Egypt 'must keep markets open' despite heavy falls

Egypt could see the state of its economy further discredited if the government does not support the market, says Pictet's Oliver Bell.

Yesterday, the Egyptian stock exchange plummeted 10% as it reopened for the first time in two months. The manager of the Pictet Middle East and North Africa fund warns the government now needs to keep the stock exchange open to hold onto investment in the country. "It is crucial the authorities retain their nerve and keep the market open over the coming weeks as any sign it could close again for an extended period will spook foreign investors who may be tempted back for the long term at lower levels," Bell says. He adds the country faces "a long, hard path" to stabilise its economy. H...