Today's Major Market Move: Egyptian Equity Market declines 9.6% in November

As the protests in Egypt reenter the "flow" phase, the Egyptian equity market responded by going into an "ebb" phase. People have begun again to set up camp in Tahrir Square to protest the lack of progress begin made towards forming a civilian government. The stock market, which is open on Saturdays, declined 3.4% for the day and is down 9.6% for the month. Here's a list of the worst performing equity indexes for the month of November:

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The next chart is a measure of the performance of stock market indexes from countries throughout the middle east. We wanted to get an idea of how the equity markets have been affected by the "Arab Spring" uprisings. The effect we're measuring is mostly secondary since of all the countries that have experienced revolutions in 2011 (Egypt, Tunisia, Libya, Syria, Bharain and Yemen), only Eqypt has a stock market index that we are currently tracking. The others either have no stock market of their own or one for which we currently don't have an index to track.

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The worst performer from that sample, by far, is Eqypt with a decline of 43%. The next worst performer, Israel, is down less than half of that. Since equity markets around the world are down, on average, in the 10-20% range, it wouldn't be farfetched to state that the spill-over effect of the "Arab Spring" into neighboring economies is negligible.