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Wednesday, 3 August 2016

MIDEAST STOCKS-Egypt closes at one-year high on IMF hopes, Gulf sags | Reuters

MIDEAST STOCKS-Egypt closes at one-year high on IMF hopes, Gulf sags | Reuters:

"Egypt's stock market closed at a one-year high on Wednesday on optimism among local investors that a loan deal with the International Monetary Fund would boost the economy, while weak oil prices and global bourses pushed Gulf bourses down further.

Cairo's main index jumped 1.6 percent to a one-year high of 8,105 points in rising turnover, confirming a break above major technical resistance on the April peak of 7,994 points.

Egypt said last week that it was in talks with the IMF to secure a loan of $12 billion over three years. An IMF delegation is in Cairo and Wafik Dawood, portfolio manager at Cairo-based Compass Capital, said local investors were speculating about progress in the talks."



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