File - A general view of the exterior of Libya's stock market in Tripoli January 7, 2014. (REUTERS/Ismail Zitouny)
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Despite the turmoil, Libya's stock market is getting ready for the first launch of Islamic investment funds, the most prominent bourse debut since the eight-month uprising.A recent selloff has made Libyan stocks cheaper than other regional bourses.Libya needs reconstruction after the devastating civil war.Libya has only 11 stocks, two fewer than in the Gadhafi era, mostly banks and insurance companies.When Libya set up the bourse in 2007, it wanted to attract capital after years of isolation. But foreigners were reluctant to commit money due to corruption, currency curbs and arbitrary rulings from Gadhafi and his inner circle.Though the bourse treats foreigners on an equal basis with Libyan investors, they account for only 1.5 percent of trades.One problem is that the central bank makes it difficult to transfer hard currency out of Libya, something the bourse is trying to change, Karoud told Reuters.
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