Egyptian Stocks Poised to Extend Record Rally; Abu Dhabi Slides - Bloomberg Business

Egyptian Stocks Poised to Extend Record Rally; Abu Dhabi Slides - Bloomberg Business:

"Egyptian stocks were set to extend their record winning streak as investors bet last week’s currency devaluation will boost the economy of the most populous Arab nation. Abu Dhabi shares fell as traders cashed in following the biggest jump since January.
The EGX 30 Index rose 0.5 percent as of 12:51 p.m. in Cairo, extending its advance for a 12th day, the longest rally since Bloomberg started tracking the measure in 1998. About 261 million shares traded, compared with a one-year full daily average of 198 million. Abu Dhabi’s ADX General Index retreated the most in two months.
Undeterred by the biggest interest rate increase in at least 10 years, investors piled into Egyptian stocks after the central bank weakened the currency 13 percent last week, the most since 2003. The devaluation was part of policy makers’ plan to lure foreign investment and alleviate a dollar shortage that has crippled North Africa’s biggest economy. The EGX 30 entered a bull market this month and is now up 32 percent from a two year-low in January."



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