Text size:

  • Small
  • Normal
  • Large
An Egyptian trader. (AP Photo/Amr Nabil)
An Egyptian trader. (AP Photo/Amr Nabil)

Egyptian index takes a fall

Markets Update: Egypt's market sinks in the first day of trading following the jailing of Hosni Mubarak, the country's ousted president.

Egypt's stock market sank on the first day of trading after the former president Hosni Mubarak was sentenced to life in prison, with the verdict doing little to keep protesters from returning to the streets of Cairo.

The EGX 30 Index fell 1.3 per cent to close at 4,625.62 yesterday.

Stocks including Orascom Telecom Holding, Orascom Construction Industries and National Société Générale Bank led the declines, with only a handful of companies supporting the wider index.

EFG-Hermes, the embattled investment bank at the centre of a bidding war, was the index's biggest gainer, rising 1.5 per cent to 11.01 Egyptian pounds per share.

With a run-off in Egypt's presidential vote only a fortnight away, political developments were once again calling the shots for the Egyptian Exchange, said Waleed Al Bendary, the head of buy-side research at Rasmala Egypt Asset Management.

"Definitely, the political effect is still driving market sentiment, especially after the re-emergence of protesting in Tahrir Square on a large scale," he said. "The judgement of Hosni Mubarak and the interior minister was very badly received by the people, and it's reflecting on the sentiment in the market."

Mubarak, who was forced from the Egyptian presidency last year, and Habib Al Adly, the former interior minister, were sentenced to life imprisonment on Saturday, but several other officials were acquitted.

Markets in the Gulf sank after a crude prices plungedon Friday.

The Dubai Financial Market (DFM) General Index fell 2 per cent to 1,441.80 yesterday, while the Abu Dhabi Securities Exchange General Index declined 0.5 per cent to 2,426.82.

Volumes on the DFM recovered as traders rushed to exit their positions.

Elsewhere in the region, all markets except Saudi Arabia's fell. The Tadawul All-Share Index gained 1 per cent to 6,747.69 after heavy losses on Saturday.

ghunter@thenational.ae

twitter: Follow and share our breaking business news. Follow us

iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 An air traffic control tower is seen at the central terminal of LaGuardia Airport on April 8, 2014. Shannon Stapleton / Reuters

In pictures: New York’s LaGuardia Airport in need of a rebuild

With constraints on its resources and no appetite for further debt, private investors and developers are being tapped to rebuild the 50-year-old central terminal for $3.6 billion, instead of using traditional public finance methods.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 An Uber taxi driver drives his car through a street in New Delhi, India. Saurabh Das / AP Photo

In pictures: On-demand cab service app Uber targets India

Taxi-hailing smartphone app Uber is making a big push into Asia with the company starting operations in 18 cities in Asia and the South Pacific including Seoul, Shanghai, Bangkok, Hong Kong and five Indian cities in the last year.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National