Egypt tops emerging equities

Egyptian stocks topped returns on emerging equity markets in the first six months of 2012 with a rise of 30 per cent, well above the broader MSCI emerging stock index, where spectacular first quarter gains crumbled under the impact of the euro crisis. MSCI’s dollar-based emerging equity index has fallen one per cent in the first six months of 2012, figures yesterday showed, after the Eurozone crisis wiped out gains seen at the start of the year. The index fell more than 20 per cent in 2011.