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Monday, 3 October 2016

MIDEAST STOCKS-Egypt surges on hope for good news on IMF loan | Reuters

MIDEAST STOCKS-Egypt surges on hope for good news on IMF loan | Reuters:

"Egypt's stock market rose sharply in early trade on Monday on hopes that an international financing package for the country would be finalised soon after this week's annual meetings of the International Monetary Fund and World Bank Group.

The Egyptian stock index climbed 2.8 percent in a broad rally, with investment bank EFG Hermes rising 4.2 percent.

Egypt has reached a staff-level agreement for a $12 billion loan programme from the IMF and must secure around $6 billion in bilateral financing to obtain final approval for the programme. It has been in talks with China for $2 billion, while Saudi Arabia and other rich Gulf states may also provide money."



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