Egyptian Stocks Lose World’s Best Performer Spot Amid Unrest
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Egypt’s benchmark stock index gave up its spot as the world’s best performer this year after unrest spurred the worst drop since the 2011 revolt. Shares rose today as political leaders sought to resolve the crisis.
The EGX 30 Index, which yesterday tumbled the most since the January 2011 start of the uprising that toppled Hosni Mubarak, advanced 2.6 percent to 5,047.17 at the close in Cairo. That brought this year’s increase to 39 percent, the third-biggest advance, after Pakistan and Turkey among 93 indexes tracked by Bloomberg. The Egyptian pound, subject to managed float, weakened 0.2 percent, the most since September 2011, to 6.1036 a dollar.