Egyptian Stock Market Shows No Daily Seasonal Patterns, Reflects Market Efficiency
The study looked at how stock prices in Egypt change depending on the day of the week. They used the Capital Market Authority Index to see if there were any patterns. The results showed that Monday stock returns in Egypt are usually positive, but not significantly different from the rest of the week. This suggests that there are no consistent patterns in stock prices throughout the week in Egypt, which means the market is working efficiently. However, it's important to note that the Egyptian stock market has a limited number of actively traded stocks.