September 23, 2019 / 1:22 PM / 21 days ago

MIDEAST STOCKS-Egypt extends losses amid uncertainty over protests

    * EGX 100 hits its lowest in over 2 years
    * All but one property stocks gain in Dubai
    * Most financial shares slide in Qatar

    By Ateeq Shariff and Shamsuddin Mohd
    Sept 23 (Reuters) - Egyptian stocks closed lower on Monday,
stretching last session's sharp fall following protests which
broke out in several Egyptian cities over the weekend.
    On Friday, hundreds of people rallied in central Cairo and
several other Egyptian cities against President Abdel Fattah
al-Sisi, responding to an online call for a demonstration
against government corruption.
    Egyptian authorities have detained at least 373 people as
they try to quash the rare outbreak of protest, rights monitors
said on Monday.
    The blue-chip stock index fell 1.5% with Commercial
International Bank declining 3.5% and Talaat Mostafa
Holding plunging 7.6%.
    The fall added to the index's previous session loss of 5.3%,
its biggest single-day fall since mid-2016 with all its stocks
slipping into the red. Non-Arab foreigners were net sellers,
according to the stock exchange.
    The broader stock index EGX 100 also traded 1.7%
lower, hitting its deepest trough since April 2017.
    The EGX 100 index slumped 5.7% on Sunday, the most in one
day since November 2012, causing trading to be suspended due to
a 5% swing for the first time since 2016.
    In Dubai, the index snapped a four-day losing
streak to rise 0.7%, led by property and banking stocks.
Blue-chip developer Emaar Properties gained 1.1% and
Dubai Islamic Bank added 1%.
    Property developer Deyaar Development advanced
1.2% after an update on a court judgement in a land purchase
dispute that came in favour of the company.
    Abu Dhabi's index was down 0.9%, with market
heavyweight First Abu Dhabi Bank slipping 1.4% and 
Emirates Telecommunications Group dropping 1.1%.
    Extending losses for a fourth straight day, Qatar's index
 ended 0.8% lower with the Gulf’s largest insurer Qatar
Insurance Company declining 4.5%, while Mesaieed
Petrochemical was down 3.3%.
        
    Saudi Arabia's stock market was closed for National Day.
    
 ABU DHABI     The index        lost 0.9% to 5,075 points
 DUBAI         The index          was up 0.7% at 2,835 points
 QATAR         The index        slid 0.8% to 10,363 points
 EGYPT         The index          down 1.5% to 13,753 points
 BAHRAIN       The index        added 0.5% to 1,519 points
 OMAN          The index        gained 1% to 4,007 points
 KUWAIT        The index        rose 1.1% to 6,254 points
 
 (Reporting by Ateeq Shariff and Shamsuddin Mohd in Bengaluru
Editing by Mark Heinrich)
  
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