Middle East

Egypt shares rise for 4th day after currency float

Egypt's shares have risen for the fourth successive business day, signaling an improvement in investors' confidence following last week's currency float.

The benchmark EGX 30 index closed up 2.48 percent on Tuesday.

Egypt on Thursday floated the pound, which traded at banks on Tuesday around 17.75 to the dollar, nearly twice the dollar's official, pre-float exchange rate.

The pound was trading at an all-time low of 18.50 to the dollar in the parallel black market earlier last week.

The floatation was followed hours later by a cut in fuel subsidies that sent prices sharply upward. The two moves met key demands set by the International Monetary Fund in exchange for a $12 billion loan.