Gulf Arab fund
managers who only weeks ago were predicting Egypt would be the top
regional performer in 2011, are now caught in the country’s political
upheaval as the local financial markets remain shut.
The main Egyptian
share market index has dropped more than 21 per cent since the start of
the year and financial markets have now been shut for the last five
working days, as protesters demand an end to President Hosni Mubarak’s
rule camp on Cairo’s streets,
Fund managers are
now hoping they can cut losses once the market reopens. Egypt’s stock
exchange is due to reopen on Monday, provided banks are operating
smoothly, its chairman was quoted as saying.
