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Thursday, 3 November 2016

MIDEAST STOCKS-Egypt jumps on currency float; Saudi up but Qatar sinks | Reuters

MIDEAST STOCKS-Egypt jumps on currency float; Saudi up but Qatar sinks | Reuters:

"Egypt's blue chip equities index jumped on Thursday after the central bank floated the currency, a step which could eventually resolve its hard currency shortage, while Saudi Arabia gained for a second straight week.

The Egyptian EGX30 index soared as much as 8.4 percent in the first hour of trade after the central bank devalued the pound by 32.3 percent to an initial guidance level of 13 pounds to the U.S. dollar.

But reflecting caution among many investors, and profit-taking by those who had anticipated the devaluation, the index closed only 3.4 percent higher in the heaviest trade since early August. The broader EGX100 index rose just 1.7 percent.

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