What is the best performing stock market in the world this year? The unlikely answer is Egypt’s colonial-era art nouveau bourse, the oldest in the Arab world.
Local investors and a smattering of emerging market funds have snapped up shares in the country’s blue-chip companies. After a dreadful 2011, when Egypt’s revolution and economic and financial turmoil wiped out almost half the benchmark EGX30 index’s market capitalisation, the index has risen nearly 40 per cent this year.
Mohamed Ebeid, head of brokerage at EFG-Hermes, Egypt’s largest investment bank, says the rally has been driven largely by a tentative improvement in the political outlook.
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