Sunday 10 July 2016

MIDEAST STOCKS-Egypt jumps on further devaluation speculation | Reuters

MIDEAST STOCKS-Egypt jumps on further devaluation speculation | Reuters:

"Egypt's stock market posted its largest one-day gain in nearly four months on Sunday as speculation over a further currency devaluation in the North African country combined with positive global cues to propel the exchange higher.

In the first day of trading after the Eid al-Fitr holiday, which marks the end of the Muslim fasting month of Ramadan, Egypt's main index jumped 4.7 percent.

The surge came after a 2.9 percent increase last Monday, the last session before the holiday, following comments from Egypt's central bank governor which said the Egyptian pound should be a market-based currency where demand and supply set the price."



'via Blog this'

No comments:

Post a Comment