CAIRO, August 13, 2018 - Local stocks were in the red on Monday on profit taking by investors. The main index EGX30 declined by 1.38 per cent to stand at 15,521.52 points. The broader indices fell by 0.67 per cent and 0.77 per cent to stand at 745.73 points and 1,924.81 points, respectively, according to bourse data. Market capitalisation stood at LE467.477 billion. Meanwhile, banks with exposure to Turkey contributed to dragging Gulf markets lower on Monday as investors remain concerned about their links to Turkey's currency crisis. Dubai's largest bank Emirates NBD, which in May agreed to buy Turkey's Denizbank in a $3.2 billion deal, tumbled 3.3 per cent. The bank said on Sunday it was "closely monitoring" the situation in Turkey but declined to comment on whether it was renegotiating the terms of the deal. Brokerage firm Arqaam Capital said in a research note that the Turkish lira's plunge provided Emirates NBD with "an opportunity to reduce the acquisition price by as much as 27 per cent." The lira pulled back from an overnight record low on Monday amid a diplomatic and economic spat between the United States and Turkey. Turkey's central bank pledged to provide liquidity and cut lira and foreign currency reserve requirements for Turkish banks. National Commercial Bank (NCB), Saudi Arabia's largest bank by assets, fell by 2.8 per cent. NCB's exposure to Turkey is estimated by Arqaam Capital as 8 per cent of its assets and 12 per cent of its loans. The main Saudi index fell by 1.3 per cent.