Those protests come as Mursi has been ensconced in controversy since taking office. Massive protests are scheduled for June 30, the first anniversary of Mursi’s rise to power. While the Mursi regime rebuffs the notion of parallels between Egypt and the current state of affairs in Turkey, there is no getting around the fact that everyday Egyptians are mostly unsatisfied by Mursi’s leadership and that EGPT is reacting in similar fashion.
Last March, EGPT jumped to a one-year high and proceeded to trade higher for much of the year as investors ignored Egypt’s rising unemployment and dwindling foreign currency reserves. That trend does not appear to be repeating as EGPT is down 8.5% in just the past week. Year-to-date, the $30.4 million ETF has plunged 28.4%.
Market Vectors Egypt ETF
ETF Trends editorial team contributed to this piece.