تقويم أداء الاسواق المالية دراسة مقارنة بين سوق الخرطوم للأوراق المالية وسوق الدوحة للأوراق المالية

Abstract

ABSTRACT The researh tackles the evaluation of the performance of Khartoum stock Market Compared with the Doha stock Marker. The problem that the the study deals with is mainly the deterioration of the rates of savings and the weakness of transactions in the markt and the lack of awareness of the importance of the stock market and the lack of a unified criterian for the declaration of information. The research indude the following four hypotheses: 1- Banks and Investment Companies are considered the largest sectors participating in the stock market. 2- Increase of awareness of the importance in the stock exchange markets attracts investors to deal with the stock market. 3- The decrease of inflation rates encourages investors to transact in the stock market. 4- The declaration of information using standard criterion fosters the understanding of the investors of the standing of the companies and accordingly will choose the optimum shares. The main objective of the research is to analyze the performance of the Khartoum stock Exchange market and to Compare it with that of the Doha stock Exchange Market during the years 1997 - 2000 so as to benefit fiom the strengths in the Doha stock Market. The research methodology Follows the historical method and reviews the historical development of both markets. The descriptive method “case study” is also chosen. with concentration on the Khartoum stock Exchange Market.

The research reaches a number of results of which is that both of the Khartoum. Stock Market and the Doha stock Market encourage savings and foster development of awareness and prepare a conductive environment for the investment in stocks. The Khartoum stock market played a major role in enhancing and fostering the understanding of the importance of the stock market through advertising by the media. ln 1997, the transactions in stocks increased considerably due to the decrease in inflation rates to 30% Compared to 166% in 1996. This means that the decrease in inflation rates encourages investors to invest in stocks. The Companies listed in the stock market declare their information differently. This Complicates the access of customers to these information and accordingly makes it difficult for them to make the appropriate decisions. The researcher thinks that it is necessary to introduce a Lmified model for the declaration of information in the stock Exchange Market. The banking sector in both markets ranked first or second whether for the volume of exchange, or the nmnber of shares exchanged, or the number of contracts executed. This means that the active transactions in the market are mostly led by the banking sector. There is also a clear improvement in the performance of the Khartoum stock Exchange Market during the period 1997 - 2000 Whether in the primary market or in the secondary one. As for the Doha Market there is an improvement in the perfonnance of the secondary market for the years 1997 - 1999 However the year 2000 had witnessed les performance. The primary market had witnessed a continuos deterioration in each year compared to the pen/ious years 1 2000 is less than 1999, which is less than 1998, which is less than 1997. These results prove that the hypotheses are right save recommendations are suggested the most important of which are to adopt the unified madel suggested by the researcher and to establish more financial institutions as infrastructure for

the market, in particular investment funds. Also the adoption of fiscal and monitory policies that will help reduce the rate of inflation. Furthennore, the conduct of annual firms for the stock companies and the development of the Khartoum stock market from a local market to an international one through admitting the foreign companies to transact in the market according to the laws and manuals.