Egypt Leads Drop in Mideast Stocks on Global Growth Concerns, Oil Decline - Bloomberg

Middle East shares fell, with Egypt’s gauge dropping to the lowest since November, on concern weak manufacturing data from the U.S. to China will slow the global recovery. Oil lost 8.5 percent last week, pushing Gulf stocks lower.

Egypt’s EGX 30 Index lost for an eighth day, decreasing 2.3 percent to 5,895.55, helped by Pioneers Holding after the brokerage and Beltone Financial abandoned a plan to combine. The Kuwait SE Price Index slid 1.7 percent to 6,320.6, the lowest since November 2004. Agility fell 5.2 percent on investor concern over a U.S. criminal case against the Middle East’s largest storage and logistics company.

“Investors are moving away from risk appetite in line with what’s happening with global markets” and as oil declines, said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “We expect more downside pressure.”