Egypt ETF Pares Gain on Mubarak Plan to Remain President, Delegate Power

The Market Vectors Egypt Index ETF pared its advance after Egyptian President Hosni Mubarak said he will remain in office until elections in September.

The exchange-traded fund gained 0.5 percent to $17.80 at 4 p.m. New York time after climbing as much as 6.1 percent earlier today, the biggest intraday rally since Feb. 1. Mubarak, speaking in a televised address, refused to bow to the calls of protesters crammed into the center of Cairo demanding his immediate ouster. Later in the speech he delegated his powers to his deputy, Omar Suleiman.

“I decided to transfer powers of the presidency to the vice president according to constitutional guidelines,” Mubarak, 82, said at the presidential palace in Cairo, pledging to die on Egyptian soil.

Egyptian dollar bonds gained. Yields on the 5.75 percent dollar bonds due April 2020 fell for the first time in three days, declining 11 basis points to 6.48 percent.

To contact the reporter on this story: Eric Martin in Washington at emartin21@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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