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Sunday, 6 November 2016

MIDEAST STOCKS-Egyptian shares up for second day on currency float; Saudi climbs | Reuters

MIDEAST STOCKS-Egyptian shares up for second day on currency float; Saudi climbs | Reuters:

"Egyptian blue chips jumped for a second straight day on Sunday after the central bank floated its currency last week, raising hopes for new inflows of funds, while Saudi Arabia gained as last month's successful international bond issue continued to spur buying.

The Egyptian blue chip index added 6.1 percent in heavy trade to reach its highest level since April 2015. It was the index's biggest rise since March this year. The broader EGX100 index gained 3.8 percent.

Commercial International Bank (CIB) soared its 10 percent daily limit. As the country's largest listed bank, CIB is expected to benefit from an increase in trade and financial flows if the currency devaluation succeeds and foreign exchange business returns to banks from the black market."



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