World Markets

MIDEAST STOCKS-Egyptian shares fall amid fears of intervention in Libya

Credit: REUTERS/MOHAMED ABD EL GHANY

Shares fell in Egypt on Sunday after fears of Egyptian intervention in Libya's civil war increased, and Gulf stocks were mixed, with Kuwait underperforming following a negative outlook by S&P Global Ratings.

By Maqsood Alam

July 19 (Reuters) - Shares fell in Egypt on Sunday after fears of Egyptian intervention in Libya's civil war increased, and Gulf stocks were mixed, with Kuwait underperforming following a negative outlook by S&P Global Ratings.

President Abdel-Fattah al-Sisi said on Thursday Egypt would not stand idle in the face of any direct threat to Egyptian and Libyan security, after lawmakers allied to commander Khalifa Haftar urged Cairo to intervene militarily in Libya.

Egypt's blue-chip index .EGX30 fell 1.5% -- the fifth successive day it has fallen. The country's largest lender, Commercial International Bank Egypt COMI.CA, declined 2.3%, and tobacco firm Eastern Company EAST.CA lost 1.7%.

The Kuwaiti index .BKP retreated 1.2%, pressured mostly by financial stocks. National Bank Of Kuwait NBKK.KW shed 1.8% and Kuwait Finance House KFH.KW fell 0.9%.

S&P Global Ratings revised Kuwait's outlook on Friday to "negative" from "stable", saying it expected the country's main liquidity buffer, the General Reserve Fund, to be insufficient to cover the central government's deficit.

Saudi Arabia's benchmark index .TASI slipped about 0.1%, weighed down by Saudi Aramco 222.SE falling 0.8%.

After the market closed, Aramco said bonus shares would be transferred into the portfolio accounts of eligible Saudi retail investors on July 25.

It had said in its initial public offering prospectus that Saudi retail bonus investors who held offer shares without interruption until the end of trading on June 7, 2020 would be entitled to one bonus share for every 10 allocated offer shares, up to a maximum of 100 bonus shares.

Dubai's main share index .DFMGI gained 0.4%>. The lender Emirates NBD ENBD.DU rose 2.9% before its first-half earning release.

The Abu Dhai index .ADI eased 0.4%, driven down by a 1.5% drop in First Abu Dhabi Bank FAB.AD and a 0.8% drop in Abu Dhabi Commercial Bank ADCB.AD.

In Qatar, the index .QSI gained 0.1%. Qatar Islamic Bank QISB.QA, which reported on Wednesday a marginal rise in first-half net profit, rose 1.9%, while Doha Bank DOBK.QA increased 3.7%.

SAUDI ARABIA

.TASI edged down 0.1% to 7,423 points

ABU DHABI

.ADI lost 0.4% to 4,256 points

DUBAI

.DFMGI added 0.4% to 2,061 points

QATAR

.QSI edged up 0.1% to 9,317 points

EGYPT

.EGX30 down 1.5% to 10,281 points

BAHRAIN

.BAX slipped 0.9% to 1,291 points

OMAN

.MSI was flat at 3,451 points

KUWAIT

.BKP declined 1.2% to 5,437 points

(Reporting by Maqsood Alam in Bengaluru, Editing by Timothy Heritage)

((Maqsood.Alam@thomsonreuters.com;))

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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