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Monday, 7 November 2016

MIDEAST STOCKS-Egypt continues surge on currency devaluation; petchems boost Saudi | Reuters

MIDEAST STOCKS-Egypt continues surge on currency devaluation; petchems boost Saudi | Reuters:

"Egypt's stock market rose sharply for a third day on Monday in response to the devaluation of the Egyptian pound which has raised hopes for capital inflows, while higher oil prices boosted petrochemical shares in Saudi Arabia.

The Egyptian blue chip index jumped 5.4 percent in its heaviest trade since March, bringing its gains to 15.6 percent since the pound's peg to the dollar was abandoned on Thursday. The broader EGX100 index added 2.5 percent.

The devaluation has raised hopes for major inflows of foreign money into Egyptian markets in coming months. Regional investment bank Arqaam Capital said it was going overweight on Egypt in the wake of the devaluation."



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