Van Eck Global just announced that it will suspend creation orders of Market Vectors Egypt Index ETF (EGPT), the broad Egyptian exchange traded fund, in light of the recent protests to end the 30-year rule of President Hosni Mubarak, which have forced the closure of the country’s stock market for the past few days.
In the press release, Van Eck said, “Due to events in Egypt which have forced its stock exchange to close for an undetermined period, New York-based asset manager Van Eck Global will exercise its right to suspend creation orders of Market Vectors Egypt Index ETF (Ticker: EGPT). This follows the firm’s normal policy of suspending creation orders when the underlying market is closed for an extended period thereby helping to prevent the costs of creation activity to be borne by existing shareholders.”
At last check, shares of EGPT were up $1.04 to $17.26, a gain of 6.41%. The ETF closed at $16.22 on Friday.