World Markets

Egyptian stock index surges to highest since June 2008

Shawn Baldwin | Bloomberg | Getty Images

Egypt's blue chip stock index surged in early trade on Tuesday to its highest level since June 2008, buoyed by hopes for inflows of foreign capital after the Egyptian pound was devalued at the end of last week.

The EGX30 index rose 3.2 percent to 10,165 points, bringing its gains since last Wednesday's close to 19.2 percent. The broader EGX100 index climbed 2.7 percent.

Exchange data again showed foreign investors were net buyers of stocks, by a ratio of about two to one. The EGX30 rose above technical resistance on its February 2015 peak of 10,066 points; any break, confirmed by two straight closes above that level, would point up to the April 2008 record high of 12,039 points.

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