x Abu Dhabi, UAESunday 23 July 2017

Cairo events sweep GCC bourses to new lows

Five out of six GCC markets decline

Abu Dhabi - August 5, 2010: Aldar signage near the Central Market construction site. Lauren Lancaster / The National
Abu Dhabi - August 5, 2010: Aldar signage near the Central Market construction site. Lauren Lancaster / The National

Instability in Egypt took its toll across the region yesterday as five out of six GCC stock markets fell to new lows yesterday.

The Dubai Financial Market General Index fell to its lowest since last August, closing 4.32 per cent down at 1,543.02 points, as protesters took to the streets of Cairo against the regime of the president Hosni Mubarak, who has refused to stand down.

The Abu Dhabi Securities Exchange lost 3.68 per cent to 2,561.06 points.

Market heavyweights took the biggest hit as Aldar Properties dropped 8.84 per cent to Dh1.65 in Abu Dhabi and Emaar Properties fell 8.26 per cent to Dh3.11 in Dubai.

Elsewhere in the region, Qatar's index lost 2.95 per cent to 8,709.77 points, after falling as much as 10 per cent during the day.

Oman's measure retreated 3.02 per cent to 6,731.77 points; Bahrain dropped 1.43 per cent to 1,451.49 points; and Kuwait shed 1.76 per cent of its traded value to 6,822.00.

Saudi Arabia's Tadawul was the only index to notch a gain as the kingdom benefited from an in-flow of local buyers and higher oil prices.

Zain Saudi Arabia, the Kuwaiti telecom operator's business in the kingdom, added 2.76 per cent to 7.45 riyals. Saudi Arabian Mining, or Maaden, climbed 3.42 per cent to 22.70 riyals.

The Saudi Tadawul All-Shares Index closed up 2.5 per cent to 6,421.97 points, reversing a 6.4 per cent fall on the first day of trading on Saturday as investors priced in the effects of Cairo's political tensions.

fhalime@thenational.ae