Egyptian shares surge on opening | beyondbrics

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Egyptian shares leapt at Thursday’s opening, suggesting investors are happy at the latest turn of events. The benchmark EBX 30 index was up 6.4 per cent as trading started, making up a big chunk of the index’s 9 per cent slide since the beginning of the year.

The surge was the biggest for more than a year and forced a halt to trading, as it broke the Egyptian Exchange’s 5 per cent limit on daily movement in the index.

As Bloomberg reported, the yield on the government’s $1bn of 5.75 per cent securities due in April 2020 dropped 28 basis points to 10.49 per cent."

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