The main objective of this paper is to determine the effect of the oil and natural gas price volatility on the equity market of an energy producing country under uncertainty. Our study was conducted on Egypt, a main producer and supplier of energy, and a country facing political uncertainty. We aimed at highlighting the effect that the Arab spring had on the Egyptian equities market by dividing our initial period that spanned from June 2005 to May 2014 into two distinct periods. The results showed that prior to the start of the Arab spring the Egyptian stock market exhibited the same reaction as the US equity market in case of an oil shock. During post December 2010, the Egyptian stock market exhibits an irregular reaction. On the other hand, prior to December 2010, the natural gas price shock had a prolonged positive effect on the Egypt stock market whereas, during post December 2010, it left the Egyptian stock market shadowed.
JEL Codes: G17, E44, Q43
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