Stocks Reopen in Egypt, ETFs Bracing For Pain (EGPT, AFK)

Investing

Published: March 23, 2011 7:44 am

Last Updated: April 28, 2020 5:34 am

Market Vectors Egypt Index ETF (NYSE: EGPT) is getting to live up to its reputation as a price discovery mechanism rather than as an ETF. Egypt’s stock exchange reopened today and most shares were suspended in short order because of circuit breakers that had been installed. Many expect the 10% drop seen in most shares to widen out to even lower levels, although no published reports are really signaling a drop of mega-proportions. MarketWatch quoted a local firm calling for 20% to 30% in price drops.

Another ETF is the Market Vectors Africa Index ETF (NYSE: AFK) and it has more than 20% weighting in Egypt. At a close of $32.27 on Tuesday, the 52-week range is $26.60 to $36.45.

The EGX 30 Index has been closed since the end of January and shares fell nearly 10% before trade was suspended on the Egyptian Exchange.

Market Vectors Egypt Index ETF (NYSE: EGPT) is indicated down around $15.85 after having closed at $16.65 and its has a 52-week range of $15.90 to $22.42.

It will probably be next week before these ETFs normalize against benchmark index readings and against their components.

JON C. OGG

The #1 Thing to Do Before You Claim Social Security ^(Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.