Markets Wrap: Egypt's stock market declined to its lowest level in three weeks, as retail investors sold shares ahead of the second anniversary of the uprising, when president Hosni Mubarak was toppled.
Anniversary of Egypt uprising sparks selling
"Local retail investors are selling ahead of the stressful weekend-protests that are expected to hit the streets," Mohamed Radwan, the director of international sales at Pharos Securities told Reuters. "People would rather be out of the market."
The EGX 30 Index fell 0.7 per cent to 5,640.75 points, the lowest level since January 2.
"It's related mostly to the political situation and the foreign currency reserves," said a trader who spoke on condition of anonymity. "People are waiting to see where it's going to settle."
The Emirates bourses, ADX and DFM, will be closed for trading on Thursday to mark the Prophet Mohammed's birthday, according to statements posted on their respective websites.
Elsewhere in the region, Kuwait's index added 0.2 per cent to 6,172.72. Bahrain's index lost 0.6 per cent to 1,074.17. Oman's MSM 30 Index added 0.3 per cent to 5,829.32. Qatar's QE Index slipped 0.2 per cent to 8,608.05.
Saudi Arabia's Tadawul All-Share Index declined 0.9 per cent to 6,984.80.