MENA Equities Round-up: Egypt outperformed local stock markets in November | ZAWYA MENA Edition

MENA Equities Round-up: Egypt outperformed local stock markets in November | ZAWYA MENA Edition:

"Egypt’s stockmarket outperformed its neighbours in Gulf Cooperation Council (GCC) countries in November – a month during which markets in Saudi Arabia faced turbulence as a result of a crackdown on corruption that led to the detention of several powerful businessmen and royal family members. New listings and IPOs also had an impact on markets in the UAE and Egypt. Egypt’s main index gained in value by 1.67 percent during the month. The surge took place in late November, after the Central Bank removed caps on deposits and withdrawals of foreign currency for importers. Sentiment in Egypt was also boosted by an announcement from Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, that it plans to offer nearly 40 percent of its shares in an initial public offering (IPO) in December. This offer is seen as the first of many other IPO’s that could take place in Egypt in 2018, adding to trading volumes and attracting foreign investment."



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