Sunday 10 April 2016

MIDEAST STOCKS-Egypt may gain after Saudi King visit; Gulf may firm | Reuters

MIDEAST STOCKS-Egypt may gain after Saudi King visit; Gulf may firm | Reuters:

"Egypt's stock market may rise on Sunday after a visit by Saudi Arabia's King Salman unveiled multi-billion dollar investment plans while Gulf's stock market may firm as oil prices extended their gains.

Egypt and Saudi Arabia signed an agreement to set up a 60 billion Saudi riyal investment fund among other investment agreements, Egyptian state television reported late on Saturday. A memorandum of understanding was also signed between the Saudi Public Investment Fund and the Egyptian International Cooperation Ministry to set up an economic free zone in Sinai.

Cairo's main index, which fell 0.6 percent last week, its first weekly decline since the devaluation of its currency last month, may be lifted by the fresh flow of investment."



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