January 28, 2011

Protests in Egypt Gain Momentum

In recent days, protesters have taken to the streets to demand reform of the Egyptian government. These protests, which were encouraged by similar actions in Tunisia, have continued in the face of government bans on public demonstration, arrests, a shutdown of electronic communication systems, and the use of rubber bullets, tear gas, and water hoses on crowds. The military has also been called in to support police efforts to quell the violence. Protesters are demanding the retirement of Hosni Mubarak, the nation's longtime ruler, as well as a crackdown on corruption, and demands for better employment opportunities.

Although the Egyptian market is closed on Fridays for religious reasons, shares of the Market Vectors Egypt ETF (EGPT) were down over 20% for the year today.

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