MidEast Shares Mixed, Egypt Gains on New President and Offer for Part of EFG Hermes
Middle East stocks were mixed, with Egypt gaining on the inauguration of a new president and an offer to buy a large stake in investment bank EFG Hermes.
Abdel Fattah al-Sisi was sworn in as president on Sunday, a public holiday.
A group of investors represented by Beltone Financial offered last week to buy 20% of EFG Hermes at 16.00 pounds per share.
In other news, the United Arab Emirates central bank warned on Sunday that low residential rental yields in Dubai and Abu Dhabi might indicate growing imbalances and overheating in the real estate sector, Reuters reports. It is not clear authorities will take any fresh action at the federal or local level to cool the sector, but the warning was another source of concern for investors, the story said.
Dubai's main index slid 4.1% to 4,771 points, Abu Dhabi fell 1% to 4,948 points, Qatar lost 1.4% to 12,970 points, Egypt gained 1.1% to 8,594 points, Saudi Arabia firmed 0.4% to 9,892 points, Kuwait edged up 0.3% to 7,253 points, Bahrain shed 0.2% to 1,451 points and Oman dipped 0.2% to 6,933 points.
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