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Sunday, 13 November 2016

MIDEAST STOCKS-Egypt continues rally on IMF; Saudi strong, rest of Gulf hit by global weakness | Reuters

MIDEAST STOCKS-Egypt continues rally on IMF; Saudi strong, rest of Gulf hit by global weakness | Reuters:

"Egypt's stock market gained for a 12th straight session on Sunday after the International Monetary Fund approved a $12 billion loan for the country, while Saudi Arabia rose, bucking a downtrend in the rest of the Gulf.

The IMF loan approval had been widely expected, but it added fresh fuel to a rally caused by Egypt's decision to float its currency on Nov. 3, which has created hopes for major inflows of foreign money.

Egypt's blue-chip index climbed 2.1 percent in massive volume, although the index came well off the day's high and volume fell from the record set on Thursday. The index has surged 28.1 percent since the pound was floated."



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