Stock Investors Turn to Egypt as Kenya’s Troubles Mount: Chart

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An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China June 23, 2016. REUTERS/Aly Song

by Adelaide Changole

Egypt’s benchmark stock index is at its highest level relative to Kenya’s since 2008 after a devaluation of the Egyptian pound sparked a 62 percent surge in the past three months, the best performance after Venezuela among 94 indexes tracked by Bloomberg. Kenya’s gauge is the world’s worst performer in that period. A government-imposed cap on lending rates and rising oil prices and looming elections are weighing on Kenyan stocks, making Egypt a more attractive option, according to Charles Robertson, the chief economist at Renaissance Capital Ltd.

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