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

To contact the editor responsible for this story: David Papadopoulos at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.