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Thursday, 10 November 2016

MIDEAST STOCKS-Egypt surges in record volume on signs of dollar inflows | Reuters

MIDEAST STOCKS-Egypt surges in record volume on signs of dollar inflows | Reuters:
"Egyptian stocks jumped in record volumes on Thursday, driven by signs that hard currency was flowing into the country after last week's pound devaluation, while Saudi Arabia's index extended recent gains.

Egypt's blue chip index surged 4.5 percent, bringing its gains since the currency was floated last Thursday to 25 percent. The broader EGX 100 index was up by its 5 percent limit two minutes before the close, causing trade to be suspended.

Exchange data showed foreign investors were again heavy net buyers of Egyptian stocks and, after sliding earlier this week, the pound strengthened against the dollar after the central bank announced a $2 billion financing deal with global banks. Bankers said dollar liquidity in the currency market was improving."

'via Blog this'