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Egypt Stock Market Opens, Plunges, Triggers Circuit Breakers, Closes
So much for that $25 million EGPT ETF as being a leading indicator. AP dscribes what can only be summarized as the funniest plunge-protection free market reopening in history: "Shares on Egypt’s stock exchange plunged Wednesday as the market
reopened after being shut for nearly two months because of the mass
protests that toppled former President Hosni Mubarak. Egypt’s finance minister was on hand as men dumped confetti on the trading floor to mark the resumption of trading. But within seconds of the opening, trading was once again halted as an intense sell-off drove shares below pre-set limits put in place to slow any sharp declines. The market reopened half an hour later. The benchmark EGX 30 index was trading down 9 percent at 5,137 points by early afternoon, recovering slightly from a drop of nearly 10 percent earlier. Finance Minister Samir Radwan called on investors not to panic." Of course, where some see panic, others may see responsible selling of liquid assets as the clusterflock of black swans is now flying high in the troposphere and following the Gulfstream.
Some more on this huge market manipulation PR disaster:
“We’re urging people to hold on to their shares and not be hasty. You might regret it” if you sell, he told reporters at the exchange.
The Egyptian Exchange had been closed since Jan. 27 as demonstrations paralyzed the Arab world’s most populous nation.
Wednesday’s reopening came under tight security. Armed military vehicles were posted at the ends of a street leading to the exchange. Soldiers armed with machine guns were posted outside.
Although rapid, the drop did not come as a surprise. Analysts had expected sharp losses as investors pulled their money from the market amid ongoing investigations of former regime officials and some of the country’s top businessmen whose companies are listed on the exchange.
“I was not surprised at all. It’s something to be expected give the market was offline for 7 weeks,” said John Sfakianakis, chief economist for the Riyadh, Saudi Arabia-based Banque Saudi-Fransi, of Wednesday’s plunge. “The situation in Egypt has not created confidence among international and of course local investors.”
Egyptian officials had tried to shore up confidence ahead of Wednesday’s reopening, including the appointment of a new temporary head following the resignation of the bourse’s former chairman.
Yet the joke may be on us as Buffett sets off to conquer the dip in yet another country, whose government will have no option but to rescue the octogenarian once he bcomes TBTF on yet another continent.
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Do over! Hopefully Buffett is BTFD with both hands. On the other side of the pond, looks like futures just shit the bed.
"On the other side of the pond, looks like futures just shit the bed"...
Looks more like a fart -- US futures still look flat as of now...
Buffet buys Egyptian National Railways!
lol X 3!
go great w/ the egyptian nat'l banks he and G/S pocketed a few months ago, eh?
tell norton there is a RACOON MEETING FRI NITE, 'k?
t.y.! and give reginald van g. my very, very best! see ya friday @ the lodge!
This is to funny. The whole world needs to be propped up. The global finanical system has become nothing more than a laughing stock.
is there a derivative ETF on laughing now?? is it safe to short?
Ticker symbol ROFL.
Buffett makes me ill - what a self-promotional windbag.
Amen! That miserable SOB is also an outspoken advocate for the Federal Estate Tax (i.e. the Death Tax).
he hates his arty granddaughter - probably hates all his relatives
I suppose The Ben Bernank doesn't have a "Pump Egypt Futures" button on his PC.
oh I'm sure he does. If they let Egypt markets collapse it's by design.
Egypt's markets are a reflection of Egypt's condition. Egypt is in chaos.
Bullishness among fund managers towards global equities is at the highest level since Merrill Lynch began surveying them in April, 2001.
http://www.cnbc.com/id/41600804
Can't just leave a market to find it's own level can we.
All the gamers at the casino need to have their hands held - or even better, have their loses made good...
Even the concept of a free market is mostly inconceivable now.
There is no such thing as true price discovery in a centrally planned market. The markets are completely manipulated.
what kind of bird you got readying for flight there RECISION?
lQQks like a Green Eagle. f'n awesome! whatever it BE!
Not sure exactly what species.
But here is a link to a bigger pic.
http://recision.wordpress.com/2011/03/23/birdie/
Sometimes this shit is too hysterical to be true. The topper is Radwan after the crash with his all is well, "Do not panic". He should have got on the loudspeaker and said, " I assure you I have a PHD from MIT..all is well"
Here's where we need the Naked Gun "nothing to see here" pic.
I miss that one. In the meantime perhaps this will cheer you up.
http://www.youtube.com/watch?v=rSjK2Oqrgic
I mean for fuck's sake, what do you expect? Most Egyptian companies owe their success to the Mubarak regime, with years of "gifts" to secure contracts and export licenses etc. When you remove this regime, everything is up for grabs, contracts will be questioned. So, a 10% drop is just a starter.... as Rumsfeld said, "democracy is messy."
hey! at least they pulled the plug when the indx was still positive 4 da day-0. no bidz?
and tyler sez: "Of course, where some see panic, others may see responsible selling of liquid assets as the clusterflock of black swans is now flying high in the troposphere and following the Gulfstream."
Topo Gigio , following Prince, has re-tooled as TROPO Gigio, after 18 Ed Sullivan appearances, formerly known as, no less. nice fukin ears, too, eh? Tropo sez: FLEE! FLEE! pics?
TROPO gigio - Google Search
A glimpse of what would happen in U.S. markets if true price discovery was allowed to occur. lol
You mean evil evil deflation? The Bernank will fight till the last taxpayer is auctioning off their terms of indentured servitude on Ebay to prevent that.
if only there was a way to have massive liquidity while currency strengthens . A central bankers wet dream .
Plunge Promotion Team.
What about the stock market in Tripolis ? What is the leading index there doing ?
I guess it's firmly up on the good news about reconstruction work planned ahead.
In other news The Reston 6 open a new branch in Cairo affectionately called by the locals The 6 Vanquishers.
The flower confetti was a nice touch.. for a Cairo funeral.
ONE BIRD IN YOUR HAND IS MORE THAN TEN IN SKY
Where is the Egyptian Cramer to tell everyone to "BUY BUY BUY???"
swimming in da Nile?
t.y., mr bones!
What a world; markets shutting down when you don't want them to, and nuclear reactors staying on when you don't want them to. Is the heat on?
That's a strange looking graphic. Straight up, straight down.. the Rock of Gibralter, or Half Dome in Yosemite.
you call that a plunge ?
Ponzi comes to mind.
What a picture, dumping confetti on the trading floor to reopen the market followed by... everyone dumping confetti on the trading floor and reclosing the market ROFLMAO