grjx{cyx `x l`djk {c ij x`fg`b`hlg{ `g {aj Jfpu{`lg xjhzy`{`jx
dlynj{' @g hcg{ylx{- {aj {pu`hlm kjlmjy cy |zc{j$ky`rjg dlynj{x lyj kcd`gl{jk ip
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jbbjh{`rj ujybcydlghj cb {aj kjlmjy xpx{jd- yjfzml{cyx dzx{ ulp l{{jg{`cg {c {aj y`xn
jqucxzyj lgk hlu`{lm lkj|zlhp cb dlynj{ dlnjyx vac gcydlmmp kjlm v`{a mlyfj
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Acvjrjy- lx {aj {ylk`gf rcmzdj `ghyjlxjx lgk {aj ycmj cb `gx{`{z{`cglm
`grjx{cyx ijhcdjx dcyj uycd`gjg{ `g {aj Jfpu{`lg xjhzy`{`jx dlynj{- {aj gjjk bcy
dlynj{ dlnjyx dlp ly`xj' Lkk`{`cglmmp- {aj |zjx{`cg cb {aj hlu`{lm lkj|zlhp cb
jqhalgfj djdijy b`ydx ijhcdjx dcyj xjy`czx lx {ajp {jgk {c {lnj ucx`{`cgx `g c{ajy
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
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_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
{aj uy`hj l{ va`ha {aj cykjy
`x {c ij jqjhz{jk> {aj mjgf{a cb {`dj bcy va`ha {aj cykjy `x rlm`k> {aj gldj cb
xjhzy`{p> lgk {aj {puj cb hczucg !`b luum`hlimj)'
[pujx cb Cykjyx ?
[vc dlocy {pujx cb cykjyx lyj jqjhz{jk ip x{chniycnjyx cg {aj Jfpu{`lg
x{chn jqhalgfj' B`yx{- {aj dlynj{ cykjy- `'j' l{ ijx{ - va`ha chhzyx vajg `{ `x mjb{ {c
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
6/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
7/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
8/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
9/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
10/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
11/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
12/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
13/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
14/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
15/21
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{a`x `x ijhlzxj {aj {vc hcduj{jk ijbcyj JBF lgk Ajydjx B`glgh`lm
jdjyfjk' [aj Ajydjx `gkjq `x l hlu`{lm$vj`fa{jk `gkjq lgk hcrjyx {aj xalyjx va`ha
{ylkj lh{`rjmp cg {aj jqhalgfj' Acvjrjy- {aj Ajydjx `gkjq `x xcdjval{ v`kjy `g
xhcuj ijhlzxj cb `{x jq{yl hcgx{`{zjg{x lgk ijhlzxj `{ `ghmzkjx k`bbjyjg{ hmlxxjx cb
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;0 jx{lim`xajk hcdulg`jx' Vajg {aj @BH `ghmzkjk Jfpu{ `g `{x jdjyf`gf dlynj{x
Fmcilm Hcducx`{j @gkjq- Jfpu{ {ccn l vj`fa{ cb 5'< ujyhjg{' Lx cb {aj ijf`gg`gf cb
Bjiyzlyp-
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
16/21
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!h) y`fa{x cbbjy`gfx> !k) uzim`h cbbjy`gfx !j) uy`rl{j
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xjhzy`{`jx `g{c hcddcg x{chn' @g hcg{ylx{- l hcyucyl{j kjh`x`cg va`ha kcjx gc{
halgfj {aj dlynj{ rlmzj cb {aj xalyjx yj|z`yjx gc lkozx{djg{ cb {aj ilxj dlynj{
rlmzj' [ajyjbcyj- x{chn xum`{x- hlu`{lm`xl{`cg `xxzjx !icgzx `xxzjx)- lgk x{chn
k`r`kjgkx jg{l`m gc lkozx{djg{- ijhlzxj {aj gjv xalyjx dzm{`um`jk ip {aj `ghyjlxjk
!cy kjhyjlxjk) gzdijy cb xalyjx yjdl`gx {aj xldj lx {aj cmk xalyj uy`hj dzm{`um`jkip {aj cmk gzdijy cb xalyjx' [azx- {aj bcydzml bcy lkozx{djg{ `x f`rjg lx bcmmcvx?
Gjv Ilxj Dlynj{ Rlmzj Cmk Ilxj Dlynj{ RlmzjGjv Dlynj{ Rlmzj
Cmk Dlynj{ Rlmzj
[aj dlocy hcducx`{j `gkjq `g Jfpu{ `x {aj Fjgjylm @gkjq' [a`x `gkjq `x gc{ {aj
xziojh{ cb l fyjl{ kjlm cb hcg{ycrjyxp' Lmm m`x{jk b`ydx lgk `gkzx{yp fyczux lyj
yjuyjxjg{jk' B`fzyj 8$; `mmzx{yl{jx {aj kl`mp uy`hj dcrjdjg{x cb {aj Fjgjylm @gkjq
bycd Olgzlyp
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
17/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
18/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
19/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
20/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'
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8/8/2019 MICROSTRUCTURE OF THE EGYPTIAN STOCK MARKET
21/21
_lnly`l X'F'Ajfl p? Jfpu{`lg X{chn Dlynj{ Jbb`h`jghp? Lg @g`{`lm Uzim`h Cbbjy`gfUjyxujh{`rj- Ua'K' {ajx`x- X{yl{ahmpkj Zg`rjyx`{p- Z'N'