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Egypt falls on fiscal yr-end selling, Gulf mixed
Published in Daily News Egypt on 28 - 06 - 2011

CAIRO/DUBAI: Egypt's bourse fell on Monday as investors locked in gains at the end of a financial year, encouraged by a bearish economic outlook, and Oman's index fell to a four-week low.
"Ninety percent of this drop is profit taking by retail clients and local institutions as we come to the end of the financial year," said a trader at Pharos Securities.
The index fell 1.2 percent to its lowest close since June 2. It is still 9 percent above a low of 4,934 hit in early May.
Egypt's financial year runs from July to June.
Commercial International Bank dropped 3.1 percent and Orascom Construction closed 1.2 percent lower.
Among the five most active stocks were Oriental Weavers and Sidi Kerir Petroleum due to transfers of holdings in the two companies between local state-controlled banks, traders said.
Sidi Kerir ended down 0.3 percent and Oriental Weavers dropped 3.5 percent.
Traders also cited research notes focusing on Egypt's slowing economy and expectations that the pound currency — which dipped against the dollar last week — may continue to weaken.
In Oman, Bank Dhofar tumbled to an 11-month low after it was ordered to pay 26.1 million rials ($67.8 million) as part of a lawsuit filed by Oman International Bank (OIB).
Bank Dhofar shares dropped 4.9 percent. OIB shares rose 0.8 percent. The lawsuit was linked to a dispute between OIB and Ali Redha Group in which OIB alleged the group possessed 1.93 million Bank Dhofar shares which were pledged to OIB.
Muscat's benchmark slipped 0.9 percent to end at its lowest close since May 29.
"Oman is down on the back of selling in index heavyweights," said Kanaga Sundar, Gulf Baader Capital Markets head of research.
"Investors have started pricing in for the expectations over Q2 earnings."
Bank Muscat eased 0.7 percent.
Abu Dhabi's benchmark slipped 0.5 percent to its lowest close since June 12, with property stocks down.
Aldar Properties dropped 1.6 percent and Sorouh Real Estate slipped 2.4 percent. Dana Gas shed 3.3 percent.
"These are (some of) the stocks that failed to make it to the MSCI — these are the bluechips everyone was relying on," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
"We're not expecting remarkable Q2 results from them and there is no recovery in the real estate sector, so you see people selling."
In Qatar, the index climbed 0.5 percent to 8,250 points, trimming its June losses to 1.5 percent.
Gainers outnumbered loser 14 to five. Qatar National Bank rose 2 percent in thin trade, with low volumes tending to exaggerate stock moves.


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