News Formal

Egypt Stocks Hit Record High as Investors Seek Inflation Offset

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 50%

Россия Новости Новости

Россия Последние новости,Россия Последние новости

Egypt’s benchmark stock index hit a record high, spurred by investors looking to hedge against surging inflation driven by a series of currency devaluations and the fallout from Russia’s invasion of Ukraine.

The EGX 30 Index rose 1.7% in Sunday trading, continuing its bullish run to surpass a 2018 peak. In local-currency terms it has now risen over 91% from an October low, while in dollar terms it’s up 1.8% year-to-date, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.

The stock market has been benefiting from its role as a safe haven of sorts for investors in Egypt, a major food importer hit hard by the war in Ukraine. Supply issues linked to the conflict and three devaluations of the Egyptian pound since early 2022 helped push annual inflation to a record 36.5% in July.

Egypt is also awaiting an International Monetary Fund review of a $3 billion loan program agreed last year — a step necessary to unlock the next tranche of the package.

Мы обобщили эту новость, чтобы вы могли ее быстро прочитать.Если новость вам интересна, вы можете прочитать полный текст здесь Прочитайте больше:

 /  🏆 83. in RU
 

Спасибо за ваш комментарий. Ваш комментарий будет опубликован после проверки

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Stocks retreat after Powell delivers cautious message: Stock market news todayStocks reversed lower Friday morning after Fed Chair Jerome Powell said the central bank is 'prepared to raise rates further.'
Источник: YahooFinanceCA - 🏆 47. / 63 Прочитайте больше »

BofA sees 'trouble' ahead for tech stocks despite big inflowsStrategists at BofA Global Research see second-half 'trouble' for technology stocks even as the sector took in its largest inflow in 10 weeks, the firm said in a note on Friday. The tech-heavy Nasdaq Composite has gained 28% this year, fueled by megacap stocks and excitement over the business potential of artificial intelligence. BofA pointed to the correlation between a surge in central bank liquidity and the Nasdaq over the past 15 years.
Источник: YahooFinanceCA - 🏆 47. / 63 Прочитайте больше »

Top economist Steve Hanke says stocks look expensive – and a recession is 'right around the corner'Stocks look 'pretty pricey,' and a historic drop in the US money supply signals a recession looms in the first half of 2024, Steve Hanke told Insider.
Источник: YahooFinanceCA - 🏆 47. / 63 Прочитайте больше »