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The Egyptian stock market has recorded its largest weekly inflow since 2014, with foreigners betting on this market, the second-best stock market this year, Bloomberg said.
The network said in a report published Monday on its website that capital inflows showed a growing desire to invest in Egyptian equities by foreign investors. The EGX 30 index rose 15% this year, after a 13% drop in 2018. This shows that the sudden drop in interest rates last month helped to improve the direction of assets in emerging markets.
Bloomberg said the index was the second best performance among Bloomberg's leading benchmark indices this year, while the Shanghai index was ahead.
The VanEck Vectors Egypt Index attracted $ 11.5 million in five days at the end of March 8, a record since September 2014. Assets under management reached $ 52 million, the highest level since August. The US fund invests more than 40% of its assets in real estate, chemicals and telecommunications in Cairo.
After the outstanding week of the VanEck fund, Egypt ranks first on Bloomberg's list of fund flows to different countries around the world. The increase was 20% compared to the total assets targeting the country.
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