CAIRO, Sept 10, 2018 - The local stock market were mixed on Monday, driven by sell-offs by local institutions and investment funds and purchases by Arab and foreign investors. The main index EGX30 fell by 0.71 per cent to stand at 15,628.43 points. Meanwhile, the broader indices EGX70 and EGX100 rose by 0.76 per cent and 0.3 per cent to 757.42 points and 1,944.47 points, respectively, according to bourse data. Market capitalisation lost about LE5.7 billion to stand at LE867.5 billion. Meanwhile, Gulf stock markets mostly rose on Monday, outperforming emerging markets globally, though Saudi Arabia closed lower because of a wave of selling in the final hour. MSCI's emerging market index was down 0.9 per cent. Gulf markets have been weakened by the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region's currency pegs, they can ride out instability relatively comfortably. Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, called last week's losses in Gulf markets a technical correction. The fundamental case for most stocks in Al Mal's portfolio had not changed. The Saudi index spent much of the day higher, but closed down 0.3 per cent. Exchange data released late on Sunday showed foreign investors sold a net $67.7 million of Saudi stocks last week; it was the third straight week of selling, but outflows remain moderate compared to heavy inflows early this year. Much of the index's decline was due to a late drop by top petrochemical producer Saudi Basic Industries, which ended 1.0 per cent lower. Saudi Arabian Fertilisers gained 6.2 per cent to 78.60 riyals. It has been rising strongly since late August, when EFG Hermes upgraded the stock to a "buy" and lifted its price target to 77.0 riyals from 60.5. Retailer Fawaz Alhokair dropped 3.5 per cent after the company said Atul Singh had been dismissed with immediate effect, to be replaced by board member Faissal al-Jedaie. Its statement did not give a reason for the change. Leejam Sports, which conducted this year's first initial public offer of shares on the main market, fell 1.9 per cent from its IPO price to 51.0 riyals. IPO stocks in Saudi Arabia traditionally jump their 10 per cent daily limits on their debuts, but Saudi individual investors — often responsible for chasing new issues higher — were heavy net sellers of stocks last week. Trading volume in Leejam, which offered 15.715 million shares to institutional investors, was moderate at 1.92 million. In Dubai, the index rose 0.2 per cent as second-tier real estate developer Deyaar jumped 5.9 per cent to 0.447 dirham in its heaviest trade since March. It rose above the 100-day average of 0.443 dirham for the first time since March, and is up 15 per cent in the past three trading days. Abu Dhabi's stock index rose 1.4 per cent as First Abu Dhabi Bank surged 3.2 per cent. It fell last week as some investors sold to invest in Abu Dhabi Commercial Bank and Union National Bank following news that the two were in merger talks. The two banks continued rising on Monday, with ADCB up 2.2 per cent and UNB climbing 4.8 per cent.