Equities: North African Markets Neutral At Best

Political risks continue to play a major factor in the performance of North African equity markets, in our view, and will likely keep regional indices from outperforming over the medium term. Indeed, ongoing uncertainty regarding the political transitions in Egypt and Tunisia, along with public unrest in Morocco, will weigh on the Morocco All Share Index (MASI), Tunisia's TUNINDEX, and Egypt's EGX30 over the coming months. For the moment, we prefer the TUNINDEX over the EGX30.

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