Egypt's stocks soar at a rapid rate
Plans to float the pound encourages biggest leap since 2008
by Abi Moses on 3rd November, 2016 and updated 4th November, 2016 12:14pm
While many of our traders tend to stick with currencies they are most familiar with, the GBP, US Dollar and the Euro, it may be worth looking further afield. With Brexit and the US Election bringing us nothing but market uncertainty many of our Spread Betting customers are channelling their focuses on the Egyptian Pound, a currency that many are enjoying huge spread betting returns on.
This week we saw a massive hike, with Egyptian stocks making the highest leap since 2008. This was party due to central bank agreeing they would allow the currency to flat; a measure taken to tackle the dollar shortage that is harming economic progression.
“The market is in a state of complete euphoria; the long wait has finally come to an end,” said Mohamed Radwan, head of equities at Cairo-based Pharos Holding.
“We’re going to enjoy this rally as much as possible, because the reality of decisions like raising interest rates by 300 basis points could soon kick in” he continues.
The EGX 30 Index rallied as much as 8.3 percent, the most in eight years, with Commercial International Bank Egypt’s 1.6 percent gain being the biggest contributor to the index’s rally.
Trade Forex with Spread Betting
If you are interested in placing a bet on these movements then feel free to sign up with any of platforms today. With various introductory, loyalty and friend referral schemes on offer you will be sure to have your every betting need catered to.
Since being met with bafflement in financial circles, bitcoin seems to have graduated to even being discussed as an “asset” in offices such as Wall Street and the City of London.
by Abi Moses on 18th October, 2017
“Operational challenges” expected to put pressure on its US aerospace business
by Abi Moses on 16th October, 2017
Share price spikes as margins tumble
by Abi Moses on 11th October, 2017
Like-for-like sales just short of City forecasts
by Abi Moses on 10th October, 2017
Poor reviews of the iPhone 8 have weighed on the group’s shares
by Abi Moses on 22nd September, 2017