Egypt: buying under fire | beyondbrics – FT.com

An old adage, reputedly coined by Nathan Rothschild during the Napoleonic Wars, urges investors to be contrary, and “buy at the sound of cannons, and sell at the sound of trumpets”.

Some intrepid fund managers seem to be heeding the advice, and bought Egyptian shares today.

Cairo’s stock exchange, the oldest and largest in North Africa, remains shuttered, after shedding a fifth of its value last month. Yet four large Egyptian companies have listed global depositary receipts in London, which have continued to trade throughout the country’s political upheaval.