Egypt ETF Gains in Post-Mubarak Era Hobbled Without Free Market

Cairo’s six-story Arcadia Mall, a symbol of modern commerce on the Nile River, is a charred ruin. Military officers now rule in place of Western-educated businessmen. Spending by a government that is already in debt is heading up, not down.

This is Egypt after the Feb. 11 fall of Hosni Mubarak, and if its future is uncertain, it has nonetheless drawn investor cheers as officials promise to pursue market-oriented policies. The Market Vectors Egypt Index ETF, an exchange-traded fund that holds Egyptian shares, has risen 11.5 percent since Jan. 27, when the Egyptian Exchange was shut down as protests intensified.