Fund tracking Egyptian stocks posts best week in 11 years

Investors have flocked to an exchange-traded fund tracking Egyptian shares to ride a rally in the country’s stocks as domestic investors worried about soaring inflation and a potential currency devaluation take refuge in equities.), tracking the MVIS Egypt Index, jumped nearly 19% last week, its best weekly performance since June 2012.

The fund, with $22 million in net assets, saw net inflows of $1.3 million on Thursday, its best showing in nearly seven months, according to Lipper data. Rapid money supply growth over the last two years has led to a sharp rise in prices with the Egyptian Pound losing almost half its value against the U.S. dollar since March 2022.

The VanEck Egypt Index ETF, however, fell 3% in early trading on Monday, as investor focus turned to the ongoing conflict between Israel and the Palestinian group Hamas in Gaza, that borders Egypt.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock market news today: US stocks rise as investors await Fed decision, Apple earningsInvestors are bracing for the Federal Reserve decision and Apple earnings later in the week.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Hedge Fund Managers Bet on Uranium Stocks as Prices RiseSeveral hedge fund managers are increasing their exposure to uranium stocks, expecting significant price gains. The demand for nuclear power is driving up uranium valuations, with prices having risen 125% since 2020. The International Energy Agency estimates that global nuclear capacity needs to double by mid-century, further fueling the demand for uranium. However, investments in uranium remain controversial.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Investors More Focused on Apple Earnings Than Federal Reserve MeetingInvestors are concerned about Apple's upcoming earnings report as the company faces a slump in smartphone sales and a decline in revenue for a fourth consecutive quarter. The stock is already struggling, erasing about $460 billion in market value. If Apple shows weakness, it could have a ripple effect on other stocks.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »