Fresh data show Egypt s inflation inched higher in June in a trend likely to continue as electricity and fuel prices rise.
The VanEck Vectors Egypt Index exchange-traded fund (EGPT) was down 2% Monday in midday trading, paring earlier losses. Reutersquotes sources who say the import-dependent nation s core inflation, which rose to 31.95%, could rise to 35 percent over the next four weeks unless the Egyptian pound strengthens. The currency has lost half its value since the central bank allowed it to float.
While the ETF invested in Egypt is up about 2% so far this year, Egyptian financial Commercial International Bank (CBKD.UK and CIBEY) is up 29% in U.S. and UK trading. CIB, as the bank is known, was down fractionally in recent U.S. trading.
