Egypt’s 77% Stock Rally Tips Generals Winning Over Investors
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Egyptian stocks are showing all the signs that investors favor a return to a military-backed rule to end three years of political turmoil and revive an economy stuck in its worst slump in two decades.
Share volume is up 159 percent this year over 2013’s daily average, according to data compiled by Bloomberg, coinciding with voters’ approval of a new constitution and the military’s endorsement of Defense Minister Abdel-Fattah al-Seesi’s possible presidential bid. The benchmark EGX 30 Index rose 18 percent in 2014, the fifth-best performance of more than 90 gauges tracked by Bloomberg, with all but one of its members in a rising trend as of yesterday, the data show.