MIDEAST STOCKS-Egypt extends profit-taking bout; Qatar, Bahrain rise | Reuters:
"* Ex-dividend Raysut Cement drags down Oman
* Omantel also falls as govt starts discounted public offer
* Batelco gains on relaxed price regulations
* Qatar climbs on blue chips, still offers some dividends
By Olzhas Auyezov
DUBAI, March 31 (Reuters) - Egypt's bourse posted its biggest percentage loss in seven months on Monday as local investors continued to book profits on positions built in anticipation of former army chief Abdel Fattah al-Sisi's run for president.
The main Cairo index tumbled 3.6 percent to 7,805 points, dropping for a third session in a row, as all but two of its 30 consituent stocks closed in the red and trading volume surged again after declining on Sunday.
The market has dropped 8.0 percent over three days. It is still up 15.1 percent year-to-date, having surged on hopes that Sisi, seen by many investors as the best guarantor of stability, would run in this May's elections.
When Sisi finally did announce his candidacy last week, investors started booking profits; the move was amplified by an earnings report by EFG Hermes, which swung to a net loss in 2013 because of one-off charges."
'via Blog this'
No comments:
Post a Comment