Egypt: back to 2008 levels | beyondbrics

Egypt: back to 2008 levels | beyondbrics:



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Bloomberg

Who says military rule is bad for stock markets? The EGX30, Egypt’s main stock index, is now over 7,700 – a level not seen since mid-2008.



The index has surpassed the previous post-Lehman high before the removal of president Mubarak, which was just over 7,600 in April 2010.



The pre-Lehman peak of nearly 11,000 is still some way off. And the last time the index was at this level, it was on the way down, not up, of course. But it’s still another milestone.



The strange thing is that Egypt isn’t exactly in great shape. General Sisi, who is likely to run for president in elections later this year, is something of an unknown quantity. And although the violence and unrest has calmed down, the deadly attack on a bus carrying tourists last weekend was a reminder that it is not that far away."



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