Hot August for Egypt's World-Beating Stocks May Get Even Hotter - Bloomberg:
It’s already been a great August for Egyptian stocks and things could be about to get even better should the north African nation cut interest rates as expected on Thursday.
The EGX 30 Index has gained more than 7% so far this month, making it the world’s best performing major gauge of those tracked by Bloomberg. That’s in stark contrast to declines in peers, with the MSCI Emerging Markets Index falling 5% month-to-date on the back of a more general risk-off sentiment.
Optimism for lower rates has been just one of the reasons that the Cairo bourse has been insulated from tensions gripping markets in most other parts of the world. Egypt’s lowest inflation in four years and a successful trading debut for the country’s first initial public offering of 2019 have also aided sentiment.
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