Professional Documents
Culture Documents
: ..
10
10
12
15
15
16
17
18
20
20
21
23
25
25
26
27
29
29
30
32
34
37
37
38
41
43
45
46
47
48
51
51
52
52
53
54
55
55
57
57
58
60
62
62
63
68
68
69
69
69
71
73
73
: 2003
75
76
80
82
82
82
83
84
86
86
87
87
: 2006
88
89
90
91
93
93
97
100
102
: 102
:
103
112
112
114
115
117
119
121
123
123
124
126
127
129
129
130
131
133
134
136
138
140
143
146
)
(
........
......
.
. .
.
.
)
( 1
.
.
: )(Equities
Mankiw,Gregory, princiles Of Economics, Harcourt College Publishers, Second Edition, USA, 2001,p555.
.
: )(Bonds
) (open market operations
.
: )(Derivatives
.
Kidwell , David and others , financial institutions ,markets and money ,8th edition ,USA ,2003 ,p62
.
.
:
. ..3
:
.
:
3 2001 .246
.
:
:
.
%90
%90
)(mutual funds
.
.
:
) (developing countries
.
:
18644 )the cairo
(stock exchange
.
1991 .
Wilson , p96
5.
.
:
656
1993 746 1995 1070
2001 424
1167 51357
1993
5
90000
500 600
)( 88 1991 274
1995 1209 2000
1123 2001
%8 1991 %134 1995 %3533
2000 %80 .
)(organized market
)(over the counter
)(
) (proforma
.6
)(
.
6 .
.
2003
) (
.
24 19917
22/12/1996
26
) (
26 .23/3/1992
74
18 2004 24
.2004 2004
7
1992 .80
3983 2004
.
40
) (isx price index
.
1070
93
120
22
3160 3
57
6
.
.
.
.
.
.
.
:
:
.
:
.
:
.
:
.
:
.
:
.
:
.
:
:
:
:
.
.
.
.
.
.
:
:
.
.
.
.
.
:
:
2003 .
.
2003
.
.
:
:
.
.
.
.
...
.
.
.
:
:
-1
.
-2
.
-3
.
-4
%85
%60 %15
8
.%40
)
( )9
( 10
8 1998 .106
Michael burda and Charles wyplosz ,macroeconomics , oxford university press 1993, p9
10. 2002 63
.
:
11.
.
%35
.
.
: 12
1
.
2
.
11 .61
. 2002 47
12
3 .
4
.
5
.
:
.
:
1
.
-2
.
-3
.
.
13%80
.
13
2002 .65
:
.
:
)
( 14
.
:
1
.
2
.
Mankiw,Gregory, princiles Of Economics,second edition, USA,Harcourt College Publishers, 2001,p555.
14
3
.
4 )
( ) (
.
5
.
:
.
) (private saving )
(public saving )national
(saving
= + .
15
.
:
N. Gregory mankiw, principles of economics,second edition, USA,Harcourt College Publishers , 2001, p562.
15
=
.
16
.
:
:
1 ( )corporations
.
2
) (brokers .
3 ) (financial intermediaries
)(depository institutions
) (commercial banks )
(credit_unions )(non-depository institutions
) (matual funds )
.(pension funds
4
16 .562
17
5
.
6
.
:
:
1 :
.
18
.
.
Mishkin, Frederic, Financial Markets Institutions,Fourth Ed., USA, Addison Wesley , 2003. p149.
1118 2004 .118
17
.
2 :
.
19
.
.
.
: )(Equities
Madura, Jeff, Financial Markets and institutions,5th Ed, USA, South Western College Publishing, ,2001,p2.
19
:
1
.
2 ) 20(scrip issues
.
3
%80
). 21(preemption rights
4 ) (stock rights
.
)
21
Becket, Michael, how the stock market works, printed in Great Britain by Thanet press, 2002, p160.
.159
20
: )(Bonds
) (open market operations
22.
:
1
) (treasury bills
) (commercial papers .
2
) (treasury notes .
3
) (treasury bonds
) (IBM ).(Disney
23
4
).24(perpetuity
:
1 ) : (zero copon bonds
.
2 ) : (floating rate bonds
22
Kidwell , David and others , financial institutions ,markets and money ,8th edition ,USA ,2003 ,p62
Arnold , Glen ,corporate financial management , printed in Great Britain by William Clowes Ltd , p448
24
) (Mankiw, Principels of economics , p555
23
25
3 ) : (junk bonds
26
4 ) : (income bonds
.
27
: )(Derivatives
28.
.
) (spot markets
.
25 ) ( .201
26 .201
27 .201
28
Valdez, Stephen, An Introduction To Global Financial Markets, London, Published by Macmillan Press LTD,
2th Ed. 1997, P226.
) (futures )
29.(options ) (future markets
) (options markets
.
29
.226
.
1 ): (Financial analysis
) (
.
)
( 30 )a
(nnual ) (interim
)
.(macroeconomics and microeconomics
) (financial reports
) (financial ratio
30
2006 .41
) (inflation )
(recession .
2 ): (fundamental analysis
31
31
2003 .97
) (intrinsic value .
3 ): (Technical analysis
:
1 :
32
2 ): (charts
)line
(chart ) (bar chart
) (japanese candlesticks )
.(point and figure
33
:
.
:
. . .34
2332 .143 2002
33 2006 . 63
34 2001 .246
.
.
.
:
:
1 :
) (economic boom
) (economic growth )(recession
) (business cycle
35
.
) (insolvency
) (cyclical companies
).(recession resistant
2 :
36.
, )
(hyper inflation
.
3 :
Burda and Wyplosz, p6.
36
.6
35
37
.
4 ): (Default risk
38
) (corporates
.
39
5 :
1987
37
Saunders, Tony and Cornett, Marcha Millon, Financial Markets and Institutions,USA, Published By McGrewHill, 2001, p45.
38 .45
39 1999 .180
.
:
: 40
1 :
.
2 :
.
3 :
:
40
) ( .73
.
.
.
:
:
1 ): (Cash dividend per share
)
(retained profits
) (dividend
)(
)(
)( :
)=/ ( 41
.
2 ): (yield per share
)( )(
)( )=/ 42(%100
.
3 ): (Earning per share
) (
)
(
41
42
.525
.526
) ( )(
)( )(
)=+/( 43
.
4 ): (price earning ratio
.
.
) (
)( )(
)( )=/( 44) (
)( ) ( )( ) ( ) (
.
5 ): (Book value per share
43
.526
Vandyk, Charles, Financial Ratio Analysis, Canada, Trafford Publishing 2006, p149.
44
)(
)( )( )(
)=-/( 45
.
%90
) %90 (
.
) (mutual funds
45
.530
.
:
46 :
1 ).(open- end investment funds
2 ).(closed- end investment funds
) 47(mutual funds
) 48(unit trusts
1860
. 49 1934
:
1
.
46 2000 .11
Collin, peter, dictionary of business, third edition, great Britain 2001, p258.
48 .258
49 , , 2000 .11
47
2
.
3
.
.
:
:
50
1
): (stock mutual funds
51.%57
) (aggressive ) (growth stocks
)(income stocks
): (bonds mutual funds
50
.
Mishkin, Frederic, and Eakins, Stanley , financial markets and institutions , fourth edition, USA, 2003, p584.
51
52%12 .
): (money market funds
53%27 .
): (hybrid mutual funds
.
): (specialized mutual funds
.
2 ) (sales load
): (no-load funds
.
): (load funds
)
(front-end-load funds
)(back-end-load funds
3
): (national funds
.
): (international funds
52 .584
53 .584
.
4
): (onshore funds
.%30
): (offshore
).(tax shelter
5
): (sector funds
.
): (general funds
) (diversification
.
:
)
(individual investment: 54
1
.
2
54 ) ( .19
.
3
.
4 )(statements
) (investors holding
.
5
.
.
.
.
.
.
.
:
)
(developing countries
.
55.
) (privatezation
56.
.
:
186457 )the cairo stock
(exchange
.
55
Wilson , Rodney , economic development in the middle east , great Britain by TJ press 1995, p97.
56 2002 .13
57
Wilson , p96
.
. 58
19521956
)flight of
(capital
)
(nationalization
) (open door policy
1980
582
1991 ) (capitalization
907 .
59
:
.
Wilson, p 97.
Wilson , p 97.
58
59
)
(dolarization
.
.
1 :
.
2 :
.
.
3 :
.
1991 :
:
60
.
:
33067 1991 67332
1997 %71 %23
. 61
60
61
2002 .94
.95
62%65
.
:
1991
.
.
:
62
.65
.
.
:
: 63
1
.
2
63
.121
.
3 .
4
.
:
230 1989
%100
%60
%50
.
:
1991
1994
1995 38
1994
.
64.
.
:
64
) (.
%70 .65
.
:
65
) (.
.
.
1991
1993\1992
1997
.
%4
. %2
%49
%49 .
.
:
15 1989 298
1997 %18867
353 19637
%54629
59 66.2717
645 13559
23172 1998 1986 1983
2894 7161
946 67.
1996
1997 15
2576 1995
1996
.
66 ) ( .111
67 .112
68 .112
68
.
:
656
1993 746 1995 1070
2001 424
1167 51357
1993
90000
500 600
)( 88 1991 274
1995 1209 2000
1123 2001
%8 1991 %134 1995 %3533
2000 %80 .
69
69 .
30
%40
1998 20 %559
2001
%88
%82
)(
)
(.
:
:
1 :
)(
.
2 :
159 .701981
.
3 :
)
(
70 .
.
4 :
) (
.71
.
5 :
.
6 :
57 .72
71 .436
72 .
.
% 70
.
7 :
: 73
1 .
73 .
2
.
3
.
4
.
5 .
)(organized market
)(over the counter
)(
) (proforma
.74
)(
.
.
:
: :
.
: :
74 .
.
.
.
.
: :
:
).(stock riders
.
.
.
.
: :
1 2
: :
1
.
2
.
3
.
4 .
5
.
6
:
1
.
2
.
3 .
4 .
:
1927
1950
1952
75. 1968
76. 1972
1973
. 77
78.
1987
75 2001 122 .124
13 1968 )
. (168
77 .1995
78
Wilson, p 97
76
1991
)(
.
2003
.
: 2003
2003
) (
.
) (
.
.
79
:
1 :
79
.2005
) (
2005
4005 4056
2005 %127
%59 %34
%7 2005
:
%70 %20 %10
2005
2005 833
2005 952
2005 %143
%52
)( %34
%9 %5
%77 %16
%7 .
2 :
2005
%25 %20
%5
2005 %6
%4
1/3/2005
. %25
.
)( 24
17 .
91
%7 .2005
3 :
1 ) 80(Monetary Base %53
2005
. %25
2 ) 81(m1 %34
2005
%28 . %60
3 ) 82(m2 %36
2005 .2004
4 :
%104
80 ).
.2004 .(215
81 ).
.(48
82
). .(51
2005 31395
35028
17104
2003
%681
.
5 :
2005
%1
%42 %4
. %59
2005 %37
.2004
6 :
16
2005
.%84
%3763
168
403
11715 .
7 :
18005
2005
1402
) 83(F,O,B
) 84(C,I,F
3203 .
25343
.
611
.
8972
5981
.30/6/2005
:
83 ) (Free On Board ).
1992 .( .40
84 ) (Cost ,Insurance ,Freight ). (.
13 . 2006
85
:
1
.
2
.
3
15
) %50
15 (
.
4
.
5
:
10
.
.
85 4031 .17/1/2007
.
50
.
.
.
.
.
6
.
24 199186
22/12/1996
26
) (
26 .23/3/1992
:
1 ) (:
%20 87 %51
86
87
1992 .80
.
.
2 :
.
3 ) (:
.
4 :
.
:
88
97 34 22
33 8
19
19 419,639
200
2500 48
18
1999 29892523000
88
2002 .259
37144837.
:
.
9 21
1997 :
1
.
2
64 1976
180 .
10 1998 5
1998 4 :
:
1
.
2
.
3
.
4
.
5
.
6
6 :
)
32 (.
24
) 1991
(.
) (
28/4/1999
9/10/1999
.
89
74
18 2004 24
2004 :
89
.2006
:
1
.
2
.
3
.
4
.
.
5
.
6
.
:
1
.
2
.
3
.
4
.
5
.
6 .
7 .
8
.
9 .
:
2004
3983 2004
.
: 200690
1 84
:
17 3 9 11
27 10 7 .
93 18 4
90
.2006
9 13 29
10 10 .
2 92
2005 94
%2
.
3 57974 630
2005 55600
.%4
4 146891 1596
%60 2005
366 .
5 38 420
2005 55
. %29
6 432
31/12/2005 85 774
31/12/2006 93
. %79
7 )(market capitalization
3160 2005 2 1949
2006 1380
.%38
:
1
) (.
2
%1 %0006
.
91
3 92
12
.
4
.
5
.19/5/2005
6
)(
) (feas
) (www.isx-iq.net ).(www.feas.iraqse
7 )(ISX Price Index
.
8
.
9
91
2006 .9
:
) ( ) :
(BBC (CNBC) Time)
(Magazine :
.
:
1 .
2
.
3
.
4
.
5 3 5 .
6 13 2006
.
7
.
8
.
9
.
10
.
:
2004
.
1 :
:
.
.
2 :
:
.
3 :
2004 )
(
.
92
40
93.
92 .6
.
93
6 ) : (loans
.
7 ) : (monetary credit
.
8 ) : (total assets
.
9 )() : (nominal capital
.
10 ) : (paid up capital
.
11 ) : (current&deposit accounts
.
12 ) : (reserves
.
13 ) : (shareholders equity
.
14 ) () : (creditors
.
15 ) : (current liabilities
.
16 ) : (surplus for distrbution
.
17 )() : (annual net profit
.
18 ) : (working capital
.
19 ) : (annual distrbuted profits
.
20 ) : (profit distrbuted
.
21 ) : (book value
) (.
22 ) : (no.of traded shares
.
23 ) : (annual closing price
.
24 ) : (annual average price
.
25 ) : (market capitalization
.
26 ) : (shares turn over ratio
) (.
27 ) : (income on assets
.
28 ) income on shareholders
: (equity .
29 ) : (earning per share
)(.
30 ) : (earning to sales
.
31 ) : (ownership rate
.
32 ) : (interest repetation
.
33 )() : (trading ratio
.
34 )shareholders equity to
: (deposit .
35 ) : (cash to deposits .
36 ) : (investments to deposits
.
37 ) : (credit to assets
.
38 )currents liabilities on
: (shareholders equity .
39 ) working capital on
: (shareholders equity .
40 ) fixed assets on
: (shareholders equity .
:
.
.
.
:
: )(case 30
)
( 1998 1000
30
.
94
94
:
) (sama
2001 76 9 35
23 174 8
764 17
3 5 98 9
302 .
95
:
38
%75
52 22
18 : 12
96
22 .
:
1992
31 1991 100
50
60 1994 70 2001
:
.
97
95 .303
96 .302
97
. ) (
.
:
1070
93
120
22
3160 3
57
6
.
.
:
.
.
.
.
.
1 :
)1983
(
)
(
.
.
.
)(
%50
98.
.
2003
.
2 :
)
(
.
Pecket, How The Stock Markets Work ,p43.
98
) (stagflation
99
.
.
99
Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, USA, Addison Wesley
Longman, Inc., 5th Ed,1997, P555.
.
3 :
.
) (
.
51
93 .
.
.
4 :
.100
.
100
101.
.
.
102
.
101
.
102 .
.
:
2003
.
.
.
.
:
.
%30
:
)( )(
)( :
= /
.
.
.
:
) %70
(
103
.
57
.
104.
) 7( ) 22(
) 4( ) 7(
103
104
.52
.
) 40( 105
.
:
.
.
.
105
:
1 :
106%95
)(volatility
) (
.
2 :
106
) 17/1/2006 (.
107
.
130
30
.
.
:
107 )
(.
) (reformation )(amendment
) .(change
.
108
.109
.
:
.
. ) (19
109 .
108
.
.
.
:
.
.
:
1
.
2
.
3
.
110
4
.
5
.
:
. 2004 134
110
.
111
:
1
.
112
2
113
111
. ) (
112
:
Brighah & Houston, Fundamentals Of Financial Management,Ohio, USA, South Western publishing, 4th Ed,
.2004, P43
113
. ) (12
114
3
.
4
.
5
.
:
.
114
:
1
.
2 .
3
.
4
.
5
.
:
.
:
1
.
2
.
3
.
4
.
5
.
6
.
7
115
.
:
.
115
) (
:
2007 .100
116
:
.
.
:
116
.2008
.
:
1
.
2
.
3
.
4
.
:
.
:
1
.
2
.
3 .
4 .
:
1
.
2
.
3
.
4
) (.117
5
.
:
.
.
117 .91
2008
:
1
.
2
.
:
.
.
:
1
.
2
.
3
:
.
118
.
.
.
. 2 15
118
.
.
:
1
.
2 .
3
.
119
4
.
119
) . 2004 .(149
.
:
.120
.
.
:
Mankiw, Principles Of Economics, P496.
120
1
.
2
.
3
.
4
.
5
.
6
.
7
1
.
2
.
3
.
4
.
5
.
6
.
7
40.
8
.
9
.
10
.
11
%70
.
12
1992
2003
2004
.
13
.
14
.
15
1
.
2
.
3
.
4
:
:
.
:
.
:
.
:
.
5
:
:
.
:
.
:
.
:
)
(
.
6
.
7
:
1
) (.
2
.2004
3
.2004
4
.22000
5
.2006 4
6
.2003
7
.2002
8 .1992
9 .1992
10
.2002
11
.2004
12
.2001
13
.2001
14
.1999
15
.2000
16
.2004
17 .2002
18
.2002
19
.1998
20
.2004
:
Arnold,Glen,corporate financial management,London, -1
.Financial Times Pitman Publishing,1998
Becket, Michael, How The Stock Market Works, London, -2
.Thanet Press Ltd, 2002
Burda and Wyplosz, Michael, Charles,Macroeconomics, -3
.London,Oxford University press,1993
-4
.2006
:
1 ).(www.aobsystems.com
2 ).(www.egyptse.com
3 ).(www.cbe.org
4 ).(www.cbiraq.org
5 ).(www.sis.gov.eg
6 ).(www.postbanken.no
7 ).(www.mof.gov.iq
8 ) .(www.egyptianstocks.com
9 ).(www.kuwaitse.com
10 ).(www.isx-iq.net
11 ).(www.ammanstockex.com
12 ).(www.ahewar.org
13 ).(www.elgari.com
14 ).(www.amf.org
15 ).(www.alarabiya.net
16 ).(www.forexyard.com