The Egypt Stock Exchange increased losses on Tuesday, September 24, 2019, because foreign investors sold shares for fear of further protests after several Egyptian cities witnessing weekend protests.
Authorities arrested over 400 people in response to protests against President Abdel Fattah al-Sisi, and security forces increased their presence in central Cairo, human rights observers said on Monday.
Egypt's main index fell 4.2 percent, the lowest level since January 2019, and 26 of the 30 shares on the list dropped. The index has lost 10.7 percent of its value since the beginning of the week, reducing YTD profits to just one percent.
The wider EGX 100 index fell by 3 percent, the lowest level since March 2017.
Commercial International Bank, the largest listed bank in Egypt, fell 6.3 percent.
Net Egyptian foreign equity sales of Egyptian pounds amounted to 776.8 million Egyptian pounds (USD 47.77 million), according to stock market data. Commercial International Bank is one of the main resources of foreign institutions.
"Today's sale was conducted by foreigners who sold more shares than they bought. They accounted for 27 percent of total turnover, "said Allen Sandeep, head of research at Naeem Holding.
"The sale was due to speculation that the protests would intensify."
On the Saudi stock market, the main index rose 1.5 percent, supported by 1.3 percent increase in Al Rajhi Bank and 2.8 percent in Riyadh Bank.
Saudi shares on Monday joined the FTSE Russell index on the fourth of five slot machines and S&P Dow Jones in the second and final phase.
Petrochemical stocks also increased after improving supplies of raw materials from Saudi Arabia Aramco. Saudi Basic Industries Corp (SABIC) increased by 1.2 percent, while Rabigh Refining and Petrochemical Co (Petro Rabigh) increased by 4.1 percent.
The Dubai index closed 1.1 percent lower under pressure from Emirates NBD, the emirate's largest lender, 2.3 percent, while the leading Emaar Properties fell 1.2 percent.
According to Fitch, the weakness of the real estate market in the United Arab Emirates may put pressure on the quality of assets in the banking sector.
The Qatar index fell 0.4 percent, from Qatar National Bank, the largest lender in the Persian Gulf, by 0.9 percent, while Qatar Insurance fell 3.2 percent.
The Abu Dhabi index closed flat. The first bank in Abu Dhabi, which has market confidence, gained 0.1 percent
The following are the closing levels of equity markets in the Middle East:
* Saudi Arabia: Index rose 1.5 percent to 8070 points.
* Abu Dhabi: The index has stabilized at 5,076 points.
* Dubai: Index fell 1.1 percent to 2803 points.
* Qatar: Index fell 0.4 percent to 10,319 points.
* Egypt: Index fell 4.2 percent to 13,170 points.
* Bahrain: Index rose 0.1 percent to 1520 points.
* Oman * Index rose 0.3 percent to 4018 points.
* KUWAIT: Index rose 0.2 percent to 6,263 points.