Egyptian Stocks Reverse Gains on Vote Delay Bets; Dubai Retreats - Bloomberg Business

Egyptian Stocks Reverse Gains on Vote Delay Bets; Dubai Retreats - Bloomberg Business:



"Egyptian stocks fell, reversing an earlier advance, as some investors speculated parliamentary elections may be delayed after the nation’s high court ruled a law governing the vote is unconstitutional. Dubai stocks dropped.



The benchmark EGX 30 Index declined 0.5 percent to 9,283.34 as of 11:41 a.m. in Cairo, set for the lowest close in almost two months. It had gained as much as 0.3 percent before the court’s decision. About 101 million Egyptian pounds ($13 million) of shares traded, compared with a one-year full-daily average of 733 million pounds. Dubai’s DFM General Index slipped 0.6 percent.



Egypt, which has been without a law-making body since the military’s ouster of Islamist president Mohamed Mursi in July 2013, was due to hold a parliamentary election this month. Former military chief Abdel-Fattah El-Sisi has been ruling by decree since his election last year. The high court said today the law governing the split of regions for the vote isn’t constitutional."



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