x Abu Dhabi, UAEFriday 21 July 2017

Emirates bourses continue rally despite Egypt protests

CLOSING BELL:Markets rebound slightly as Egypt's rebellion grows louder, but traders are still seeking cover - with video.

Protests in Egypt kept traders on edge this morning, but yesterday's losses in Saudi Arabia failed to rattle the UAE's markets.

Following a busy trading session, the Abu Dhabi Securities Market General Index rose 0.49 per cent to 2599.34, while the Dubai Financial Market General Index rallied 0.61 per cent to 1543.76, having missed out on a rebound yesterday.

Oil also rose to $100.05 a barrel, its highest level since October 2008, as traders anxiously watched for news on the Suez canal, one of the world's largest conduits of container vessels.

DP World was one of the day's biggest losers, sinking 4.13 per cent to 60 cents per share on the Nasdaq Dubai.

The world's fourth-largest ports operator closed its Sokhna port in Egypt yesterday as a "precautionary measure".

Yazan Abdeen, a fund manager at ING, said:

"What's happening is dependent on money flows into the region and expectations of the direction of money flow into the region."

"A lot of institutions are selling because of fears of redemptions, as a result of derisking in the region because of what's happening in Egypt."

That was leaving markets looking choppy, with some Egypt-exposed companies, such as Dana Gas, UNB and Aramex, suffering more than others.

Egyptian stock markets will remain closed for the rest of the week and will decide whether to open on a day-by-day basis, an exchange spokesman told Bloomberg.