Thursday 17 March 2016

MIDEAST STOCKS-Egypt surges for fourth day, oil boosts Gulf | Reuters

MIDEAST STOCKS-Egypt surges for fourth day, oil boosts Gulf | Reuters:

"Egypt's stock market rose sharply for a fourth straight day on Thursday as investors welcomed this week's currency devaluation, while higher oil prices boosted Gulf markets.

The Cairo index jumped 3.6 percent to 7,486 points in the second heaviest trading volume for the past seven years; the heaviest day of trade was on Monday, when the devaluation raised hopes that Egypt could attract more funds from abroad and begin resolving its endemic foreign exchange shortage.

The index soared 14 percent this week, rising above its 200-day average for the first time since March 2015 - a technical indicator which suggests the market could be entering a long-term uptrend."



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