The Egyptian stock exchange index has risen 20.6 per cent this year. While still short of the peaks it reached in early 2008, the rise comes on top of a robust rally in 2009 and means that the Cairo exchange is one of the best performers in the Middle East and North Africa this year.
“What we thought of as a dead cat bounce in March last year has slowly but surely turned into a decent recovery from the bottom,” says Wael Ziada, head of Egypt research at EFG-Hermes, a regional investment bank.
At the beginning of the year, EFG-Hermes forecast 25 per cent growth in its benchmark HFI index but Mr Ziada says that, with most of this already achieved, he expects the bourse to beat the forecast by “maybe” 5 to 10 per cent.
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