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Fund tracking Egyptian stocks posts best week in 11 years

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Investors aim to ride a rally in the country’s equity market

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.

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