Confusion reigns on Egypt ETF

Van Eck's Market Vectors Egypt Index fund, the only ETF exclusively tracking the country, has seen its underlying proprietary index drop from around 1190 points before protests began in Egypt down to an all-time low of 914.36 on Monday, but this has not stopped investors buying back into the fund over the last few days. However, Laurent Kssis, head of ETF sales trading at LaBranche Structure Products says: "At the moment the dust is settling and some people are getting back into the fund because they see it as cheap". Yet he adds that value buying is unlikely to continue. "There is c...