An Egyptian man smokes a cigarette as a riot police stands guard near a wire fence which closes off the road, before a demonstration in front of the presidential palace in Cairo, December 4, 2012. REUTERS/Amr Abdallah Dalsh
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Eastern Tobacco stock proves how much Egyptians love cigarettesIf money talks, the relation between Egyptians and their cigarettes won't be changing any time soon. Since then, the stock has surged 370 percent, compared with 1.9 percent for the MSCI World Tobacco Index and 67 percent for Egypt's benchmark gauge.Eastern Tobacco's revenue in the first half increased 36 percent to 6.8 billion Egyptian pounds ($384 million), and costs rose 23 percent.Eastern Tobacco traded at 13.3 times future earnings Tuesday, compared with 15.5 times for members of MSCI's world tobacco index.
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