Arab brokers and investors will soon be able to buy and sell stocks of all companies listed on Arab bourses via a $5 million internet network, reported the Daily Star on Thursday.
The secretary general of the Union of Arab Stock Exchanges, Safaq Rukaibi, made the announcement Wednesday during a seminar on the Arab Financial Markets Network held in Beirut.
"The network will link capital markets of Arab states in order to increase investments in different equities and funds," Rukaibi told conference participants.
He added that the new network would increase capital inflows to Arab states and make listed equities and funds more appealing to international investors.
The 11 Arab bourses that are linked to the new financial network have a market capitalization of more than $180 billion.
Currently, Lebanon, Morocco, Jordan, Egypt, Palestine, Tunisia and the Arab Gulf states are listed on the network.
Other Arab states are expected to join the network in the near future.
But the Beirut Stock Exchange will not be able to connect to the network until its computer systems are upgraded with special software, said the paper.
Rukaibi noted that this pioneering project would enable brokers and investors to look at the financial statements of all listed firms on the collective exchange.
"Reading companies and banks' financial statements will give investors a good idea of how well these firms are performing," Rukaibi explained – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
