CAIRO, May 7, 2018 - Local stocks were mostly in the red on Monday for the second consecutive day on profit-taking by foreign institutions and investment funds as well as foreign investors. Market capitalisation lost about LE3.2 billion to close at LE981.3 billion. The main index EGX30 declined by 0.5 per cent to stand at 17,523.15 points. The broader indices EGX70 and EGX100 also fell by 0.87 percent and 0.89 percent to stand at 870.84 points and 2,260.85 points, respectively, according to bourse data. Meanwhile, markets in the Gulf were sluggish on Monday as a surge in oil prices to more than three-year highs failed to lift stocks. Oil prices rose to their highest levels since late-2014 on Monday, lifted by Venezuela's deepening economic crisis and an upcoming decision on whether the United States will re-impose sanctions on Iran. The rise helped boost some Saudi Arabian petrochemical stocks. Yanbu National Petrochemicals rose 1.3 per cent. But the Saudi benchmark index closed flat after reversing earlier losses. Saudi Arabia's largest food products company, Savola Group was one of the biggest gainers after it said late on Sunday it had purchased a 51 per cent stake in Al Kabeer Group of Companies for 565.5 million riyals ($150.8 million). The impact of the deal on Savola's results would be positive once the deal is completed during the second half of the year, it said. National Commercial Bank, the kingdom's largest bank, closed 1.2 percent up. The bank last week reported a 10.5 percent rise in first-quarter net profit, above analysts' forecasts as bad debt charges fell and fees rose. In Dubai, the index was down 0.1 per cent, hurt by a 3.2 per cent dip in index bellwether Emaar Properties. Dubai Investments fell 1.6 per cent despite the company reporting a rise in first-quarter profit to 362 million dirhams ($98.6 million), up from 289 million dirhams in the year earlier period. The Abu Dhabi index was down 0.4 per cent. One of the weights on the index was Aldar Properties, down 1.4 per cent. Earlier on Monday, the developer said it had reached a deal with Abu Dhabi's Tourism Development & Investment Company (TDIC) to acquire real estate assets worth 3.7 billion dirhams. The move is the latest sign of consolidation of state-controlled entities in the emirate. The Qatari index closed 0.9 per cent up. Industries Qatar, the Middle East's second-biggest petrochemicals company and holding the largest weighting on the Qatar index, closed 2.0 percent higher.
