Egypt's stock market has jumped 37 percent so far in 2012, the largest gain of any country, but top U.S. fund managers focused on the region remain wary of further political turmoil and currency weakness in the most populous Arab nation.
The country's main stock index lost nearly half its value last year as massive public protests drove longtime president Hosni Mubarak from power in February 2011 and military leaders assumed control. This year's stock market bounce came as investors snapped up shares of companies like Orascom Construction Industries SAE and telecom carrier Egyptian Co for Mobile Services SAE.
But in recent interviews, several fund managers who most closely follow the nation said significant risks from Egypt's political and economic situation remained. Egypt's fragmented political parties are struggling to reach consensus on a new constitution and tensions are rising with a president election just two months away.
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