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This paper examines the impact of herding behaviour on the market efficiency in the Egyptian stock market, by testing the efficiency of a portfolio of stocks showing herding behaviour so that herding behaviour is statistically significant, and testing the efficiency of a portfolio of stocks does not show herding behaviour so that herding behaviour is not significant. The efficiency was tested using the Runs test and the Augmented Dick-Fuller test for Unit Root. Hwang and Salmon (2004) methodology was also applied to measure herding behaviour. Our comprehensive analysis revealed several key findings regarding market efficiency at the weak form. Firstly, Shapiro-Wilk and Kolmogorov-Smirnov tests indicated that stock prices for both portfolios are not normally distributed, suggesting a deviation from the assumptions of weak-form efficiency. Secondly, the Runs test conclusively showed that the time series for both portfolios are non-random, further demonstrating the market's inability to achieve a weak level of efficiency. Finally, the Augmented Dickey-Fuller (ADF) test confirmed the stationarity of the return series for both portfolios, unequivocally rejecting the presence of a unit root and reinforcing the conclusion of market inefficiency at the weak level.  Collectively, these results strongly reject the random walk hypothesis and demonstrate that the Egyptian stock market does not achieve weak-form efficiency, regardless of the presence or absence of herding behavior. This finding has significant implications for investors: it suggests that investors may be able to exploit past price information to potentially generate abnormal returns, as market prices do not fully reflect all available historical data.

This study assess the causal connection between the currency pairing of the USD versus the Egyptian Pound) USD/EGP) and stock market activity in Egypt during the short term using quantitative data for each day from 2015–2025. The study utilize logarithmic return data for both the daily currency exchange rate and the 30 stock index (EGX 30) on Egypt's stock exchanges. Causation and association between variables are detected with standard time series analysis methods: the Augmented Dickey-Fuller (ADF) test for unit root; Phillips-Perron (PP) for unit root; Johansen for long-run relationship between two variables; and the VAR, Granger Causality tests, plus Impulse Response Functions (IRFs), to analyze the short-run dynamics of the stock market and the foreign exchange rate. There is no evidence of long-run cointegration between the foreign exchange rate and equity market performance in our analysis based on the long-run Johansen cointegration tests. Conversely, the Granger Causality test supports the proposition that there exists a unidirectional link from stock returns to initial changes in/removal from exchange rates look for additional supporting evidence; that the stock market provides an indication of future movements in foreign exchange rates. These findings perhaps are valuable indicators for both investors and policymakers with respect to forecasting and managing risk.

ABSTRACT In this present study effect of uv light on bioactive compound for antimicrobial activity of aerial parts of Datura metel L were evaluated against the three strains of bacteria, Methods: Plant extracted was done by using soxhlet method to get the corresponding extracts of water solvent investigated by using agar well diffusion technique. The plant extract was exposed to different of UV light intensity (365, 254 nm) and different exposed time (1, 2, 3 hours). The zone of inhibition from plant extract before exposed of uv light was show (10, 11, 13 mg/ml) against Pseudomonas marginalis, Stephylococcus aureus and Pseudomona aeruginosa consecutive. The uv light at 365nm intensity of (1, 2, 3) hours had little effect on extract activity against the test organisms. The intensity of 254nm was show high effect on bioactive compound in this extract where showed of 1 hour little growth inhibition but at 2 and 3 hours did not inhibit growth against all the test of bacteria.