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 US 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.
Cairo’s market is down 3.8 per cent year-to-date, significantly underperforming its Gulf peers that are enjoying a bull-rally.
Dubai bourse slipped 0.5 per cent in volatile trading and snapping two sessions of gains. It closed at 2,585.68 points.
Shares in Drake and Scull International slipped 0.9 per cent in a downbeat market.
Abu Dhabi market closed near-flat at 3,803.64 points.
In Saudi Arabia, the index climbed 0.7 per cent, up for a fourth straight session since it fell to a one-month low. Banking shares led gains with the sector’s index rising 1.2 per cent. Heavyweight petrochemical sector added 0.7 per cent. Qatar’s bourse declined 0.5 per cent to 9,618 points while the Kuwait index slipped 0.4 per cent to 7,596 points. The Oman index eased 0.07 per cent to 6,731 points and the Bahrain index edged up 0.05 per cent to 1,189 points.