Thursday 3 April 2014

MIDEAST STOCKS-Egypt sinks after Cairo blasts; Dubai property shares up again | Reuters

MIDEAST STOCKS-Egypt sinks after Cairo blasts; Dubai property shares up again | Reuters:



"* Deadly bombing worries Egyptian retail investors



* But presidential election in May could spark rally



* Deyaar, other property stocks lift Dubai



* Ex-dividend stocks drag down Abu Dhabi



* Commercial Bank of Kuwait jumps on Islamic plan



By Olzhas Auyezov

DUBAI, April 3 (Reuters) - Egypt's bourse, which witnessed heavy profit-taking this week, came under pressure again on Thursday after explosions in Cairo killed two people including a senior police officer, while the local currency and economic data weakened.



The Cairo benchmark tumbled 2.9 percent to a six-week low of 7,701 points, with most constituent shares in the red and some dropping steeply, such as Telecom Egypt which fell 8.6 percent.



"What happened yesterday was big," said Chamel Fahmy of Cairo-based HC Securities and Investment, referring to the deadly blasts outside Cairo University which triggered a fresh wave of selling by retail investors.



Egypt's stock market surged earlier this year on expectations that former army chief Abdel Fattah al-Sisi, seen by many investors as a stabilising figure, would run for president. His official candidacy announcement last week caused many investors to lock in gains."



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