Egypt’s bourse, shut for a month because of the popular uprising that ousted President Hosni Mubarak, will resume trading tomorrow as unrest in Libya and Oman is causing stocks in the region to tumble.
Dubai’s benchmark DFM General Index plunged 4.5 percent to the lowest intraday level since June 2004 at 1:19 p.m. in Dubai. The Bloomberg GCC200 Index of companies in the Persian Gulf has lost 10 percent since Jan. 27, the last day shares in Egypt traded. Global depository receipts of Orascom Construction Industries also slid.
“The market should have opened much earlier,” said Walaa Hazem, who helps manage $1 billion in Egyptian equities and fixed income as vice president for asset management at HC Securities & Investment in Cairo. “Locking people’s money is something very bad. This will put selling pressure on the market, in addition to the regional turmoil and the economic slowdown.”
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