MidEast Stocks Mixed, Egypt Jumps on Currency Devaluation – Nasdaq
8 months ago Comments Off on MidEast Stocks Mixed, Egypt Jumps on Currency Devaluation – Nasdaq
Middle East shares were mixed, with Egypt jumping after the
central bank devalued the currency, raising hopes that Egypt’s
foreign exchange shortage might finally be resolved.
The central bank said it had devalued the Egyptian pound to 8.85
per U.S. dollar at a special foreign exchange auction. It had
previously set the average bid price at its regular and exceptional
auctions at 7.73.
Commercial International Bank rose because the bank previously
said a devaluation would have a net positive impact on its bottom
line, with a neutral impact on its foreign exchange asset-liability
Saudi Stocks fell as Brent crude prices dropped below $40 per
In company news, Brokerage Pioneers Holding reported a 73% jump
in net profit for 2015.
Egypt’s main index rallied 6.7% to 7,004 points, Saudi Arabia
dropped 1.3% to 6,288 points, Dubai slid 1.5% to 3,351 points, Abu
Dhabi firmed 0.8% to 4,499 points, Qatar eased 0.1% to 10,318
points. Kuwait slipped 0.9% to 5,240 points, Oman eased 0.2% to
5,298 points and Bahrain dipped 0.04% to 1,151 points.
MidEast Stocks Mixed, Egypt Jumps on Currency Devaluation – Nasdaq}