Egypt recovers early session losses as foreigners buy

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Egypt's bourse recovers from a three-week intraday low to end near-flat as international investors absorb selling pressure from their local and regional counterparts after violence in Port Said.

Egyptians rampaged in protest at the sentencing of 21 people to death over a soccer stadium disaster, violence that compounds a political crisis facing Islamist President Mohamed Mursi.

Non-Arab foreigners are net buyers against selling pressure from Egyptians and other Arab investors, according to bourse data.

Cairo's index ends 0.02 percent lower at 5,688 points, trimming 2013 gains to 4.1 percent.

Most stocks end lower, with 19 down and nine up.

Orascom Telecom rises 1.2 percent, while Talaat Moustafa drops 1.9 percent.

Elsewhere, Saudi Arabia's measure ends little changed, easing 0.02 percent to finish at 7,024 points.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Danger zone: how would China slowdown impact the Gulf?

Danger zone: how would China slowdown impact the Gulf?

Last week’s stock market crash in China sent shockwaves through...

Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Most Discussed