Egypt's stock market rose to a nine-week high on Thursday as investors continued to bet that authorities would succeed in managing depreciation of the Egyptian pound smoothly. Most Gulf markets gained because of positive global sentiment.
The Egyptian index climbed 1.8 percent to its highest close since Oct. 30. It has risen for the last five sessions, partly because of foreign interest in the market; stock exchange data on Thursday showed foreign investors' buying outweighing their selling by more than two to one.
The Egyptian pound slid further at the central bank's auction of foreign currency on Thursday, with $74.9 million sold to banks at a cut-off price of 6.3860 pounds. The currency has lost more than 3 percent this week.
MIDEAST STOCKS-Egypt at 9-week high; Gulf mkts strong | Reuters
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