• Egyptian Stock Exchange drops 2.3 percent to its lowest level in two months


    Aldar Shares lift Abu Dhabi index
    Egyptian Stock Exchange drops 2.3 percent to its lowest level in two months

    The performance of Middle East markets contrast yesterday, while it raised ADSM, Dubai market fell and the Egyptian stock market registered its lowest level in two months, with Doha and Kuwait markets rose and Manama. In Abu Dhabi, Dar shares jumped 5.1 percent to the highest close since May 2010. The company said real estate run by the Government that it might raise its real estate management ' service ' to go public in the coming years. And shares of Rak, was favorite target for individual investors by 14.5 percent while the Abu Dhabi Stock Exchange 0.9 percent to the highest level in five weeks. Dubai financial market dropped 0.6 percent in the first decline in six sessions. The market was affected by the performance of Emaar Properties, Dubai financial market, which dropped 1.7 percent and 2 percent respectively.

    In Egypt the Egyptian stock exchange indicator down 2.3 per cent to the lowest close since February 11. And 14.7 percent since the index's record high close in five years on 26 March. The sharp decline came after accepting Abdel Fattah al-Sisi run for the Presidency, and investors who mostly supported Al Sisi bet the rise of the market such as the Declaration of the resolution and then baptized afterwards to sell for a profit. But the market remains high 10.9 percent since the beginning of the year.
    He said Mohammed Radwan of Pharos securities in Cairo ' investors are betting on going down in the short term. Stocks that received the heaviest strikes are preferred shares to individual investors but leading shares also suffered. Radwan said ' domestic institutions sell fear of further declines in the market. The decision was the spark that prompted Sisi people to think that the market is too high '. Sentiment in the market was affected negatively by the gradual decline of the pound to its lowest level in months against the US dollar in the past few days, the new talk that Egypt may eventually reduce their currency to spur growth. In the Kuwait market index rose 0.1 percent to close at 7,583 points, in the Doha market index continued to rise by 1 percent to close at 12098 points and Bahrain index rose 0.5 percent to close at 1,374 points.

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