THE INTERNATIONALIZATION OF THE EGYPTIAN STOCK MARKET

8/8/2019 THE INTERNATIONALIZATION OF THE EGYPTIAN STOCK MARKET

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Tiai~mi S&J&Ekjit}4 Kj}p|mif S|gca Hi~ak| Koomcmkfc}4 If Mfm|mib P{nbmc Gook~mfj Pk~spkc|mvk" Pe&L&|eksms" S|~i|ecb}lk [fmvk~sm|}" [&A&"9==5

9:0

CEIP\K^ OM_K

\EK MF\K^FI\MGFIBMTI\MGF GO \EK

KJ]P\MIF S\GCA HI^AK\

;&0 MF\^GL[C\MGFMf Ceip|k~ og{~" zk kuihmfkl |ek pgssmnmbm|} go i~nm|~ijk p~gom|s zm|emf |ek

Kj}p|mif s|gca hi~ak|" {smfj |ek ~kbi|mgfsemps |ei| cif nk og{fl ihgfj kbkvkf

lghks|mc ivimbinbk mflmcks& Mf |ems Ceip|k~" zk mfvks|mji|k |ek mss{k go

mf|k~fi|mgfibmti|mgf go |ems khk~jmfj hi~ak|" kuihmfmfj |ek pgssmnmbm|} go ki~fmfj

i~nm|~ijk p~gom|s n} |~ilmfj mf hg~k |eif gfk fi|mgfib hi~ak|& N} lgmfj sg zk hi}

jimf sghk mfsmje| mf|g |ek sm|{i|mgf go |ek Kj}p|mif s|gca hi~ak| zm|emf |ek cgf|ku|

go khk~jmfj mf|k~fi|mgfib ky{m|} hi~ak|s&

Ng|e mfvks|g~s ifl icilkhmc scegbi~s eivk kuihmfkl |ek mhpbmci|mgfs go

mfvks|mfj mf mf|k~fi|mgfib ky{m|} hi~ak|s& Hgs| s|{lmks eivk kuihmfkl

mf|k~~kbi|mgfsemps ihgfj |ek zg~bl s|gca hi~ak|s km|ek~ {smfj 9=50s li|i Qk&j&

Scegbbeihhk~ ifl Sifl %9=5;-1 K{f ifl Semh %9=5=-1 Ceif k| ib& %9==>-1 ifl

I~seifipbbm ifl Lg{ais %9==3-X g~ [smfj 9=?0s |g 9=:0s li|i 9 Qk&j& J~{nkb ifl

Oiflk~ %9=:9-1 Ijhgf %9=:>-1 Pif|gf k| ib& %9=:?-1 ifl Hiblgfilg ifl Si{flk~s

%9=59-X& Hgs| s|{lmks kuihmfkl i bmhm|kl f{hnk~ go cg{f|~mks& Okz p~gvmlk i

cghp~kekfsmvk s|{l} |ei| kuihmfks bgfj(~{f ~kbi|mgfsemps ihgfj fi|mgfib s|gca

hi~ak|s n} mfvgbvmfj i bi~jk f{hnk~ go fi|mgfs& Qk&j& Bkv} ifl Si~fi| %9=:0-1 ifl

Ceif k| ib& %9==:-X&

Og~ |ek khk~jmfj hi~ak|s" |ek khpm~mcib kvmlkfck ms sci~ck" mf jkfk~ib" ifl

fg| og{fl og~ |ek Kj}p|mif s|gca hi~ak|" mf pi~|mc{bi~& Cek{fj ifl Eg %9==9- ifl

9 Bkv} ifl Si~fi| %9=:0- ifl Hiblgflg ifl Si{flk~s %9=59-" mf zemce |ek} mfcb{lk 9=;0s li|i&


2/22


9:9

Cek{fj %9==3- kuihmfk mf|k~|khpg~ib pi||k~fs go |ek cg~~kbi|mgf cgkoomcmkf|s ihgfj

|ek lkvkbgpkl hi~ak|s ifl |ek Ismif khk~jmfj hi~ak|s& \ek} omfl |ei| |ek

cg~~kbi|mgf cgkoomcmkf|s i~k {fs|inbk gvk~|mhk" n{| cgfom~h |ek nkfkom| go

lmvk~smomci|mgf go mfvks|mfj mf |ek Ismif ~kjmgf& Cek{fj ifl Hia %9==>- kuihmfk |ek

ci{sib ~kbi|mgfsemp nk|zkkf |ek lkvkbgpkl hi~ak|s ifl Ismif khk~jmfj hi~ak|s ifl

omfl |ei| |ek [S hi~ak| ms i jbgnib oic|g~ zemce bkils hgs| go |ek Ismif khk~jmfj

hi~ak|s& Ceif k| ib& %9==>- {sk {fm| ~gg| ifl pim~zmsk cgmf|kj~i|mgf |ks|s |g kuihmfk

|ek ~kbi|mgfsemp ihgfj |ek Ismif(Picmomc hi~ak|s ifl cgfcb{lk |ei| |eksk Ismif

khk~jmfj hi~ak|s i~k fg| cgmf|kj~i|kl& \ek ~ks{b|s i~k mf|k~ks|mfj n{| |ekm~ s|{l}

s{ook~s skvk~ib l~iznicas& Om~s|" |ek s|{l} go Ceif k| ib& %9==>- mjfg~ks c{~~kfc}

~msa nkci{sk |ek ky{m|} p~mcks i~k hkis{~kl mf bgcib c{~~kfcmks& Skcgfl i pim~zmsk

cgmf|kj~i|mgf |ks| ms mfcipinbk go lk|k~hmfmfj |ek mf|k~lkpkflkfck ihgfj |ek

mfvks|mji|kl hi~ak|s nkci{sk hg~k |eif |zg hi~ak|s cif nk cgmf|kj~i|kl& S{ce i

pgssmnmbm|} ciffg| nk cbi~momkl n} |ek pim~zmsk |ks|& \em~l" zekf |ek limb} mflmcks i~k

{skl" |ek p~gnbkh go fgfs}fce~gfg{s |~ilmfj nkcghks sk~mg{s nkci{sk |ek

mfvks|mji|kl mflmcks hi} nk mfob{kfckl n} sghk |emfb} |~ilkl s|gcas& \ems bkils |g if

k~~gfkg{s ~kp~kskf|i|mgf go |ek |~{k ~kbi|mgfsemps ihgfj |eksk hi~ak|s& Egzkvk~"

|ems nmis cg{bl nk ~kl{ckl mo i zkkab} mf|k~vib go mflmcks ms {skl&

\ek himf gndkc|mvk go |ems ceip|k~ ms |g {sk ~kckf|b} lkvkbgpkl |kcefmy{ks

%m&k&" {fm| ~gg| ifl cgmf|kj~i|mgf- |g ifib}tk |ek nkeivmg{~ go |ek Kj}p|mif ky{m|}

hi~ak| mf ~kbi|mgf |g kmje|kkf khk~jmfj s|gca hi~ak|s>& Zk p~kok~ |g {sk |eksk

|kcefmy{ks ~i|ek~ |eif |ek mf|k~fi|mgfib ku|kfsmgfs go |ek CIPH %MCIPH- nkci{sk

|ks|mfj |ek bi||k~ khpm~mcibb} oimbs |g p~gvmlk o{bb} si|msoic|g~} ~ks{b|s" Qskk" k&j&" Bkv}

> \egsk i~k mf Kj}p|" I~jkf|mfi" N~itmb" Hkumcg" _kfkt{kbi" Mflmi" Mflgfksmi" Ag~ki" Hibi}smi"

Piams|if" Pembmppmfks" \imzif / Cemfi" \eimbifl" J~kkck" Dg~lif" Fmjk~mi" \{~ak}" ifl Tmhninzk&


3/22


9:>

%9==:-X& ^gbb %9=::-" og~ kuihpbk" mflmci|kl |ei| |ek~k ms bm||bk pgssmnmbm|} go kvk~

nkmfj inbk |g jkfk~i|k i cg~~kc| khpm~mcib |ks| go |ek CIPH Qskk ibsg ^gss %9=:5-"

ifl Sei~pk %9=:5-" og~ lmsc{ssmgfs go |ek mhp~gninmbm|} go s{ccksso{bb} |ks|mfj |ek

CIPH1 Bgj{k ifl ^gjibsam %9=:=-" og~ spkcmomc khpm~mcib c~m|mcmshs ibgfj |ems bmfk1

ifl Sgbfma %9=::-" ifl L{his %9=::-" og~ i smhmbi~b} pkssmhms|mc lmsc{ssmgf ing{|

|ek MCIPHX&

Og~ mfs|ifck" ^gbbs nismc oic|s i~k |ei|4 %9- |ek CIPH ms fg| |ks|inbk {fbkss

|ek kuic| cghpgsm|mgf go |ek |~{k hi~ak| pg~|ogbmg ms afgzf ifl {skl khpm~mcibb}"

ifl %>- m| ciffg| nk p~gvkl g~ lmsipp~gvkl khpm~mcibb} nkci{sk go |ek |i{|gbgjmcib

fi|{~k go |ek bmfki~ ~kbi|mgfsemp nk|zkkf ivk~ijk skc{~m|} ~k|{~fs ifl |ek nk|is& Mo m|

ms cg~~kc| |ei| |ek CIPH ciffg| nk |ks|kl khpm~mcibb}" |ekf m| ms {fbmakb} |ei| |ek

MCIPH zmbb sekl h{ce bmje| gf |ek ku|kf| go mf|k~fi|mgfib cipm|ib hi~ak| mf|kj~i|mgf&

G{~ s|{l} mf |ems Ceip|k~ ms smjfmomcif| og~ |ek ogbbgzmfj ~kbi|kl" n{| lms|mfc|

~kisgfs& Om~s|" zk mfcb{lk |ek kuceifjk ob{c|{i|mgfs mf g{~ ifib}sms" zemce ms hg~k

~kbkvif| |g |ek mf|k~fi|mgfib mfvks|g~s" n} ogc{smfj gf |ek [S lgbbi~ hkis{~ks og~ ibb

mflmcks& Skcgfl" zk {sk |ek zkkab} mflmcks |g hmfmhmtk |ek p~gnbkh go

fgfs}fce~gfg{s |~ilmfj& \em~l" zk mfcb{lk ibb ivimbinbk mflmcks go khk~jmfj hi~ak|s

mf g{~ ifib}sms |g p~gvmlk i cghp~kekfsmvk ~kp~kskf|i|mgf go |ek ~kbi|mgfsemps

nk|zkkf |ek Kj}p|mif s|gca hi~ak| ifl g|ek~ khk~jmfj hi~ak|s& Og{~|e" zk kuihmfk

|ek zkia(og~h koomcmkf| hi~ak| e}pg|eksms og~ kice go |ek kmje|kkf khk~jmfj s|gca

hi~ak|s n} {fm| ~gg| |ks|s& Omfibb}" zk khpbg} |ek Dgeifskf |ks|" ibgfj zm|e |ek

Kfjbk(J~ifjk~ |zg(s|kp hk|eglgbgj}" zemce ms fg| ~ks|~mc|kl |g gfb} pim~zmsk

cghpi~msgf ifl ms cipinbk go kuihmfmfj |ek mf|k~lkpkflkfck ihgfj skvk~ib s|gca


4/22


9:3

hi~ak|s& \ek bi||k~ eis mhpg~|if| mhpbmci|mgfs og~ lmvk~smomci|mgf |e~g{je

mf|k~fi|mgfib mfvks|mfj&

Is kupbimfkl mf Ceif k| ib& %9==>- ifl I~seifipbbm ifl Lg{ais %9==3-"

lmvk~smo}mfj mf|g mf|k~fi|mgfib s|gca hi~ak|s ciffg| nk kookc|mvk mo |egsk hi~ak|s

eivk cghgvkhkf|s" m&k& |ek} i~k cgmf|kj~i|kl& Og~ kuihpbk" iss{hk if mfvks|g~ pbifs

|g lmvk~smo} mf|g |zg cgmf|kj~i|kl s|gca hi~ak|s" si} Kj}p| ifl J~kkck& Mo s|gca

p~mcks mf Kj}p| lkcbmfkl s|kilmb} gvk~ i bgfj pk~mgl go |mhk" ifl s|gca p~mcks mf

J~kkck ogbbgzkl |ek lkcbmfk cbgskb} smfck |ek |zg hi~ak| i~k cgmf|kj~i|kl" |ek

lmvk~smomci|mgf zg{bl fg| nk kookc|mvk nkci{sk |ek s}s|khi|mc %cg{f|~}- ~msa ciffg| nk

lmvk~smomkl izi}& \e{s" m| ms fg| mf |ek nks| mf|k~ks| go mfvks|g~s zeg zif| lmvk~smomkl

pg~|ogbmgs |g mfvks| mf cgmf|kj~i|kl hi~ak|s&

Hg~kgvk~" n} mfcb{lmfj i s{oomcmkf| f{hnk~ go s|gca hi~ak|s" zk mfvks|mji|k

|zg e}pg|eksks |ei| kupbimf Kj}p|mif s|gca hi~ak| mf|kj~i|mgf& \ek om~s| ms |ek

hi~ak| skjhkf|i|mgf kupbifi|mgf& \ek bkssk~ lkj~kk go hi~ak| skjhkf|i|mgf" s{ce is

c~gss(cg{f|~} s|gca mfvks|mfj ifl og~kmjf gzfk~semp ~ks|~mc|mgf" |kfls |g mf|kj~i|k

gfk hi~ak| |g g|ek~s Qskk" k&j&" Fj k| ib& %9==9-X& Ekfck" zk seg{bl skk i j~il{ib

mfc~kisk mf |ek lkj~kk go cgmf|kj~i|mgf gvk~ |mhk is zk zg{bl kupkc| zg~bl s|gca

hi~ak|s |g nkcghk hg~k mf|kj~i|kl gvk~ |mhk& Skcgfl" s|~gfj kcgfghmc ~kbi|mgfsemps

ihgfj cg{f|~mks |ei| i~k mf |ek sihk cgf|mfkf| g~ zm|emf |ek sihk |mhk tgfk i~k

kupkc|kl |g kuemnm| i emjek~ lkj~kk go mf|kj~i|mgf& \ek~kog~k" |ek kums|kfck go i

cghhgf oki|{~k ihgfj s|gca hi~ak|s zg{bl bkil |ekh |g nk cgmf|kj~i|kl& Og~

kuihpbk" Cg~ei} k| ib& %9==;- i||khp| |g gnsk~vk zek|ek~ |ek~k ms i cghhgf bgfj(

|k~h |~kfl ihgfj |ek s|gca p~mcks go |ek ; Picmomc(Nismf hi~ak|s& [smfj

cgmf|kj~i|mgf |ekg~}" |ekm~ s|{l} omfls |ei| zembk |ek~k kums|s i ~i|ek~ mf|kj~i|kl


5/22


9:"

zm|e |ek n{ba go |ek I~in cg{f|~} sei~k ~kobkc|mfj og~kmjf lm~kc| mfvks|hkf|

QEgvij{mhmif %9==


7/22


9:?

G|ek~ I~in cg{f|~mks eivk ibsg eil s|gca kuceifjks og~ skvk~ib }ki~s4 if kuceifjk

zis sk| {p mf M~if mf 9=??" ifl mf \{fmsmi mf 9=?=&

Mf g~lk~ |g kupbimf |ek s|i|{s go |ek Kj}p|mif s|gca hi~ak| ihgfj g|ek~s" m| ms

zg~|e cgfsmlk~mfj i f{hnk~ go mflmci|g~s go hi~ak| ic|mvm|} ifl pk~og~hifck" ifl

cghpi~mfj |ekh zm|e g|ek~ cg{f|~mks& \inbk ;(9 p~gvmlks li|i gf hi~ak|

cipm|ibmti|mgf go ky{m|mks og~ |zg nkfcehi~a }ki~s %9=53 ifl 9==3-& Mf 9=53" |ek

ky{m|} hi~ak| mf Kj}p| zis bi~jk~ |eif |ei| mf \{~ak}" is zkbb is skvk~ib g|ek~

khk~jmfj hi~ak|s" zekf d{ljkl n} cipm|ibmti|mgf %mf [S lgbbi~ |k~hs- ifl mf ~kbi|mgf

|g JLP& Egzkvk~" n} kfl(9==3" zembk |ek Kj}p|mif hi~ak| eil mfc~kiskl ibhgs|

og{~|eogbl" g|ek~ khk~jmfj hi~ak|s" mfcb{lmfj \{~ak}" eil mfc~kiskl n} i oic|g~ go

>; g~ hg~k&

M| ms ibsg fg|mckinbk |ei|" i| kfl(9==3" |ek ~i|mg go Dg~lifs hi~ak|

cipm|ibmti|mgf |g JLP kuckklkl |ei| mf hgs| khk~jmfj hi~ak|s" ifl zis smhmbi~ |g

|ei| mf sghk hidg~ mfl{s|~mib cg{f|~mks& \ek pmc|{~k bggas lmook~kf| zekf bggamfj i|

bms|kl cghpifmks ifl vib{k |~ilkl& Is \inbk ;(> mbb{s|~i|ks" |ek f{hnk~ go bms|kl

cghpifmks mf Kj}p| mfc~kiskl o~gh 9;< |g ?:


8/22


9::

\inbk ;(9 Hi~ak| Cipm|ibmti|mgf go \~ilkl Ky{m|mks

9=53 9==3

Hmbbmgfs go [S lgbbi~s Pk~ckf| go JLP Hmbbmgfs go [S lgbbi~s Pk~ckf| go JLP

Kj}p| 9"90? 3&0 3"500 =&>M~if &&& &&& 9">=: >&?Dg~lif >":93 ;?&: =&5

\{fmsmi &&& &&& =;; ?&&0 3:"I~jkf|mfi 9"35? 9&3 3: 9:&&5 9>"39= 93&?Mflmi :"9:5 :&> =:"=:? >;"500


9/22


9:5

Cgfsky{kf|b}" vib{k |~ilkl ~khimfkl shibb ~kbi|mvk |g |ek f{hnk~ go cghpifmks

y{g|kl& Mf |ek cisk go Hg~gccg ifl \{fmsmi" |ek ivk~ijk vib{k |~ilkl mfc~kiskl"

egzkvk~ ~khimfmfj ~kbi|mvkb} bgz kspkcmibb} mf |ek cisk go \{fmsmi& \~ilmfj vgb{hk

mf |ek Ihhif S|gca Kuceifjk mfc~kiskl sei~pb} o~gh [S, 9= hmbbmgf mf 9=:5 |g

[S, ? nmbbmgf zm|e if iff{ib |{~fgvk~ go [S, 9&9 nmbbmgfs ifl :


10/22


9:=

ms ibsg cgfsms|kf| zm|e |ek mfc~kiskl khpeisms |ek p~mvi|k skc|g~ is |ek himf kfjmfk

og~ mfvks|hkf| ifl j~gz|e& \ek~k ms mfc~kiskl ~kcgjfm|mgf mf Kj}p| go |ek fkkl |g

smjfmomcif|b} n~gilkf m|s lghks|mc omfifcmib hi~ak| ifl mhp~gvk |ek

mf|k~fi|mgfibmti|mgf go |ems hi~ak|& \ems cghks i| i |mhk go p~kss{~ks gf iml obgzs"

mfc~kiskl mf|k~fi|mgfib cghpk|m|mgf og~ p~mvi|k cipm|ib" ifl if {fck~|imf kfvm~gfhkf|

og~ |ek cg{f|~}s |k~hs go |~ilk& \ek ems|g~mcib kupk~mkfcks go g|ek~ cg{f|~mks mf |ek

Hmllbk Kis| ~kjmgf ifl g|ek~ lkvkbgpmfj cg{f|~mks s{jjks| |ei| |ek~k ms i cbki~ ifl

s|~gfj pg|kf|mib og~ hi~ak| lkvkbgphkf| ifl mf|k~fi|mgfibmti|mgf& \e{s" mf |ek

ogbbgzmfj skc|mgfs" zk cgfs|~{c| g{~ khpm~mcib mfvks|mji|mgf |g ifib}tk |ek sm|{i|mgf

go |ek Kj}p|mif ky{m|} hi~ak| ihgfj skvkf|kkf khk~jmfj s|gca hi~ak|s&

;&> LI\I IFL S[HHI^] S\I\MS\MCSG{~ sihpbk go fi|mgfib ky{m|} hi~ak|s mfcb{lks zkkab} li|i og~ 9: khk~jmfj

hi~ak| ~k|{~fs niskl gf |ek Mf|k~fi|mgfib Omfifck Cg~pg~i|mgf %MOC- mflmcks go |ek

zg~bl Nifa< ifl |ek Kj}p|mif cipm|ib hi~ak| ~k|{~fs niskl gf |ek Jkfk~ib Mflku

lkomfkl mf Ceip|k~ |e~kk& \ek MOC p~gvmlks vib{k(zkmje|kl mflmcks go i

~kp~kskf|i|mvk sihpbk go ky{m|mks mf kice cg{f|~} cgvk~mfj i| bkis| ?0 pk~ckf| go |ek

hi~ak|s cipm|ibmti|mgf&

\ek s{hhi~} s|i|ms|mcs i~k p~kskf|kl mf \inbk ;(3 og~ |ek |g|ib vi~minbk li|i

og~ kice cg{f|~}& \ek |mhk pk~mgl cgvk~kl o~gh Dif{i~} 9==< |g Lkckhnk~ 9==:&

\ek zkkab} mf|k~vib zis cegskf %is gppgskl |g limb} g~ hgf|eb}- is i cghp~ghmsk

nk|zkkf |ek p~gnbkhs go hkis{~khkf| k~~g~s mfek~kf| mf limb} li|i ifl sihpbmfj

mfkoomcmkfcmks issgcmi|kl zm|e bgfjk~ mf|k~vibs Qskk Pgj{k ifl Sgbfma %9=:>-X&

\inbk ;(3 S{hhi~} Ifib}sms go Mf|k~fi|mgfib Ky{m|} ^k|{~fs

I{|gcg~~kbi|mgf

< \ek li|i nisk zis jkfk~g{sb} p~gvmlkl n} Lgffi HcLgfibb o~gh Li|is|~kih Mf|k~fi|mgfib"Lkpi~|hkf| go Iccg{f|mfj ifl Omfifck" [fmvk~sm|} go S|~i|ecb}lk&


11/22


950

Fihk Hkif S|l& Lkv& 9 > 3 =&3; 0&>3 0&>0 0&93 0&0; 0&09 (0&0; 0&09I~jkf|mfi ?&>< >3&9< 0&0> 0&0? (0&0< (0&05 0&0? 0&0< (0&90N~itmb > 0&0> 0&0? 0&0? (0&00 (0&90 (0&0>Hkumcg (3&?< >;&=< 0&>9 0&>3 0&09 0&9> (0&0< 0&0= 0&00&50 3;&03 (0&09 (0&00 (0&9< 0&0: 0&05 (0&0< (0&9 0&0> 0&9> 0&90

Mflgfksmi (>?&00 >:&55 (0&9> 0&9; 0&9< (0&0? (0&99 0&0; 0&90Ag~ki (3;&3? >;&?0 0&09 0&>; 0&0: 0&9< 0&9= 0&00 0&09Hibi}smi (>5&05 >9&:3 0&0= (0&9> 0&90 0&>3 (0&05 0&95 (0&09Piams|if (90& 0&9: 0&0: 0&0? (0&0: (0&03 (0&0< (0&05Pembmppmfks (9=&:? >0& (0&0< (0&9> 0&95 0&90\imzif"Cemfi ;&>0 95&< 0&09 (0&09 (0&09 0&0> 0&95 0&09 0&0=J~kkck 99& 0&0; (0&99 0&09 0&09 (0&0? (0&09Dg~lif >&05 =&0> (0&0< (0&0; 0&0= (0&0> 0&00 (0&09 0&03Fmjk~mi 0&09 0&0> 0&03 (0&09 (0&0>\{~ak} >9&3> 0&05 0&0< 0&0: (0&93Tmhninzk ;&:> >>&;> 0&33 0&9: 0&>0 0&03 (0&0: (0&0< 0&0 9=&;5 0&0: 0&9; 0&0> 0&0= 0&0< (0&0; (0&0> 0&95 0&99 0&99 0&>3 0&05 0&>0 0&00Cghpgsm|k (5&3> 90&


12/22


959

ivk~ijk ~k|{~fs mf |ek lkvkbgpkl hi~ak|s Qskk" og~ kuihpbk" Nkaik~| ifl Ei~vk}

%9==;-X& Mf |ekm~ sihpbk" niskl gf Hg~jif S|ifbk} Cipm|ib Mf|k~fi|mgfib" gfk cg{f|~}

%Egfj Agfj- g{| go >9 lkvkbgpkl hi~ak|s eis if ivk~ijk ~k|{~f |ei| kuckkls >0

pk~ckf|& Mf g{~ sihpbk" og{~ cg{f|~mks %_kfkt{kbi" \{~ak}" N~itmb" ifl Fmjk~mi- eivk

ivk~ijk ~k|{~fs ingvk 30 pk~ckf|& Khk~jmfj hi~ak| ~k|{~fs i~k cei~ic|k~mtkl n} emje

vgbi|mbm|}& S|ifli~l lkvmi|mgfs ~ifjk o~gh = pk~ckf| %Dg~lif- |g 0

pk~ckf|& Hg~kgvk~" |eksk hi~ak|s ~kvkib emje i{|gcg~~kbi|mgfs& \ems s{jjks|s |ei| |ek

~k|{~fs mf hif} go |eksk cg{f|~mks hi} nk p~klmc|inbk %|g sghk ku|kf|- niskl gf pis|

~k|{~fs ibgfk&

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|zg s|ijks4 %9- {smfj ibb 95 p~mck sk~mks" |ekf %>- {smfj lmook~kf| j~g{ps go cg{f|~mks&

\eksk j~g{ps i~k4

9& Kj}p| ifl og{~ Bi|mf Ihk~mcif mflmcks %m&k&" I~jkf|mfi" N~itmb" Hkumcg" ifl_kfkt{kbi-&

>& Kj}p| ifl kmje| Ismif mflmcks %m&k&" Mflmi" Mflgfksmi" Ag~ki" Hibi}smi" Piams|if"Pembmppmfks" \imzif / Cemfi " ifl \eimbifl-&

3& Kj}p| ifl |e~kk Hklm|k~~ifkif ~mh cg{f|~mks mflmcks %m&k&" J~kkck" Dg~lif ifl\{~ak}-&


13/22


95>

M%0- m&k& | 8 u| ( &}| zek~k |ek cgfs|if| ms sghk|mhks |k~hkl |ek |ek

cgmf|kj~i|mfj vkc|g~& Mf g|ek~ zg~ls" mo sghk smhpbk bmfki~ ~kbi|mgf cif nk og{fl

nk|zkkf |zg omfifcmib |mhk sk~mks" {smfj ems|g~mcib li|i" |ems mhpbmks i hi~ak|

mfkoomcmkfc} nkci{sk gfk zg{bl kupkc| |ems mfog~hi|mgf |g nk mhpg{flkl mf|g |ek

~kbi|mvk p~mcks& Mo |ems pgssmnmbm|} og~ ki~fmfj p~gom|s" {smfj mfog~hi|mgf cgf|imfkl mf

|ek cgmf|kj~i|mfj vkc|g~" ~khimfs" |ekf |ems mhpbmks i og~h go hi~ak| mfkoomcmkfc}

Qskk" k&j&" HicLgfibl ifl Pgzk~ %9==3-1 ifl Cekbbk}(S|kkbk} ifl Pkf|kcgs| %9== >

9 >

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I~j" N~i" Hku" _kf" Mfl" Mfl" Ag~" Hib" Pia" Pem" \/C" \ei" J~k" Dg~" Fmj" \{~" Tmh-; ms i

95 9 vkc|g~ go s|gceis|mc vi~minbks Qskk Ceip|k~ og{~ og~ i lk|imbkl lmsc{ssmgf go

|ks|mfj |ek e}pg|eksms go cgmf|kj~i|mgfX&

; Kj}" I~j" N~i" Hku" _kf" Mfl" Mfl" Ag~" Hib" Pia" Pem" \/C" \ei" J~k" Dg~" Fmj" \{~" ifl Tmhlkfg|k Kj}p|" I~jkf|mfi" N~itmb" Hkumcg" _kfkt{kbi" Mflmi" Mflgfksmi" Ag~ki" Hibi}smi" Piams|if"Pembmppmfks" \imzif ifl Cemfi" \eimbifl" J~kkck" Dg~lif" Fmjk~mi" \{~ak}" Ifl Tmhninzk"~kspkc|mvkb}&


14/22


953

;&- ~kj~kssmgf& I

vi~minbk lkbk|mgf |ks| %mhpgsmfj tk~g cgkoomcmkf|s gf P|(9 ifl |ek |mhk |~kfl- jmvks i

cghp{|kl vib{k og~ 3& \inbk _M mf Lmcak} ifl O{bbk~ %9=59- segzs |ek c~m|mcib

vib{k og~ hg~k |eif >;0 gnsk~vi|mgfs %zk ic|{ibb} {sk >0:- |g nk ?&3


15/22


95s|i|ms|mc" zek~k |ek~k zg{bl ippki~ |g nk {p |g skvkf cgmf|kj~i|mfj vkc|g~s& \eksk

~ks{b|s zg{bl hkif J~ifjk~(Ci{sibm|} mf bkvkbs ifl ekfck zg{bl nk s{jjks|mvk go

mfkoomcmkfc}&

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cg{f|~mks is s{jjks|kl ki~bmk~& \inbk ;(5 segzs |ei|" gf |ek nisks goB^9" |ek |~ick

|ks|" zk ciffg| ~kdkc| |ek f{bb e}pg|eksms |ei| |ek~k ms i tk~g cgmf|kj~i|mfj vkc|g~ og~

|ek om~s| j~g{p %m&k&" Kj}p|" I~jkf|mfi" N~itmb" Hkumcg" ifl _kfkt{kbi-& Egzkvk~" gf

|ek nisms go |ek B^> s|i|ms|mc" |ek~k zg{bl ippki~ |g nk gfk cgmf|kj~i|mfj vkc|g~ og~

|ems j~g{p& Og~ |ek |em~l j~g{p %Kj}p|" J~kkck" Dg~lif" ifl \{~ak}- is zkbb is og{~|e

j~g{p %m&k&" Kj}p|" Dg~lif ifl \{~ak}-" |ek ~ks{b|s mflmci|k |ei| |ek~k ms bm||bk kvmlkfck

go bgfj(|k~h ~kbi|mgfsemps ihgfj |ek ky{m|} hi~ak|s go |eksk j~g{ps&

Og~ |ek skcgfl j~g{p %m&k&" Kj}p|" Mflmi" Mflgfksmi" Ag~ki" Hibi}smi"

Piams|if" Pembmppmfks" \imzif / Cemfi " ifl \eimbifl-" |ek omflmfjs s{jjks| |ei|

|ek~k kums| i| bkis| |zg cghhgf |~kfls" niskl gf |ek |~ick |ks|" ifl og{~ |~kfls gf |ek

nisms go |ek B^> s|i|ms|mc ihgfj |ek hi~ak|s go |ems j~g{p& Og~ |ek omo|e j~g{p %m&k&"

Kj}p|" Fmjk~mi ifl Tmhninzk-" (HIU ifl|~ick s|i|ms|mcs og~ ~ 8 > i~k smjfmomcif| i|

|ek |kf pk~ckf| bkvkb go smjfmomcif|& \e{s" cgmf|kj~i|mgf kums|s mf |ek omo|e j~g{p&

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|ek sihpbk smfck |ek p~klmc|inmbm|} skkhs |g kums| nk|zkkf |ek Kj}p|mif s|gca hi~ak|

mflku ifl |ek p~mcks go g|ek~ khk~jmfj hi~ak|s& Mf g|ek~ zg~ls" |ek p~kskfck go

cgmf|kj~i|mfj vkc|g~ s{jjks|s |ei| smjfmomcif| gppg~|{fm|mks og~ p{~k i~nm|~ijk jimf

nk|zkkf Kj}p| ifl g|ek~ khk~jmfj hi~ak|s hi} kums| l{~mfj |ek pk~mgl go s|{l}&

Bi~jk jimfs o~gh mf|k~fi|mgfib i~nm|~ijk ippki~ |g pk~sms| s{oomcmkf|b} bgfj" ibbgzmfj

i cbki~ cgmf|kj~i|mfj vkc|g~ |g nk lk|k~hmfkl&


17/22


95?

\ek hgs| s|~mamfj oki|{~k go \inbks ;(; ifl ;(5 ms |ek |g|ib inskfck go if}

cbki~ cgmf|kj~i|mfj vkc|g~ ihgfj |ek Hmllbk Kis|k~f hi~ak|s %m&k&" Kj}p|" Dg~lif"

ifl \{~ak}- ifl ihgfj Hklm|k~~ifkif ~mh cg{f|~mks %m&k&" Kj}p|" J~kkck" Dg~lif ifl

\{~ak}-" s{jjks|mfj fg jimfs o~gh ~kjmgfib i~nm|~ijk ippki~ |g pk~sms| bgfj |g ibbgz

if} cbki~ cgmf|kj~i|mgf |g nk lk|k~hmfkl& \ems ~ks{b| p~gvmlk skvk~ib mhpbmci|mgfs gf

|ek e}pg|eksks gook~kl |g kupbimf cgmf|kj~i|mgf ~kbi|mgfsemps& Om~s|" cg{f|~mks zm|e

cghhgf jkgj~ipemc |mks %k&j&" Hmllbk Kis|k~f cg{f|~mks ifl Hklm|k~~ifkif ^mh

cg{f|~mks- hi} fg| cgmf|kj~i|k zm|e kice g|ek~& \ei| ms" |ek cghhgf kcgfghmc ifl

jkgj~ipemc |mks lg fg| fkckssi~mb} bkil fi|mgfib s|gca hi~ak|s |g ogbbgz |ek sihk

s|gceis|mc |~kfl& \ek bica go smjfmomcif| cgmf|kj~i|mgf mf |eksk |zg j~g{ps skkhs fg|

|g s{ppg~| |ems e}pg|eksms& \e{s" m| ms mf |ek nks| mf|k~ks| go mfvks|g~s zeg zif|

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izi}& Skcgfl" {flk~ |ek hi~ak| skjhkf|i|mgf i~j{hkf| go mf|kj~i|mgf" |ek f{hnk~ go

smjfmomcif| cgmf|kj~i|mfj vkc|g~s ihgfj ibb khk~jmfj s|gca hi~ak|s seg{bl mfc~kisk

gvk~ |mhk nkci{sk go bkss hi~ak| skjhkf|i|mgf %k&j& okzk~ ~ks|~mc|mgfs gf c~gss(

cg{f|~} mfvks|mfj" og~kmjf gzfk~semp ifl og~kmjf kuceifjk cgf|~gb- l{~mfj |ems

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skjhkf|i|mgf bkils |g cgmf|kj~i|mgf ~kbi|mgfsemps ihgfj khk~jmfj s|gca hi~ak|s is i

zegbk& Egzkvk~" |ek ~ks{b|s o~gh Hmllbk Kis|k~f ifl Hklm|k~~ifkif ^mh cg{f|~mks

lg fg| s{ppg~| |ems e}pg|eksms&

\inbk ;(< [fm| ^gg| \ks|s og~ |ek Zkkab} P~mcks Li|i

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Mf|k~ckp| \~kfl T|(9 T|(9 T|(> T|(3 3 zm|e|~kfl

zm|eg{||~kfl

Kj}p|


18/22


95:

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HkumcgT 8 P =:&=;= (0&< (9&55= (>&93 >&>


19/22


955

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|% ILO- og~ |ek om~s|lmook~kfck

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J~kkckT 8 P =&3=5 (0&0> (0&0;3 (0&0;= 0&09? 9&9:= (93&3?>0 (9&?; (0&:3: (0&539 0&3;9 (93&3:9Dg~lifT 8 P (9&3=? 0&0=? (0&039 0&0?= (0&000 (0&03? >&00=< (90&9>< (90&0=; 9&=9 0&09= 9&?< 0&>=< 0&>?>

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T 8 P ;: (0&99< (0&0?? 0&09= 0&0=? 0&053 3&:33: (93&09? (93&0&;:5 (>&>>3 (>&?5; 0&>:; 9&3?> >&39?

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20/22


95=

\inbk ;(; \zg S|kp Cgmf|kj~i|mgf \ks| og~ Mflmvml{ib Mflmcks Ic~gss Fi|mgfib Ng{fli~mks

Cg{f|~} LZ LO ILO %B-

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21/22


9=0

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Zkkab} Li|i4 Dif{i~} 9== \~ick \ks| B^9

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J~g{p %3-4 Kj}p|" J~kkck" Dg~lif ifl \{~ak}&J~g{p %


22/22


9=9

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ms kupkc|kl |ei| |ek~k ms mfc~kismfj mf|k~ks| mf mfvks|mfj mf |ems hi~ak|& \ek zkkab}

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Kj}p|mif s|gca hi~ak| zm|e spkcmomc ogc{s gf |ek p~mvi|mtkl mfm|mib p{nbmc gook~mfjs&

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THE INTERNATIONALIZATION OF THE EGYPTIAN STOCK MARKET