Egyptian stocks have soared since the country devalued its currency and secured a $3 billion loan from the International Monetary Fund last month, giving investors more confidence to put money into cheaper stocks.
The leading EGX30 index has posted a series of weekly gains since the pound fell in value for the second time this year in October. The index rose more than 47% from its lowest level in July and was the best performer globally in the period since the currency devaluation late last month to date.
The North African country has faced soaring import costs and an exodus of foreign money due to the aftermath of Russia’s invasion of Ukraine. Agreements with the International Monetary Fund and other international partners to help finance Egypt’s external financing gap have boosted investor confidence in the country’s equities.
