Four seem confusing, one is asleep, five are quite small, but three are standing tall, doing better than ever — ‘tis not a legend to a treasure map of Captain Jack Sparrow, this; ‘tis the Arab stock markets in the first half of 2007. From the start of the year until the end of July, the indices of three major Arab equity markets — the Abu Dhabi Securities Market, the Kuwait Stock Exchange, and the Cairo & Alexandria Exchanges — have moved up beyond most expectations, with gains in the range of 20% to 25%. The KSE and CASE achieved new historic records last month as their rallies drove them above the highs they had achieved in the days of the regional bubble that peaked between autumn of 2005 and February of 2006. On a two-year performance check, CASE is up nearly 80% when compared with the end of July
