Egypt's Stock Market Is Going Totally Bonkers

REUTERS/Mohamed Abd El Ghany

Traders work at Egypt's Stock Exchange in Cairo July 3, 2013.

The dramatic events in Egypt hit a crescendo on Wednesday when the military removed President Mohamed Morsy.

Despite this political turmoil and uncertainty, the Egyptian stock market is exploding higher. Egypt's EGX 30 is at 5,334, up 363 point or 7.3% on the day.  This is the highest level in a month.

PIMCO's Mohamed El-Erian prefers to look at Egypt's credit-default swaps (CDS), which he believes offers a better and "far more comprehensive" snapshot of the country.

Unfortunately, the latest numbers on the CDS were not immediately available.

For now, here's the year-to-date chart of the EGX (formerly the CASE) 30 via Bloomberg:

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