The Egyptian stock Market crashes... hard!
The Egyptian stock market crashed really hard today. We are talking 20% losses across the board, the lowest level in more than 6 months. The crash was so severe that the people running the stock exchange shut it down for the day because of the selling panic that took over people, and they are contemplating shutting the market for a week. The stock I was talking about yesterday? It's now worth 33 EGP. 33. From 250 to 33 in 2 weeks. Our IT guy is looking downright suicidal, and this other guy we know from this other firm is now in the hospital's ICU because he had a heart attack yesterday after he lost 600,000 EGP in the market. No one dares to tell him that his losses are now close to a million. The dude could seriously die. This is bad!
posted by The Sandmonkey @ 3/14/2006 02:59:00 AM
5 Comments:
The link doesn't work - maybe because of traffic?
Could you in few words explain the background for the crash?
scandinavian person
SP, if you can explain to me the reason why the egyptian stock market rose 30% in december and January, and made 100% retruns over the paast 2 years, despite low growth rates, heavy unemployment, political instability and 5 terrorist attacks, then I will gladly be able to explain to your the background to this crash.
Dude, it's egypt.The land of never-ending opprutuniies and crushed dreams. Anything and Everything goes here!
Oh shit. And i complained because my lundin petroleum warrants went down 15%...
Another scandinavian person (Swede)
Thank you.
Scandinavian person
Background is right here:
http://egyptiansandmonkey.blogspot.com/2006/03/my-poor-it-guy.html
The accountants and cabdrivers were giving investment tips, and regular people were buying undiversified positions on margin.
So it's a classic case of stock market hysteria, resulting in a stampede as the bubble burst.
SO, what does price/equity look like compared to historical levels?
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