It’s been the hottest stock market in the world, gaining over 40% in the first couple months of the year.
Anyway, it’s finally experiencing the phenomenon known as gravity.
The EGX 30 Price Return Index is off 1% today, following a 1.9% drop yesterday. In fact, it’s fallen every day since Wednesday.
As you can see in the chart via Bloomberg, it’s still up incredibly this year, but it’s good to see the laws up what-goes-up-most-come-down still apply.
It’s worth noting that all through the runup, analysts have been scratching their heads, wondering why it was doing so well.
It’s well known that the economy is in shambles, and that the government is running out of foreign exchange reserves. But in 2012, so far, one big theme has been the re-risking of global markets. And so a market that got trashed in 2011 — as Egypt’s did — was a natural candidate for a severe bounceback.
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