CAIRO Dec 1 Net transactions by non-Arab
foreign investors on Egypt's stock exchange surged to 3.759
billion Egyptian pounds ($213.58 million) in November compared
with just 545 million pounds in the first 10 months of the year,
the exchange said.
The spike in foreign investment came after the central bank
surprised markets on Nov. 3 and floated the pound currency in an
effort to attract foreign capital and curb an out-of-control
foreign currency black market.
The Cairo stock exchange said in a monthly report released
late on Wednesday that its benchmark index jumped 36.6 percent
to 11,453 in November, its highest since 2008.
Egypt's economy has struggled after nearly six years of
political turmoil drove away tourists and foreign investors, key
sources of hard currency for the import-dependant country.
The floating of the pound and its subsequent weakening has
lowered Egyptian stock prices, making them attractive for
Egypt hopes the float will attract foreign investors, lead
to an increase in exports, and allow companies to get dollars
from banks at market prices, thus restoring them to full
productivity after a slow period due to a foreign currency
($1 = 17.6000 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Ahmed Aboulenein; Editing
by Subhranshu Sahu)