The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt, March 8, 2016. REUTERS/Mohamed Abd El Ghany
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Egyptian stocks declined after investors locked in gains from the longest winning streak on record, ending a rally fueled by the biggest currency devaluation in more than a decade.About 408 million shares traded, double the one-year daily average.Investors piled into Egyptian stocks after the central bank weakened the currency 13 percent last week, the most since 2003, as part of a plan to lure foreign investment and alleviate a dollar shortage that has crippled North Africa's biggest economy. The EGX 30 entered a bull market this month and is now up 31 percent from a two-year low in January, even after the biggest interest-rate increase in at least 10 years Thursday.Property developer Six of October Development & Investment Co. had the biggest percentage move, jumping 6 percent on four times the daily average trading volume in the past three months.The average yield on nine-month securities was 13.987 percent, up from 12.478 percent.
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