Egypt index drops while UAE stocks dip

Markets Wrap: Egypt's benchmark was the worst performer in the region yesterday, amid renewed investor worries about the North African country's economy.

The EGX 30 index fell by 1 per cent to 5,318.85 points. Mohamed Messara / EPA

Egypt's benchmark was the worst performer in the region yesterday, amid renewed investor worries about the North African country's economy.

The EGX 30 index fell by as much as 1.2 per cent during trading. It ended the session 1.00 per cent lower to 5,318.85 points.

"There is a lot of volatility due to the political issue in Egypt," said Nabil Farhat, a partner at Al Fajer Securities, a brokerage in Abu Dhabi.

UAE bourses dipped lower yesterday as investors sold stocks ahead of the holidays.

"There are a lot of investors already on leave. No one expects a lot of interest in the markets in the next couple of days," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments, an asset-manager in Dubai.

Emaar Properties declined 1.3 per cent to Dh3.70. Tamweel, the Sharia-compliant mortgage firm, dropped 2.5 per cent to Dh1.13.

Gulf Navigation, the only publicly listed tanker owner in the country, fell 1.8 per cent to 27 fils.

The Dubai Financial Market General Index declined 0.8 per cent to 1,594.12 points.

On Dubai's Nasdaq, the ports operator DP World halted losses, advancing 0.6 per cent to US$11.50 on the same day a report in The National said its London Gateway project was progressing and should be completed late next year.

Insurers led declines in the capital on low volumes. Al Dhafra Insurance's shares fell 7.6 per cent to Dh6 each. Green Crescent Insurance fell 2.2 per cent to 44 fils.

The Abu Dhabi Securities Exchange General Index slipped 0.3 per cent to 2,628.67 points.