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Monday, 19 December 2016

MIDEAST STOCKS-Egypt surges to fresh eight-year high, Gulf markets diverge | Reuters

MIDEAST STOCKS-Egypt surges to fresh eight-year high, Gulf markets diverge | Reuters:
"Egypt's stock index surged 3.1 percent in heavy trade on Monday as the Egyptian pound depreciated against the U.S. dollar, prompting more buying by foreign funds, while Gulf bourses diverged.

Twenty-seven of the 30 most liquid Egyptian shares rose, taking the index to a fresh eight-year high, with Telecom Egypt and Global Telecom Holding each jumping to their 10 percent daily limits.

The Egyptian pound was being bought for 19 pounds per dollar against around 18.8 earlier in the day on the back of higher demand for the greenback amid a shortage at banks, bankers told Reuters."

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