The Egyptian stock market drama
*Scroll Down for Updates* Ok, so after this whole thing that happend earlier on today, the people running the stock exchange decided to re-open it at 1:30 (regular session is from 11:30 to 3:30), where the market rebounded slightly, or at least it didn't continue its free fall. So the session ends on a somber note, except that the head of the Stock Exchange "Maged Showky", decided, on his own, to start a special session from 3:30 till 4 pm, where only a select few big Investment funds would get to buy a select few stocks, and everyone else can watch or sell, but aren't able to buy anything themselves. This caused that stock I was mentioning, which is EFG's stock for those who know our stock market, to jump from 33 to 49 EGP by the end of that special session. But it doesn't end there. Maged Shawky gets fired, and the Ministery of Investment announces the cancellation of all the trasnactions that were done in the special session, bringing the price back to 33 EGP. And now there are rumors that Maged was actually fired around 1 pm today for "improper dealings and transactions" and did this as his swan song so to speak. This leaves the name of the his collaborater in his improper dealings left to speculation, but with a strong indicaters pointing towards the Chairman & CEO of EFG-Hermes Yasser El Mallawany, who is a good buddy of Maged and whose company had the most to benefit from this "special session". If this is true, then this will be the biggest scandal of its kind in Egypt, and one that would send the stock market spiraling out of control tommorow. Rabena Youstor! UPDATE: Ehh, how can I explain this? The Ministery of Investment decided late last night to reverse all of its decision, re-instated Maged Shawky, didn't cancel yesterday's "special session" transactions and is pretending as if nothing happend. In other news, the arab stock market lost about 500 Billion dollars yesterday in transactions, and the egyptian small investors demonstrated in front of the Egyptian stock Exchange "demanding their money back". Futile attempts to explain to them that their money isn't actually inside the stock exchange were of no effect, because in their minds that's where "they lost their money, and now they wanted it back". A lot of wailing and shouting ended up happening, but thankfully no one got hurt anywhere except their pockets. And if all of that doesn't just piss you off, the government privatized its cement sector last year and sold it to 2 companies, while enacting measures to prevent the importing of outsdie cement to "protect the local mono..ehh...cement inducstry". This allowed the cement companies to raise their prices 4 times, giving one of them a profit jump from 10 million in 2004 to 271 million in 2005. Talk about a return on your investment.