If the news reports are accurate out of Cairo, things are going from bad all over again to far worse all over again in Egypt. It turns out that the interim government hasn’t been quite as kind on a few things like civil liberties, rights, and basic economic accommodations compared to what the people were hoping for. Tuesday marked the fourth day of protests in Cairo despite a resignation offer of the prime minister’s entire cabinet after multiple deaths were reported.
Tuesday is going to be another interesting day for the Market Vectors Egypt Index ETF (NYSE: EGPT) ETF that is meant to track Egypt. Shares hit a new low on Monday of $10.27 and shares closed down at $10.34. Now the markets are getting a sneak peek that the stock exchange in Egypt has suspended trading after a 4.5% broad market drop.
24/7 Wall St. would note that while this is technically an ETF, this acts and feels like a closed-end fund more than an ETF. Parliamentary elections are now than a week away in Egypt, supposedly. With all of the problems in Europe and with things not going smoothly in the local regime reporting in the U.S., it is a wonder that Egypt even managed to make the headlines.
JON C. OGG
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