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Emerging Stocks Rise to 2016 High as Egypt Rallies Most in World

  • EGX 30 Index surges as Egypt Central Bank devalues currency
  • Chinese equities advance as regulator signals market support
Updated on

Emerging-market stocks extended a two-week rally after Chinese officials reaffirmed support for the nation’s equities and Egyptian shares rose the most since July 2013 as the central bank devalued the pound. Currencies retreated with commodities.

The MSCI Emerging Markets Index traded within 2.8 percent of the threshold of a bull market. China’s benchmark jumped as regulators signaled they might go slow on policy changes that could flood exchanges with new shares. Cairo-traded stocks surged and Egypt’s pound weakened as much as 14 percent after the central bank announced plans to adopt a more flexible exchange rate. South Africa’s rand and Russia’s ruble declined as crude oil retreated. Brazil’s Ibovespa ended a two-day gain as raw-material prices dropped.