CAIRO/DUBAI: Egyptian shares slide as investors fret that newly elected president Mohamed Mursi�s delay in appointing a new government and the country�s other problems may hinder progress toward fixing the economy.
�Investors don�t see any clarity. There is a delay in appointing a prime minister and there are challenges to the constitutional committee in the courts,� says Hisham Halaldeen of Naeem Brokerage.
The benchmark index closes 2 percent lower at 4,719 points.
More than three weeks after having been declared winner of Egypt�s presidential election, Islamist Mohamed Mursi has yet to name his prime minister or a government.
On Tuesday a Cairo administrative court will review lawsuits against the constitutional assembly that could potentially result in its dissolution. It will also review a lawsuit against the lower house of parliament.
Real estate companies decline, with Palm Hills dropping 4.5 percent, Talaat Moustafa 3.3 percent and Amer Group 4.4 percent.
Among financial companies, private equity group Citadel Capital drops 5.7 percent, EFG Hermes 3.1 percent and Commercial International Bank 2.6 percent.
Emaar Properties ends at a 10-week high as investors buy ahead of its second-quarter earnings, helping lift Dubai�s bourse.
Shares in Emaar rise 1.6 percent to their highest close since May 2.
Three analysts polled by Reuters expect the developer to post an average profit of 516.3 million dirhams ($140.57 million), which would be a 106 percent increase on the year-earlier period.
Dubai�s index climbs 0.8 percent to 1,503 points. The benchmark has traded within a 75-point range over the past two months and is unlikely to break out of this pattern during a summer lull, with many investors on vacation.
Abu Dhabi�s benchmark eases 0.2 percent to 2,461 points, closing lower for a third session in five.
National Bank of Abu Dhabi and Abu Dhabi Islamic Bank lose 0.4 and 0.3 percent respectively.
Elsewhere, Doha�s index ends little changed at 8,283 points as 2.5 million shares change hands, which is half the daily traded average for the year.
�Most of the decision makers are away from the market, waiting for results,� says Yassir Y Mckee, wealth manager at Al Rayan Financial Brokerage. �They will probably return after Ramadan and nothing will increase the volumes unless there are extraordinary (second-quarter) numbers.�
Heavyweight Bank Muscat helps lift Oman�s bourse from a seven-and-a-half-month low as buyers return for the last trading day of its rights issue.
Shares in the lender rise 3.2 percent. It offered new shares to existing holders at a 25-percent discount to raise about $251 million to fund its credit growth and venture into Islamic finance.
Oman�s index ends 0.4 percent higher at 5,468 points, snapping a five-session losing streak.
In Kuwait, the benchmark slips 0.5 percent to close at 5,834 points. The market is trading within a tight range, suffering from political upheaval.
Investors are waiting for a new cabinet after the emir earlier this month asked outgoing Prime Minister Sheikh Jaber al-Mubarak al-Sabah to form a new government.
Saudi Basic Industries Corp (SABIC) slumps to a 16-month low, with the Gulf�s largest listed company forecast to report a near-20 percent drop in second-quarter profit.
SABIC�s shares fall 2.3 percent, sliding to their lowest level since March 2011. The petrochemicals producer will likely report a 19-percent drop in quarterly profit, according to the average estimate of analysts polled by Reuters.
Saudi Arabia�s index gives back Saturday�s gains, dropping 0.8 percent to 6,646 points and underlining the fragile confidence of retail day traders, who dominate the market and typically prefer to chase short-term profits. The benchmark had fallen in four of the previous five sessions.
Saudi Arabian Fertilizers Company slips 0.7 percent, declining for a second day since it reported below-forecast second-quarter earnings.�Reuters
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�Investors don�t see any clarity. There is a delay in appointing a prime minister and there are challenges to the constitutional committee in the courts,� says Hisham Halaldeen of Naeem Brokerage.
The benchmark index closes 2 percent lower at 4,719 points.
More than three weeks after having been declared winner of Egypt�s presidential election, Islamist Mohamed Mursi has yet to name his prime minister or a government.
On Tuesday a Cairo administrative court will review lawsuits against the constitutional assembly that could potentially result in its dissolution. It will also review a lawsuit against the lower house of parliament.
Real estate companies decline, with Palm Hills dropping 4.5 percent, Talaat Moustafa 3.3 percent and Amer Group 4.4 percent.
Among financial companies, private equity group Citadel Capital drops 5.7 percent, EFG Hermes 3.1 percent and Commercial International Bank 2.6 percent.
Emaar Properties ends at a 10-week high as investors buy ahead of its second-quarter earnings, helping lift Dubai�s bourse.
Shares in Emaar rise 1.6 percent to their highest close since May 2.
Three analysts polled by Reuters expect the developer to post an average profit of 516.3 million dirhams ($140.57 million), which would be a 106 percent increase on the year-earlier period.
Dubai�s index climbs 0.8 percent to 1,503 points. The benchmark has traded within a 75-point range over the past two months and is unlikely to break out of this pattern during a summer lull, with many investors on vacation.
Abu Dhabi�s benchmark eases 0.2 percent to 2,461 points, closing lower for a third session in five.
National Bank of Abu Dhabi and Abu Dhabi Islamic Bank lose 0.4 and 0.3 percent respectively.
Elsewhere, Doha�s index ends little changed at 8,283 points as 2.5 million shares change hands, which is half the daily traded average for the year.
�Most of the decision makers are away from the market, waiting for results,� says Yassir Y Mckee, wealth manager at Al Rayan Financial Brokerage. �They will probably return after Ramadan and nothing will increase the volumes unless there are extraordinary (second-quarter) numbers.�
Heavyweight Bank Muscat helps lift Oman�s bourse from a seven-and-a-half-month low as buyers return for the last trading day of its rights issue.
Shares in the lender rise 3.2 percent. It offered new shares to existing holders at a 25-percent discount to raise about $251 million to fund its credit growth and venture into Islamic finance.
Oman�s index ends 0.4 percent higher at 5,468 points, snapping a five-session losing streak.
In Kuwait, the benchmark slips 0.5 percent to close at 5,834 points. The market is trading within a tight range, suffering from political upheaval.
Investors are waiting for a new cabinet after the emir earlier this month asked outgoing Prime Minister Sheikh Jaber al-Mubarak al-Sabah to form a new government.
Saudi Basic Industries Corp (SABIC) slumps to a 16-month low, with the Gulf�s largest listed company forecast to report a near-20 percent drop in second-quarter profit.
SABIC�s shares fall 2.3 percent, sliding to their lowest level since March 2011. The petrochemicals producer will likely report a 19-percent drop in quarterly profit, according to the average estimate of analysts polled by Reuters.
Saudi Arabia�s index gives back Saturday�s gains, dropping 0.8 percent to 6,646 points and underlining the fragile confidence of retail day traders, who dominate the market and typically prefer to chase short-term profits. The benchmark had fallen in four of the previous five sessions.
Saudi Arabian Fertilizers Company slips 0.7 percent, declining for a second day since it reported below-forecast second-quarter earnings.�Reuters
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