MIDEAST STOCKS-Egypt soars in massive volume after currency devalued; Gulf weak | Reuters:
"Cairo's main stock index soared 6.7 percent on Monday, its biggest jump since Islamist president Mohamed Mursi was toppled in July 2013, after the central bank devalued the currency, raising hopes that Egypt's foreign exchange shortage might finally be resolved.
The central bank said it had devalued the Egyptian pound to 8.85 per U.S. dollar at a special foreign exchange auction. It had previously set the average bid price at its regular and exceptional auctions at 7.73.
The Cairo index rocketed to 7,004 points, near technical resistance on this year's peak of 7,114 points, in the heaviest trade since at least 2009. It had already risen 7.8 percent last week on signs authorities were moving to ease a foreign exchange shortage that has plagued the economy for years."
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