MIDEAST STOCKS-Egypt drops as Sisi presidential run sparks profit-taking | Reuters:
"* Egypt's bourse succumbs to profit-taking after brief rally
* EFG Hermes' 2013 loss amplifies market's decline
* Market seen needing new catalyst to resume rally
* Qatar's blue chips lift index
* Banks again weigh on Bahrain
By Olzhas Auyezov
DUBAI, March 27 (Reuters) - Egypt's market made its largest decline in seven months on Thursday after former army chief Abdel Fattah al-Sisi said he would run for president, spurring investors to book profits from a sustained market surge.
Cairo's main index was up as much as 1.4 percent shortly after opening, but ended 2.7 percent lower, its largest drop since last August.
That slump trimmed 2014 gains to 21.7 percent as many investors, who had long expected Sisi's announcement, closed positions.
"It was more or less expected that the market should bounce reacting to the Sisi news," said Mohamed Radwan, director of international sales at Pharos Securities. "When the news was confirmed profit taking took place.""
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