MIDEAST STOCKS-Egypt heads declines as caution returns; most Gulf mkts down | Reuters:
"Egypt's bourse retreated on Monday amid a wider regional decline as worries over an army crackdown against the Muslim Brotherhood worsened an already weak sentiment on geo-political risks from a potential military strike against Syria.
Regional markets recovered some lost ground on Sunday after U.S. President Barack Obama delayed an imminent military strike against Syria, saying he will seek congressional consent. Short-term profit-taking however, dragged prices back down. A strike, if approved, is not expected before mid-September.
"Although short-term pressure has faded for another week or so until there is a resolution from Congress, Egypt is correlated to regional volatility and price swings," said Islam Batrawy, deputy director of sales trading at Egypt's Naeem Brokerage."
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