Devaluation Bets Stoke Egypt Stocks as Mideast Markets Reopen
- Saudi Tadawul leads Gulf equities as focus shifts to earnings
- Dubai trading volume increases following Muslim holy month
Devaluation Bets Stoke Egypt Stocks
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Egyptian stocks had the biggest advance in almost four months, leading gains across most Middle Eastern markets, as traders speculated the country may devalue its currency as early as Tuesday.
The EGX 30 Index jumped 4.7 percent at the close in Cairo, with trading volumes on the main gauge 157 percent above the average of the past 20 days. Commercial International Bank Egypt, the nation’s biggest publicly traded company, advanced 5.3 percent. Saudi Arabian stocks rose the most in more than a month as investors prepared for the release of financial results.