Friday - 19 Apr 2024 | 01:30:09 Home  |  Sitemap  |  RSS   
 Gerasimov: Russia calls on SCO countries to participate in Syrias reconstruction   ::::   Damascus International Fair to witness wide international participatio   ::::   Ryabkov: UNSC to hold emergency session to discuss situation in Idleb   ::::   US-led coalition admits responsibility for killing 77 civilians in Raqqa last summer   ::::   Jubata al-Khashab in Quneitra is clear of terrorism   ::::   Lavrentiev: Moscow stands by Syria sovereignty Russian forces are there to combat terrorist organizations   ::::   Final statement of Astana 10 round affirms preserving Syrias sovereignty and territorial integrity   ::::   New batch of displaced Syrians return from Lebanon   ::::   Army liberates 8 towns and villages in al-Yarmouk basin, moving closer towards ending terrorism in Daraa countryside   ::::   As the Syrian army liberated Quneitra of terrorism, it will restore the occupied territory   ::::   South Ossetias President concludes his visit to Syria: Enhance aspects of cooperation with Damascus   ::::   Moscow: Consultations underway to lift unilateral economic sanctions on Syria   ::::   Zakharova: White Helmets involved in fabricating lies and criminal acts   ::::   Families of Russian Martyrs visit Syria, affirm joint war against terrorism   ::::   Presidents al-Assad and Bibilov affirm importance of launching bilateral relations between Syria and South Ossetia   ::::   46 buses carrying hundreds of terrorists on board exit from Quneitra countryside   ::::   Lavrov underlines importance of helping Syria in reconstruction   ::::   National flag hoisted in Naseeb town paving way for return of state institutions   ::::   Russian air defenses down UAV in Hmeimim   ::::   Terrorists who refused to join reconciliation in Mahajjeh town in Daraa northern countryside evacuated to northern Syria   ::::   Syria condemns the new Jewish racial law   ::::
Home » Business & Finance
Share |
Mideast Stocks - Egypt falls on clashes, oil weighs on Gulf mkts
Cairo/Dubai - Sectarian violence in Egypt weighed on its index on Sunday while most Gulf Arab markets fell in response to a sharp drop in oil prices.
Saudi Arabia, the world's largest crude exporter, bucked the trend as bargain hunters stepped in and helped the index recoup Saturday's oil-driven losses.
Egypt's benchmark share index .EGX30 fell to its lowest since March 24 after Saturday's clashes between Muslims and Christians in a Cairo suburb lead to renewed concern that social tensions will hit tourism and investment, traders said. [ID:nLDE74702O]
"Yesterday's clashes are definitely the cause of this decline," said Pharos trader Shamel Fahmy. "There is not just the political risk. Events like these might decelerate the pick-up we want in foreign direct investment and tourism."
The index closed 1.2 percent lower, with private equity firm Citadel Capital (CCAP.CA) falling the most. Citadel dropped 5.5 percent and investment bank EFG-Hermes (HRHO.CA) closed down 5.4 percent.
EFG was the most active stock with more than 38.5 million Egyptian pounds ($6.76 million) worth of its shares traded.
Brent crude LCOc1 fell $1.67 to settle at $109.13 on Friday, capping a frenzied trading week that sliced prices by more than $16 on demand worries and a move by investors to slash commodities exposures. [O/R]
Dubai's benchmark slumped to a four-week closing low, down 1 percent as all sectors retreated.
Arabtec (ARTC.DU) and Emaar Properties (EMAR.DU) fell 1.4 and 1.6 percent respectively, between them accounting for a third of all shares traded.
Most UAE bank stocks slid, despite an upbeat outlook.
"There is a good momentum (in the banking sector) because of first-quarter results and we expect it to continue," said Sebastien Henin, portfolio manager at TNI National Investment.
Abu Dhabi .ADI dropped 0.4 percent.
Shares in First Gulf Bank (FGB.AD), Abu Dhabi's second largest bank by market value, have lagged and offer potential upside, Henin added. FGB shares shed 1.4 percent.
Attractive valuations lifted the Saudi index by 0.7 percent, easing away from Saturday's two-week low when investors sold positions on the sharp oil price decline.
Seven of the 10 largest stocks ended higher, with Saudi Basic Industries Corp (2010.SE) the most heavily traded. It rose 0.2 percent.
Analysts forecast continued volatility in coming sessions.
"Some investors are picking up stocks on valuation," said a Riyadh-based trader speaking on condition of anonymity. "Until crude settles, you will see volatility. Whenever there is uncertainty, you have volatility," he said.
Elsewhere, all stocks declined in Oman and the benchmark .MSI fell 0.8 percent, closing at a month low.
Monday 2011-05-09  |  03:31:04   
Back Send to Friend Print Add Comment
Share |

Would you like to comment on the subject ? 
: Your Name
: Country
: Subject
: Comment

: Code
Copyright - All rights reserved
Powered by ©