|23 September, 2019

Mideast Stocks: Egypt extends losses amid uncertainty over protests

All but one property stocks gain in Dubai

A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany

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

Property developer Deyaar Development 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 was down 0.9%, with market heavyweight First Abu Dhabi Bank slipping 1.4% and Emirates Telecommunications Group dropping 1.1%.

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

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

(Reporting by Ateeq Shariff and Shamsuddin Mohd in Bengaluru Editing by Mark Heinrich) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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