Egypt Joins the Ranks of Countries With ETFs

Egypt’s first exchange traded fund (ETF) is receiving a thumbs-up from Morgan Stanley. The ETF is viewed as an attraction for foreign institutional investors, looking for safer havens during the global credit crunch. Local investors will be lured by the big-cap equities ETF as well.

Wael Gamal for Reuters reports that Egyp’ts bourse is planning on launching an ETF based on the CASE 30 index. Stock and index futures with options are planned with the goal of doubling the current daily trading volume at $150 million to $180 million over the next few years. The ETF will be an aid to local investors, too.