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Egypt Stocks Have Best Month Since 2016

  • President Abdel-Fattah El-Sisi is expected to be re-elected
  • Series of factors should continue benefiting stocks: Exotix
Traders work on the trading floor at the Egyptian stock exchange in Cairo, Egypt, on Tuesday, April 23, 2013.

Photographer: Shawn Baldwin/Bloomberg

Stocks in Cairo posted their best month since the decision to lift currency controls in 2016, buoyed by investor expectations that the government would press ahead undaunted with sweeping economic reforms following Abdel-Fattah El-Sisi’s expected re-election as president.

The EGX 30 rose for four straight sessions as of Thursday, extending its gain this month to 13 percent. That’s the best monthly increase since the Egyptian pound was floated freely in November 2016, spurring a rally in shares. The benchmark has now climbed for seven weeks in a row, the longest streak of weekly gains since August 2014.