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Sunday, 6 November 2016

Egypt Stocks Rally Most in Mideast on Bets Float to Appease IMF - Bloomberg

Egypt Stocks Rally Most in Mideast on Bets Float to Appease IMF - Bloomberg:

"Egyptian stocks rallied a seventh day on bets an unprecedented decision to float its currency will help cement a $12 billion loan from the International Monetary Fund.
The EGX 30 Index climbed 2.8 percent at 10:22 a.m. in Cairo, poised for the longest winning streak since March. Members of the benchmark gauge traded at the most expensive in 17 months based on future earnings, as the measure’s 14-day relative index rose further into overbought territory. Shares in Dubai fell 0.6 percent, while those in Saudi Arabia added 0.4 percent.
The pound has slumped more than 40 percent to 15.5 per dollar since it was floated on Thursday, according to quotes from National Bank of Egypt, as part of efforts to reform one of Africa’s biggest economies and seal the IMF lifeline. Officials say the loan will help restore investor confidence, which never fully recovered following a series of uprisings that toppled two leaders in less than six years."



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