S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Investing

Stocks Reopen in Egypt, ETFs Bracing For Pain (EGPT, AFK)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Market Vectors Egypt Index ETF (NYSE: EGPT) is getting to live up to its reputation as a price discovery mechanism rather than as an ETF.  Egypt’s stock exchange reopened today and most shares were suspended in short order because of circuit breakers that had been installed.  Many expect the 10% drop seen in most shares to widen out to even lower levels, although no published reports are really signaling a drop of mega-proportions.  MarketWatch quoted a local firm calling for 20% to 30% in price drops.

Another ETF is the Market Vectors Africa Index ETF (NYSE: AFK) and it has more than 20% weighting in Egypt.  At a close of $32.27 on Tuesday, the 52-week range is $26.60 to $36.45.

The EGX 30 Index has been closed since the end of January and shares fell nearly 10% before trade was suspended on the Egyptian Exchange.

Market Vectors Egypt Index ETF (NYSE: EGPT) is indicated down around $15.85 after having closed at $16.65 and its has a 52-week range of $15.90 to $22.42.

It will probably be next week before these ETFs normalize against benchmark index readings and against their components.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Jon C. Ogg |

Egyptian Unrest Takes Headlines All Over Again (EGPT)

If the news reports are accurate out of Cairo, things are going from bad all over again to far worse…

Jon C. Ogg |

Egypt’s Market Opening, Two ETFs Await (EGPT, AFK)

The Market Vectors Egypt Index ETF (NYSE: EGPT) is very close to getting prove whether it is an exchange-traded fund…

Jon C. Ogg |

Frontier Markets Hanging on Tunisia & Egypt Violence (AFK, EGPT, FFD)

Global violence and protests have moved from Tunisia to Egypt now, and the unrest may not yet be abating in…

Jon C. Ogg |

Will the Greek ETF Lose Its ETF Status?

There is a big lesson here for Global X FTSE Greece 20 ETF investors during the looming Greek default and…

Jon C. Ogg |

Key Issues for the Week Ahead, The Unusual Suspects (AAPL, BKS, CLWR, EGPT, E, SLV, MORT, PUDA, SAFM, TWC, TUDO, VZ, WAMUQ, WETF)

We have many carryover issues this Monday from last week and the weekend that will be feature issues to watch…

Jon C. Ogg |

S&P Downgrades Egypt (EGPT)

Standard & Poor’s may be doing something that feels insensitive, but how can you blame them after everything you have seen…

Jon C. Ogg |

Arab Spring Redux in Most Emerging Markets, Losing Their Financial Religion

Being an investor in emerging markets is supposed to come with great growth opportunities as the local populations begin the…

Jon C. Ogg |

The Coming Week’s Must-See Stock Events (AAPL, T, VZ, BRK-A, BIG, BGP, CSCO, DVN, DISH, HRL, FLWS, UNTD, JDSU, JPM, EGPT, NYX, HAWK, SIRI)

We have many big events to watch for in the coming week at American Water Works Company, Inc. (NYSE: AWK),…

Jon C. Ogg |

Mixed Gains in Africa and Middle East Shares & ETFs (EGPT, AFK, FFD, TUR, TKF, ISL, EIS, GAF, APA, PTNR, VIP)

Oil was hitting highs earlier today despite a recovery in the markets that fell the most on Friday.  The situation…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820