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%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »