Mideast exchange round-up: Stocks continue to decline
Egypt takes the largest hit but stock indexes in the gulf are also suffering as uncertainty persists over the global economy
Ahram Online, Tuesday 9 Aug 2011
Stock indexes across the Middle East are continuing their slump as uncertainty persists in global financial markets
The Egyptian benchmark EGX30 has closed after a serious fall of 4.75 per cent. It partially rebounded from a deeper 5 per cent drop at the opening of the trading session which led to a 30-minute halt in operations.
The Kingdom's exchange lost the most of all Gulf markets in the opening minutes, shedding 4.27 per cent. But the Arab world's largest bourse later reversed most of its losses, closing trade down just 0.81 per cent.
Main sector losses were felt by petrochemical industries, down 1.05 per cent, and banks and financial services, which lost 0.46 per cent.
Dubai Financial Market Index finished 1.95 per cent in the red. Construction giant EMAAR shed 2.8 per cent and Emirates NBD was down 2.3 per cent.
The general index of the Abu Dhabi Securities Exchange dipped 1.34 per cent by closing, pulled down by the Abu Dhabi National Company for Building Materials which plumetted 10 per cent. RAPCO, a road construction company, also suffered heavy losses and finished down 9.88 per cent.