Tough day for MENA stock markets
Egypt’s bourse fell on Tuesday due to a weak outlook for economic policy, and all other Gulf markets also declined as investors booked profits ahead of the year-end.
Cairo’s benchmark lost one per cent, its second decline since last Thursday’s four-week closing high.
Palm Hills Development and Citadel Capital fell 3.3 and 3.5 per cent respectively. Losers outnumbered gainers 25 to two on the 30-stock index; three stocks end flat.
The index has immediate, minor support at 5,298 points, the intra-day low from which it rebounded sharply on Monday, but the next major chart support is on the 200-day average, which now comes in at 5,126 points.
In Saudi Arabia index slipped 0.2 per cent, trading within a range of 50 points since December 17, as investors awaited fresh cues to take positions.
Dubai’s measure slipped 0.9 per cent and Abu Dhabi’s index retreated 0.4 per cent.
Doha’s measure also declined in the regional trend, losing 0.1 per cent.
Kuwait’s bourse recorded its largest one-day drop since December 4, as retail investors dominated trade.
The index fell 0.6 per cent.
- Saudi SMEs v overseas enterprises. Who is the winner?
- Why does inflation continue to rise in the UAE?
- With Sisi likely to take over, how will Egypt's 'military economy' look like?
- Will future talks between the IMF and Egypt help the country's economy?
- Is Iran's economy already thriving amidst limited sanctions relief? Apparently so!