x Abu Dhabi, UAETuesday 25 July 2017

Egypt stock exchange delays opening again

Market Update: Egypt delays today's opening of stock exchange, meanwhile local markets recover on early trading in Dubai as declines seen as overdone - with video.

Egypt's stock exchange has decided to delay today's opening until Sunday.

The exchange, which was expected to reopen this morning, has been closed since January 27, after civil unrest in the North African nation led to the ousting of President Hosni Mubarak.

The regulator of the exchange has introduced rules designed to prevent panic selling. Egypt's Financial Supervisory Authority has said it will limit the daily share price movement on the Cairo EGX 100, the benchmark to the index, to 10 per cent and reduce the trading sessions to three hours from four.

Dubai's main bourse recovered after hitting a seven-year low yesterday as losses were seen as mostly overdone.

The Dubai Financial Market General Index gained 2 per cent to 1439.63. Yesterday the measure declined 3 per cent, the lowest since June 2004 as tensions in Oman and political unrest elsewhere in the region prompted investors to sell.

Gains were led by Dubai Investments, which gained 7.4 per cent to 79 fils. Arabtec Holding added 3.8 per cent to Dh1.35 a share. Dubai Financial Company, the only listed exchange in the Arab world, added 3.3 per cent to Dh1.25.

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On the Abu Dhabi Securities Exchange, Julphar was down 6.3 per cent to Dh1.77 a share. Bank of Sharjah declined 5.9 per cent to Dh1.58, weighing on the index which was flat at 2587.18.

Elsewhere in the region, Kuwait's measure declined 2.2 per cent to 6338.00. Bahrain's index lost 0.4 per cent to 1430.77. Oman's measure lost 4.8 per cent to 6142.42. Qatar's index declined 3.1 per cent to 7932.84. The Saudi Tadawul died 0.1 per cent to 5941.63.