Arab Today, arab today egypt market falls as president defies army
Last Updated : GMT 03:45:28
Arab Today, arab today
Arab Today, arab today

Egypt market falls as president defies army

Arab Today, arab today

Arab Today, arab today Egypt market falls as president defies army

Cairo - Arabstoday

Egypt’s benchmark index made its largest drop in three weeks yesterday after the new president ordered parliament to reconvene, challenging military authority, while Saudi Arabia shares also slid following protests in its oil-producing east. Cairo’s bourse fell 4.2%, its largest decline since June 19, with parliament set to meet today. This would overturn a court judgment and military order last month that dissolved the legislature. “People fear further escalation from the military,” said Ashraf Akhnoukh at CIBC brokerage. “Two days ago the market was a screaming buy - everyone was buying, even internationals who were the main sellers since the start of the year.” Saudi Arabia’s index dropped 1.4%. “Saudi’s market is very resilient to regional instability when commodity prices are holding up, but they have fallen a lot in the past two months,” said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments in Dubai. “The drop in commodity prices directly affects government income and spending plans, plus there is political instability, whether it’s Syria or Iran.” US crude has dropped 20% since May 1 on worries a slowing global economy will impact demand. Shares in Saudi Basic Industries Corp (Sabic), the kingdom’s largest listed firm, fell 1.1%. The petrochemical producer’s second-quarter profit is forecast to decline 18.8%, according to a Reuters poll of analysts. “Petrochemical earnings will be interesting because a lot of end-product prices weakened and were very volatile in Q2,” said Ibrahim Masood, senior investment officer at Mashreq. Zain Saudi fell 4.5% to a new record low as shareholders cut positions to avoid being diluted in the indebted telecom operator’s $1.6bn rights issue, which starts today. The firm, which is 25% owned by Kuwait’s Zain, has yet to make a quarterly profit and last week cut its capital to alleviate multibillion dollar accumulated losses, with the rights issue being used largely to ease some of its debts. “The launch of the rights issue is just a preliminary step-Zain Saudi faces a very big challenge to get current shareholders to participate,” said Amine Bentaleb, director of asset management at Arqaam Capital in Dubai. “Zain has guaranteed the rights issue should other shareholders decide not to subscribe and so its stake in Zain Saudi will probably increase. “If Zain holds more than 50% of Zain Saudi’s shares it will have to consolidate the Saudi company at a group level, which would add a hefty loss to its balance sheet.” Zain’s shares ended unchanged, down 21% in 2012. Kuwait’s index fell 0.5%, taking its losses since May 7’s 12-month high to 10%. Kuwait’s Emir has asked outgoing Prime Minister Sheikh Jaber al-Mubarak al-Sabah to form a new government. “Kuwait is essentially at a standstill due to political deadlock,” said a Gulf-based fund manager who spoke on condition of anonymity. “From a macro standpoint, Kuwait should be doing well because oil prices remain high, but state spending has slowed and the government accounts for a huge part of the local economy.” Elsewhere, Dubai’s measure slipped 0.4% to 1,492 points; Abu Dhabi’s benchmark rose 0.1% to 2,479 points; Oman’s index slipped 0.5% to 5,534 points, while Bahrain’s measure eased 0.4% to 1,117 points. from gulf times.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt market falls as president defies army Arab Today, arab today egypt market falls as president defies army

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 03:20 2017 Saturday ,25 March

Markets hanging on US health care bill fallout

GMT 15:44 2017 Wednesday ,22 March

Bahrain Bourse daily trading report

GMT 13:35 2017 Wednesday ,22 March

Oman shares fall taking cues from regional bourses

GMT 09:35 2017 Wednesday ,22 March

Bahrain Bourse daily performance

GMT 09:33 2017 Wednesday ,22 March

Alba approves US$80M cash dividend at AGM
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday