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Tuesday, 23 May 2017

MIDEAST STOCKS-Egypt rebounds after tumble on rates, Gulf swept by profit-taking | Reuters

MIDEAST STOCKS-Egypt rebounds after tumble on rates, Gulf swept by profit-taking | Reuters:

"Egypt's stock market on Tuesday recovered some of the previous day's heavy losses while Gulf bourses were weaker as investors booked profits ahead of the holy month of Ramadan, when trading volumes and liquidity often decrease. Cairo's index rebounded 1.1 percent after tumbling 2.5 percent on Monday, its largest single-day decline since Jan. 19, after the central bank unexpectedly raised interest rates by 2 percentage points to fight sky-high inflation. The surprise move prompted heavy selling by local retail investors but several foreign fund managers said they did not expect a lasting impact on the market, partly because of the loose links between interest rates and the real economy in Egypt."



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