x Abu Dhabi, UAETuesday 23 January 2018

Anniversary of Egypt uprising sparks selling

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.

The EGX 30 Index fell to a three-week low. Khaled Desouki / AFP
The EGX 30 Index fell to a three-week low. Khaled Desouki / AFP

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 the president Hosni Mubarak was toppled.

"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."

In the UAE, the Abu Dhabi Securities Exchange (ADX) General Index slipped 0.1 per cent to 2,778.08 points, while the Dubai Financial Market (DFM) General Index lost 0.2 per cent to 1,786.46 points.

Investors focused on property stocks on the two main bourses, after the board of Aldar Properties and Sorouh Real Estate recommended a merger.

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.

 

halsayegh@thenational.ae