Given the state of Middle Eastern markets, a return of over 7 per cent in the year to date is not bad. Only Qatar and Morocco have performed better.
Yet despite a recovery in shares from the lows of July, the mood among investors in the Cairo stock exchange is subdued.
Angus Blair, head of research at Beltone Financial, says that with real gross domestic product growth of more than 5 per cent and earnings growth of 18 per cent in core companies, the stock market should do better. “It’s pedestrian,” he says.
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