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Tuesday, 8 November 2016

MIDEAST STOCKS-Egypt hits eight-year high on FX euphoria, state payment plan lifts Saudi | Reuters

MIDEAST STOCKS-Egypt hits eight-year high on FX euphoria, state payment plan lifts Saudi | Reuters:

"Egypt's stock market surged to an eight-year high on Tuesday because of hopes for foreign fund inflows after the currency was floated last week, while a plan by Saudi Arabia's government to pay debts to the private sector boosted that market.

The Egyptian blue chip stock index jumped 2.5 percent to 10,097 points, its loftiest finish since June 2008 - although it closed well off the day's high of 10,177 points, and trading volume, while heavy, decreased considerably from Monday's massive amount.

The index has soared 18.4 percent since the Egyptian pound's peg of 8.8 to the U.S. dollar was scrapped last Thursday. On Tuesday, the pound continued drifting down to near 18 - a level making Egyptian assets look cheap to foreigners."



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