Egypt’s Markets Are Strangely Stable

More than 1,000 people have died in Egypt in the past six days, but you’d never know it to look at the Egyptian stock market. Since June 30, the first day of mass protests that contributed to the downfall of President Mohamed Mursi, the country’s two main stock market indexes are up 12 percent.

Not only that, but the rates the Egyptian government has to pay to attract buyers for its bonds have fallen slightly—a sign that global investors aren’t panicking and demanding higher yields. The yield on one-year government bills today was 12.9 percent, down from 14.9 percent in late June.