Huge Volume Spikes from Egypt & Region (APA, EGPT, AFK, FFD, TUR, TKF, ISL, EIS, GAF)

Posted in block volume, General 
January 28th, 2011

We won’t bother telling you what has been going on in Egypt. You’ve seen the news and it isn’t pretty with the riots and the protests.  What is standing out is some severe volume spikes in what are otherwise less thought of stocks and trading instruments.

Apache Corp. (NYSE: APA) is down another 1.1% at $115.02 after having been as low as $110.20 today but volume was almost 15 million shares right before the close after having traded 12.8 million shares on Thursday.  Average volume is barely 2.7 million shares.  Apache has 20% to 30% of its gross from the Egypt region.

Market Vectors Egypt Index ETF (NYSE: EGPT) was down 4% at $16.11 on more than 1.1 million shares versus an average volume of only about 30,000 shares.

Market Vectors Africa Index ETF (NYSE: AFK) does have Tunisia exposure but shares were down 4.3% at $32.36 on 190,000 shares versus average volume of only about 37,000 shares.  Another is the Morgan Stanley Frontier Emerging Markets (NYSE: FFD) was down 5.2% at $14.28 on 127,000 shares versus an average volume of only about 20,000 shares.

iShares MSCI Turkey Investable Market Index (NYSE: TUR) and the Turkish Investment Fund Inc. (NYSE: TKF) were both down even worse than Egypt today, more on concerns that Turkey has some similarities of Egypt but they are not tied today.  The TUR was down 6.9% at $58.07 on 720,000 shares versus average volume of less than 400,000 shares. TKF was down 5.6% at $15.10 on 217,000 shares versus an average of less than 50,000 shares.

If you are having trouble in the North African and Middle East regions, then you can’t ignore Israel… The Aberdeen Israel Fund Inc. (NYSE: ISL) was down 4.3% at $16.75 on over 30,000 shares versus an average volume of only about 10,000 shares.  The iShares MSCI Israel Cap Investable Market Index (NYSE: EIS) was down 3.1% at $57.84 on 125,000 shares versus an average volume of only 54,000 shares.

The SPDR S&P Emerging Middle East & Africa (NYSE: GAF) was down almost 5% at $68.62 on more than 100,000 shares versus an average daily volume of under 35,000 shares.

This doesn’t even take into consideration the shippers and other secondary and tertiary players in the region.

JON C. OGG
3:44 PM EST

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