Chapter II evolution of stock exchanges
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Table - 2.5
Number of Listed Companies in Arab Stock Markets during 1994-2008 No. Stock Exchange 1994 2007 2008 1 Abu Dhabi Securities Market - 64 65 2 Amman Stock Exchange 95
245 262
3 Bahrain Stock Exchange 34 51
51 4 Saudi Stock Market 62
111 126
5 Kuwait Stock Exchange 48 196
204 6 Casablanca Stock Exchange 61
73 77
7 Algeria Stock Exchange - 2
8 Tunis Stock Exchange 21 51
50 9 Dubai Financial Market - 55 65 10 Khartoum Stock Exchange - 52 52 11 Palestine Stock Exchange - 35 37 12 Muscat Securities Market 68
125 122
13 Doha Securities Market - 40
43 14 Beirut Stock Exchange - 15 13 15 Cairo & Alex. Stock Exchange 700
435 373
Total
1089 1550
1542 Source: Arab Monetary Fund (AMF), ―4 th Quarterly AMDB Bulletin‖, 2007-2008. (Elasrj, 2004)
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Table - 2.6 Market Capitalization in Arab Stock Markets during 1994-2008 (in Million Dollars) No. Stock Exchange 1994 2007 2008 1 Abu Dhabi Securities Market - 121,128 68,810 2 Amman Stock Exchange 4,626.5
41,233 35,844
3 Bahrain Stock Exchange 5129.3 27,016
19,947 4 Saudi Stock Market 38,693.33 518,984 246,337
5 Kuwait Stock Exchange 10,967.25 135,362
70,181 6 Casablanca Stock Exchange 4,446.1
75,495 65,748
7 Algeria Stock Exchange - 97
92 8 Tunis Stock Exchange 2,559.29 5,339 6,304
9 Dubai Financial Market - 138,179
63,099 10 Khartoum Stock Exchange - 4,931 3,804 11 Palestine Stock Exchange - 2,474 2,124 12 Muscat Securities Market 1,856.12 23,086 15,139
13 Doha Securities Market - 95,505
76,627 14 Beirut Stock Exchange - 10,894 9,609 15 Cairo & Alex. Stock Exchange 4,258.82 138,828 85,923
Total
72,536.71 1,338,550 769,589 Source: Arab Monetary Fund (AMF), ―4 th Quarterly AMDB Bulletin‖, 2007-2008. (Elasrj, 2004)
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Table -2.7 Trading Value in Arab Stock Markets during 1994-2008 (in Million Dollars) No. Stock Exchange 1994 2007 2008 1 Abu Dhabi Securities Market - 25,730 5,252 2 Amman Stock Exchange 615.81
4,729 3,156
3 Bahrain Stock Exchange 160.25 465
513 4 Saudi Stock Market 6,632.27 147,565 86,953
5 Kuwait Stock Exchange 1,959.42 27,878
22,524 6 Casablanca Stock Exchange 214.14
11,870 4,836
7 Algeria Stock Exchange - 0.017
73.05 8 Tunis Stock Exchange 334.48
310 679
9 Dubai Financial Market - 53,983
10,241 10 Khartoum Stock Exchange - 191 77 11 Palestine Stock Exchange - 184 136 12 Muscat Securities Market 240.93
2,747 862
13 Doha Securities Market - 13,488
9,911 14 Beirut Stock Exchange - 403 239 15 Cairo & Alex. Stock Exchange 355.87
23,924 7,948
Total 10513.17 313,467
153,327 Source: Arab Monetary Fund (AMF), ―4 th Quarterly AMDB Bulletin‖, 2007-2008. (Elasrj, 2004) Within the Arab region there is substantial variation in the degree of stock market development; some countries are fairly well advanced, whereas a few others have significant scope for improvement. Markets are characterized by relatively small number of listed firms except in a few countries such as Egypt, Amman and Kuwait (see Figure 2.4). Saudi Arabia has the biggest stock market in terms of market capitalization among all stock markets, followed by the United Arab Emirates, Egypt, Qatar and Kuwait (Figure 2.5). The trading volume in most of the Arab region is also low because the governments still hold a large percent of listed firms that they rarely trade, and on the other hand, strategic shareholders are either major local families or foreign joint ventures. Figure 2.6 shows that Saudi Arabia leads the region in terms of the value trading, followed by Kuwait, United Arab Emirates, Qatar and Egypt by the end of 2008. The number of trading value of these countries proved to be substantial particularly when compared to the smaller markets of Sudan, Palestine and Lebanon.
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No of Listed Companies in Arab Stock Markets in 2008
Source: Arab Monetary Fund (AMF), (2008) 4 th Quarterly AMDB Bulletins,
Available at: http://www.amf.org 0 50 100 150 200
250 300
350 400
450 500
Abu Dhabi Securities Market Amman Stock Exchange Bahrain Stock Exchange Saudi Stock Market Kuwait Stock Exchange Casablanca Stock Exchange Algeria Stock Exchange Tunis Stock Exchange Dubai Financial Market Khartoum Stock Exchange Palestine Stock Exchange Muscat Securities Market Doha Securities Market Beirut Stock Exchange Cairo & Alex. Stock Exchange
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Market Capitalization in Arab Stock Markets in 2008 (in Million Dollars)
Source: Arab Monetary Fund (AMF), (2008) 4 th Quarterly AMDB Bulletins, Available at: http://www.amf.org . 0 50,000 100,000 150,000
200,000 250,000
Abu Dhabi Securities Market Amman Stock Exchange Bahrain Stock Exchange Saudi Stock Market Kuwait Stock Exchange Casablanca Stock Exchange Algeria Stock Exchange Tunis Stock Exchange Dubai Financial Market Khartoum Stock Exchange Palestine Stock Exchange Muscat Securities Market Doha Securities Market Beirut Stock Exchange Cairo & Alex. Stock Exchange
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Value Trading in Arab Stock Markets in 2008 (in Million Dollars)
Source: Arab Monetary Fund (AMF), (2008) 4 th Quarterly AMDB Bulletins, Available at: http://www.amf.org. 0 10000
20000 30000
40000 50000
60000 70000
80000 90000
100000 Abu Dhabi Securities Market Amman Stock Exchange Bahrain Stock Exchange Saudi Stock Market Kuwait Stock Exchange Casablanca Stock Exchange Algeria Stock Exchange Tunis Stock Exchange Dubai Financial Market Khartoum Stock Exchange Palestine Stock Exchange Muscat Securities Market Doha Securities Market Beirut Stock Exchange Cairo & Alex. Stock Exchange Trading value in million dollar St o ck E xc h an ge
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The majority of the Arab stock exchanges use electronic-quote-driven trading system with a short period of settlement ranging from T+2 to T+3 days. Trading in derivatives includes stock options. Stock future was introduced recently in Kuwait stock exchange. Furthermore, there are many corporate and government bonds and treasury bills traded in the majority of the Arab stock exchanges including Islamic and conventional bonds. The latest new product, which was introduced recently in the Arab stock markets is the mutual investment fund; today there are hundreds of mutual Islamic and conventional closed- and-open- end funds traded in about ten Arab stock markets. These include equities and bonds portfolios, with local and foreign currencies (Sabri, 2008).
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