MIDEAST STOCKS-Emerging-market jitters hit Egypt, Saudi's Alawwal up on merger | Reuters

MIDEAST STOCKS-Emerging-market jitters hit Egypt, Saudi's Alawwal up on merger | Reuters:

Egypt’s blue-chip stock index sank 1.5 percent on Thursday, weakened by global jitters over emerging markets, while a merger between Saudi’s Alawwal Bank and Saudi British Bank provided one of the few bright spots in the Gulf.

The Egyptian index fell to 14,105 points, close to this year’s intra-day low of 14,055 points, as all but seven of the 30 stocks in the index dropped. The index lost 3.6 percent this week.

A Reuters poll of Middle East fund managers, published at the start of this week, found them on balance turning negative towards Egypt for the next three months, given the risk emerging-market turmoil will drive capital out of the country.