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.
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