Because the fund suspended the creation of new shares, it now trades like a closed-end fund. And it seems that speculators are making bullish bets on Egypt, since the fund is trading well-above its net asset value.
What’s crazy about all this is that the Egyptian stock exchange hasn’t been open for over a week. The Egyptian banks were downgraded by Moody’s this morning. But the shares of EGPT are about flat for the day, after trading down most of the morning.
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