Trading on Egypt's stock exchange is due to resume later Wednesday for the first time in almost two months, and market participants are braced for a wave of selling.
Silk Invest Ltd.是伦敦一家投资公司，旗下大约有1.3亿美元的中东和北非资产。该公司首席投资长布罗迪（Daniel Brody）说，开市的情形将让人感到难受，事实将证明，首日买进的投资者像手无寸铁的示威者一样英勇。
'The open [of market trading] will prove to be trying,' said Daniel Brody, chief investment officer at London-based Silk Invest Ltd., an investment firm which manages about $130 million in Middle East and North African assets. 'First-day buyers will prove as heroic as unarmed protesters,' he added.
The Egyptian government said Monday its decision to open the bourse, which has been shuttered since Jan. 27, was made after the 'necessary procedures' were taken to guarantee a secure opening and smooth trading. The exchange last traded at a time when mass protests were taking place against the rule of former Egyptian President Hosni Mubarak, who stepped down on Feb. 11. Since then, the Egyptian economy has continued to suffer from the loss of tourism revenue and disruptions caused by strikes.
关闭之前的两个交易日，埃及基准股指EGX 30指数重挫16%，而且所有指标都预示周三晚些时候复盘后股市将进一步下跌。开罗经纪公司Beltone Financial根据赴伦敦上市埃及公司股价编制的一个指数，自埃及大盘关闭以来已经下跌了22%左右。
Egypt's benchmark EGX 30 Index plunged 16% in the two days prior to its close, and all indications points to further selling when trading resumes later today. An index compiled by the Cairo-based brokerage Beltone Financial based on Egyptian shares that trade in London has fallen by about 22% since the closure of Cairo's main board.
Until the crisis broke, Egypt was considered one of the hottest emerging markets around, drawing foreign investment that helped push the benchmark EGX 30 Index 15% higher in 2010. Much of that foreign money may flow out when the market reopens, with overseas investors spooked by the market's prolonged closure.
分析师估计，外国投资者持有90亿到100亿美元的埃及股票，大约是总市值的15%。这些投资集中在一些主要蓝筹股当中，比如Orascom Telecom、EFG Hermes和Telecom Egypt。
Analysts estimate that foreign investors own around $9 to $10 billion in Egyptian equities--roughly 15% of the total market capitalization--concentrated in the main blue chip names like Orascom Telecom, EFG Hermes and Telecom Egypt. By reopening its stock market, Egypt has narrowly avoided a possible exclusion from the MSCI Emerging Market Index, a widely followed barometer of the more liquid developing world markets. Under MSCI rules, consultations to have a country removed from its indexes can be instigated if an exchange remains shut for more than 40 consecutive working days. Wednesday represents the 38th business day since the Egyptian Exchange shut its doors.
如果不是重开股票市场，埃及差点就有可能被摩根士丹利资本国际新兴市场指数（MSCI Emerging Market Index）除名。这是一个受到普遍关注的指标，反映流动性更高的发展中国家市场的行情。根据MSCI规则，如果一个国家的交易所连续40个工作日以上保持关闭，那么就有可能启动磋商，将该国从它的指数中除名。周三是埃及交易所（Egyptian Exchange）关门以来的第38个工作日。
The stock market will also need to price in a number of key news events since Jan. 27, analysts say, which could further dent investor sentiment.
For example, Moody's last week downgraded Egypt's sovereign bond ratings by one notch to Ba3, from Ba2, due to what it said was continued volatility in the country's domestic politics in the wake of the ousting of Mr. Mubarak.
In moves designed to protect smaller shareholders, Egyptian authorities have said trading on any individual stock will be suspended for half an hour when its price change is equal to 5%. Individual shares cannot move more than 10% in one session. -By Tim Falconer and Nikhil Lohade, The Wall Street Journal.
2011-03-24 10:45 编辑：icetonado
Ancient Egypt's teenage king Tutankhamun was born of an incestuous marriage, scientists said on Wednesday, helping to explain why he limped on a club foot and suffered other deform
Michael Jackson fans are flocking to a Chicago museum to see a 3,000 year old Egyptian model which looks remarkably like the late king of pop. Staff have been rushed off their feet