Pursuits
Egypt Stocks Rally Most in Mideast on Bets Float to Satisfy IMF
- Most populous Arab nation floated its currency on Thursday
- Dubai shares drop as Saudi Arabian Tadawul extends advance
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Egyptian stocks rallied a seventh day on bets an unprecedented decision to float the pound will help cement a $12 billion loan from the International Monetary Fund. The currency weakened.
The EGX 30 Index surged 6.1 percent, extending the longest winning streak since March. Members of the benchmark gauge traded at the most expensive in almost 17 months based on future earnings, as a technical indicator rose further into overbought territory. Stocks in Dubai fell 0.6 percent, while those in Saudi Arabia added 0.8 percent.