The situation in Egypt has the potential to cause more widespread uncertainty, especially if oil and other commodities keep surging or the unrest spreads to more countries in the Middle East. Egypt closed its banks and stock market Monday because of the chaos there, and the uncertainty weighed on markets elsewhere. On Monday, shares were mixed across Europe. The FTSE 100 in Britain was down 0.25 points while in Frankfurt, the DAX lost 5.88 points, or 0.08 percent, while the CAC 40 in Paris was up 8.72 points, or 0.22 percent. The Nasdaq composite index fell, or 0.23 percent in the US.
Egypt is not an oil exporter, nor is its stock market a regional heavyweight. As the home of the Suez Canal and the nearby Sumed pipeline. In 2009, roughly 2.9 millions barrels of oil a day, 2.6 percent of global production, passed through the canal and the pipeline. However, a major player in the global grain market, importing more wheat than any other country. Still, a few investors are looking for opportunities in the Middle East and Egypt itself despite the declines there and the expected instability. Egyptian stocks are inexpensive compared with shares in other markets, according to David Marcus.
http://www.nytimes.com/2011/02/01/business/01markets.html?_r=1&partner=rss&emc=rss
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