A day after the elections, the new administration imposed a tax on investor profits, scaring off local investors, Bloomberg reports. Egypt will tax net portfolio values at the end of the year as a way to cut the Middle East’s highest budget deficit. [Egypt ETF Soars as Investors Warm to Local Stocks]

Announcing the tax means “scaring out the few investors who supported you in the past,” Tamer Ismail, head of dealing at Cairo Capital Securities, said in the Bloomberg article. “The timing isn’t good at all and they should have announced a legal explanation for it.”

Market Vectors Egypt Index ETF

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Max Chen contributed to this article.