x Abu Dhabi, UAESaturday 20 January 2018

Egypt's market stays shut

UAE markets ended the day mixed as the re-opening of the Cairo stock exchange was further delayed for a third week

Egypt's stock market will remain closed this week after political unrest in the country forced the exchange to close on January 27.

The Egyptian Exchange, which shut down after a 16 per cent drop over a three-day period, was originally scheduled to have reopened on Sunday, which was then delayed until tomorrow.

The central bank said banks in Egypt would again be closed today because of strikes and the birthday of the Prophet Mohammed.

The announcement of the two-day bank closures came two days after Hosni Mubarak resigned as the president, ending his 30-year regime.

In Dubai, shares in Drake & Scull International were the most actively traded as its 2 billion Saudi riyal contract with Saudi Aramco attracted investors.

More than 37 million shares traded hands yesterday and shares in the engineering and contracting company closed 4.6 per cent higher at Dh1.14.

The Dubai Financial Market (DFM) General Index added 0.2 per cent to 1,607.61.

The Abu Dhabi Securities Exchange General Index retreated 0.6 per cent to 2,711.16.

Sorouh fell 3.6 per cent to Dh1.37. The company posted a fourth-quarter loss of Dh199 million, after setting aside funds to cover provisions and impairments, a trend that has hit other property developers in the region.

Elsewhere in the region: Saudi Arabia's Tadawul All-Share Index and Bahrain's measure ended the day flat at 6,617.74 and 1,470.12 respectively; Oman's bourse inched 0.6 per cent higher to 7,001.05; Kuwait's index lost 0.8 per cent to 6,660.90; and Qatar closed 0.9 per cent lower at 8,936.23.