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Egypt bourse soars close to 7 pct after Egyptian Pound devalued

Benchmark EGX30 up 6.8 percent hours after a special Central Bank U.S. dollar auction devalued Egyptian Pound to 8.85 against the dollar

Ahram Online , Monday 14 Mar 2016
EGX
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
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Egypt's main index jumped by close to 7 percent to its highest level in over 8 weeks on Monday, hours after the Central Bank of Egypt (CBE) devalued the local currency through a special U.S. dollar auction.

The EGX30 index was up 6.8 percent at the start of the last hour of trading to 7,008 points.

The CBE sold $200 million to banks at a special foreign currency auction on Monday morning at a cut-off price of $8.85 against the dollar, compared to the official 7.73 exchange rate it had maintained through weekly auctions since last November.

Market bellwether and heaviest stock Commercial International Bank (CIB) saw its share price soar 6.8 percent to EGP 39.91, while second largest listed firm Global Telecom Holding jumped 5.9 percent EGP 2.50.

Real estate giant TMG Holding also climbed 7.5 percent to EGP 5.58, while leading Cairo-based investment bank EFG Hermes soared 8.8 percent to trade at EGP8.03.

The bank also announced it would henceforth adopt "a more flexible policy with regard to the exchange rate," which it has been closely controlling through weekly FX auctions since December 2012.

 

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