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Egyptian stocks up at mid-day after Qatari financial package

Egyptian stocks react positively to Qatari financial aid announcement

Ahram Online, Thursday 11 Apr 2013
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Egypt’s stocks have risen during Thursday’s mid-trading in response to the Qatari $3 billion financial pledge announced on Wednesday.

The proposed fiscal-injection aims to boost the Egyptian economy.

Egypt will sell dollar-denominated treasury bonds to Qatar worth a total of $3 billion, a Central Bank of Egypt (CBE) source told Al-Ahram's Arabic-language news website on Wednesday.

The source, who requested anonymity, added that Egypt would pay back the debt at an interest rate ranging between 3 and 4 percent.

The main index EGX30 has surged 1.4 percent to 5,227 points after the announcement. The broader index EGX70 rises by 1.1 percent.

Out of roughly 160 stocks currently listed, around 130 are shares.

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