Egypt bourse hits record high after IMF deal, Aramco lifts Saudi
Egyptian stocks closed at a record high on Sunday to lead Middle Eastern bourses, extending a rally set off by a new deal with the International Monetary Fund.
Egypt - the most populous Arab country - secured an expanded $8 billion deal on Wednesday with the IMF hours after the central bank hiked rates by 600 basis points and unshackled its currency, letting it slide, in a push to stabilise the economy.
The country's benchmark index (.EGX30), opens new tab finished 5.2% higher at 32,920 points, with most of its constituents rising, including top lender Commercial International Bank (COMI.CA), opens new tab, which was up 6.8%.
In late February, Egypt signed a deal with the United Arab Emirates (UAE) to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country.
Egyptian President Abdel Fattah al-Sisi said on Saturday that with tens of billions of dollars in new financing from the UAE and the IMF, moving to a flexible exchange rate would be possible.