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Egypt Stock Market To Be Closed Through Wednesday (At Least), Even As EGPT Predicts 15% Upside Arbitrage

Tyler Durden's picture




 

All those who were hoping that Egypt would open its stock market today, as had been indicated previously by the Egyptian Central Bank, will be disappointed. Not only will the CASE not open today, but it will remain shut on Monday and Tuesday as well. The reason: the Thermidor reaction at local banks is starting. Per Reuters: "Egypt's central bank declared Monday a bank holiday after a series of worker protests and strikes on Sunday at state-owned banks." Oddly enough, in the power vacuum immediately following a revolution, when the country has just transferred power to a supposedly beneficial, but not really, military regime, Egypt's number one priority is not to keep the general casino open. What a disgrace. More from Reuters: "Banks were also due to be closed on Tuesday, which is an official holiday marking the Prophet Mohamed's birthday. "Employees are demanding higher salaries," Deputy Central Bank Governor Hisham Ramez said by telephone, adding that strikes were mainly at state and not private banks." But do not despair, according to the perfectly efficient ($25MM AUM) EGPT ETF, the Egypt stock market is currently 15% undervalued. All that is needed to make sure that someone can pocket a guaranteed 14.6% arbitrage is for the Egyptian financial industry to have enough people left employed to open the stock market.

 

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Sun, 02/13/2011 - 14:04 | 957800 Turd Ferguson
Turd Ferguson's picture

Admittedly off topic but please take time to read this. I think its pretty important:

http://tfmetalsreport.blogspot.com/2011/02/preparing-accordingly-ii.html

Sun, 02/13/2011 - 14:05 | 957802 Terminus C
Terminus C's picture

BTFD?

Sun, 02/13/2011 - 15:33 | 957936 UGrev
UGrev's picture

more like, "BTFGF", buy the fucking ground floor.. 

Sun, 02/13/2011 - 14:08 | 957803 props2009
props2009's picture

off topic again but I think the reuters news is important.

Obama wants to cut down deficit by 1.1 trillion

http://dawnwires.com/investment-news/us-deficit-obama-plans-to-cut-down-1-1-trillion/

Sun, 02/13/2011 - 14:41 | 957843 lizzy36
lizzy36's picture

Excellent. $1.1T over 10 years.

So lets put this in context, Obama plans to cut, per year, about the equivalent of what ChairSatan monetizes, on one month. Mazel Tov to Obama.

The big news today, is AAPL going down market. The really big news will be when AAPL becomes a Bank, and securitizes its own products based on SKU.

Sun, 02/13/2011 - 15:09 | 957879 Oh regional Indian
Oh regional Indian's picture

I read the Daimler Benz just collaterlized their auto loan book for about $750 million. Talk about shaky collateral in this environment. But money must be moved around and the war machinery makers must be kept debt-strangled but solvent. Oxymoronish as that sounds.

Same stink.

ORI

 

Sun, 02/13/2011 - 14:22 | 957826 RobotTrader
RobotTrader's picture

BBVA and STD are up 33% off the recent PIIGS crisis lows.

Probably see the same type of move in EGPT as the short sellers are chased out of their positions.

Sun, 02/13/2011 - 14:51 | 957862 no life
no life's picture

Either that, or..

Sun, 02/13/2011 - 14:53 | 957867 props2009
props2009's picture

Does anyone else think about Muslim brotherhood? That they are nothing but a set of goons in the name of angry youth. Basically Hamas transformed?

 

http://dawnwires.com/investment-news/is-muslim-brotherhood-same-as-hamas-yes/

Sun, 02/13/2011 - 17:03 | 957880 downwiththebanks
downwiththebanks's picture

They're not even goons.  Judging by their actions, the members must be typical petty bourgeoisie.  During a REVOLUTION, they're always the last to choose a side, cowering in fear until it's expedient to hedge.

The Cowards do have a youth movement that is, at this moment, REVOLUTIONARY in both word and deed.  A feather in an otherwise reactionary cap.

We know that the Egyptian franchise was created by British intelligence, funded and used by Uncle Sam, the Brits, and (Mu)Barak whenever it suited them.  

That's a fact.

Sun, 02/13/2011 - 16:38 | 958062 Id fight Gandhi
Id fight Gandhi's picture

So much of this is fear mongering.

Makes excuses to go to war, install million dollar scanners and turn our country into a police state.

Sun, 02/13/2011 - 17:04 | 958103 dwdollar
dwdollar's picture

If you want to be a war hawk, I'd suggest ditching the yahoo avatar cartoon girl of ambiguous race and get something with balls.

Sun, 02/13/2011 - 16:47 | 957874 downwiththebanks
downwiththebanks's picture

What is going on here?  Didn't the REVOLUTIONARIES get the message from a bunch of ZeroHedge posters?  They said it would simply vanish.  Or the Muslim Cowardhood would speak on their behalf.

"Go home, losers.  And back to work.  You got fooled," say the overprivileged Droids. "Uncle Sam got what it wanted, so you're not needed anymore.  It's over.  Done.

"Now make me a shirt."

Yet in the real world, the REVOLUTIONARY process makes its OWN demands, without consulting the Droids of Capital on this blog.  

And they're not making your fucking shirt.

Personally I thought Cairo would cede the Square, but it looks like they just might hold it.  

Consciousness.

Sun, 02/13/2011 - 15:07 | 957891 Atomizer
Atomizer's picture

Outflow, then inflow. Still checking on new info. BRB

http://www.globes.co.il/serveen/globes/docview.asp?did=1000622702&fid=1725

Sun, 02/13/2011 - 16:18 | 958029 props2009
props2009's picture

Did any read of China Communist party threat to attack if pushed to the wall?

http://dawnwires.com/investment-news/china-we-will-dump-the-dollar-if-yo...

Sun, 02/13/2011 - 16:26 | 958042 downwiththebanks
downwiththebanks's picture

That's some pretty serious language.  Good find.

Sun, 02/13/2011 - 16:22 | 958038 Atomizer
Atomizer's picture

Latest rumor. Comatown

Who would have thought that the french would being calling Obama a bitch. LOL

"Quelle pute ce Hussein Obama!"

Hosni Moubarak entre la vie et la mort dans un hôpital allemand

Sun, 02/13/2011 - 17:52 | 958190 AbandonShip
AbandonShip's picture

Hah, rich Egyptians have the most to lose....d'uh!

 

http://english.aljazeera.net/video/middleeast/2011/02/201121342026569954...

 

 

Sun, 02/13/2011 - 22:31 | 958686 Cursive
Cursive's picture

This is why the phrase "bulltard" was coined.  Nothing has been solved in Eygpt.  Mubarak is out, but there is a power vacuum (as TD pointed out).  Protestors took to the streets because they were hungry and the Muslim Brotherhood lent a helping hand.  There is a caldron of geopolitical troubles brewing and the bulltards have rushed in with leverage.

Mon, 02/14/2011 - 02:35 | 959012 Temporalist
Temporalist's picture
Palestinian cabinet 'to resign as part of reshuffle'

http://www.bbc.co.uk/news/world-middle-east-12445001

 

 

Mon, 02/14/2011 - 06:21 | 959158 StychoKiller
StychoKiller's picture

Looks like Fatah is becoming even more irrelevant.

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