Monday 11 July 2016

MIDEAST STOCKS-Egypt devaluation surge ends, Qatar breaches mark ahead of QNB earnings | Reuters

MIDEAST STOCKS-Egypt devaluation surge ends, Qatar breaches mark ahead of QNB earnings | Reuters:

"Egypt's stock market pared its advance on Monday after two sessions of strong gains on the back of speculation that the North African nation would need to devalue its currency during the current fiscal year.

Having risen as much as 1.7 percent earlier in the day, Egypt's main measure closed 0.2 percent lower, with most stocks ending in the red.

The index had surged 7.7 percent in the two sessions straddling the Eid al-Fitr holiday, following comments from the central bank governor that the Egyptian pound should be a market-based currency where demand and supply set the price."



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