World Markets

MIDEAST STOCKS-Egypt extends losses amid uncertainty over protests

Credit: REUTERS/SATISH KUMAR

Egyptian stocks closed lower on Monday, stretching last session's sharp fall following protests which broke out in several Egyptian cities over the weekend.

By Ateeq Shariff and Shamsuddin Mohd

Sept 23 (Reuters) - Egyptian stocks closed lower on Monday, stretching last session's sharp fall following protests which broke out in several Egyptian cities over the weekend.

On Friday, hundreds of people rallied in central Cairo and several other Egyptian cities against President Abdel Fattah al-Sisi, responding to an online call for a demonstration against government corruption.

Egyptian authorities have detained at least 373 people as they try to quash the rare outbreak of protest, rights monitors said on Monday.

The blue-chip stock index .EGX30 fell 1.5% with Commercial International Bank COMI.CA declining 3.5% and Talaat Mostafa Holding TMGH.CA plunging 7.6%.

The fall added to the index's previous session loss of 5.3%, its biggest single-day fall since mid-2016 with all its stocks slipping into the red. Non-Arab foreigners were net sellers, according to the stock exchange.

The broader stock index EGX 100 .EGX100 also traded 1.7% lower, hitting its deepest trough since April 2017.

The EGX 100 index slumped 5.7% on Sunday, the most in one day since November 2012, causing trading to be suspended due to a 5% swing for the first time since 2016.

In Dubai, the index .DFMGI snapped a four-day losing streak to rise 0.7%, led by property and banking stocks. Blue-chip developer Emaar Properties EMAR.DU gained 1.1% and Dubai Islamic Bank DISB.DU added 1%.

Property developer Deyaar Development DEYR.DU advanced 1.2% after an update on a court judgement in a land purchase dispute that came in favour of the company.

Abu Dhabi's index .ADI was down 0.9%, with market heavyweight First Abu Dhabi Bank FAB.AD slipping 1.4% and Emirates Telecommunications Group ETISLAT.AD dropping 1.1%.

Extending losses for a fourth straight day, Qatar's index .QSI ended 0.8% lower with the Gulf’s largest insurer Qatar Insurance Company QINS.QA declining 4.5%, while Mesaieed Petrochemical MPHC.QA was down 3.3%.

Saudi Arabia's stock market was closed for National Day.

ABU DHABI

The index .ADI lost 0.9% to 5,075 points

DUBAI

The index .DFMGI was up 0.7% at 2,835 points

QATAR

The index .QSI slid 0.8% to 10,363 points

EGYPT

The index .EGX30 down 1.5% to 13,753 points

BAHRAIN

The index .BAX added 0.5% to 1,519 points

OMAN

The index .MSI gained 1% to 4,007 points

KUWAIT

The index .BKP rose 1.1% to 6,254 points

(Reporting by Ateeq Shariff and Shamsuddin Mohd in Bengaluru Editing by Mark Heinrich)

((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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