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With a NAV of $2.87 (Try ^inm on quote.yahoo.com), market price of $2.00 per share as of October 12, 1998, EWM became, for all practical purposes, a closed-end fund after Malaysian currency and capital controls were introduced on September 1, 1998. This fund is based on KLSE index. A comparable closed-end Malaysian Fund (NYSE:MF) is trading at about 90% premium. EWM was an open-end fund before currency controls were introduced. Simply because EWM became a close-end fund after the controls should not make the market so irrational as to trade it at a hefty discount, while another fund MF subjected to the same controls is trading at a substantial premium. Explore yourself!!! Call 1-800-810-WEBS to talk to a specialist. |
