CAIRO, October 1, 2018 - The local stock market was in the red on Monday, driven by sell-offs by local and Arab institutions and investment funds and purchases by foreign investors. The main index EGX30 declined by 1.16 per cent to stand at 14,446.72 points. The broader indices EGX70 and EGX100 fell by 2.08 per cent and 1.82 per cent to close at 697.56 points and 1,777.76 points, respectively, according to bourse data. Market capitalisation lost LE7.2 billion to stand at LE796.6 billion. Most Gulf markets rose slightly on Monday with oil prices hovering near their highest levels in nearly four years ahead of US sanctions against Iran that will go into effect next month. The Saudi Arabian index was up 0.2 per cent after an hour of trade, boosted by petrochemical and bank stocks. Saudi Basic Industries rose 0.2 per cent while Alinma Bank was up 1.5 per cent. Alinma Investment Co, a unit of Alinma Bank, signed an agreement with Saudi Real Estate Co to establish a real estate fund that will develop three sites in Riyadh with a value of 1.5 billion riyals ($409 million). Saudi Real Estate jumped 3.3 per cent. The Dubai index inched up 0.3 per cent, helped by a 1.0 per cent gain in Emaar Properties and a 1.6 per cent rise by Dubai Investments. Abu Dhabi's index also rose marginally, aided by a 1.4 per cent gain in First Abu Dhabi Bank. The main index was up 0.5 per cent. In Qatar, the index climbed 0.2 per cent, boosted by bank and real estate stocks. Barwa Real Estate rose 1.1 per cent and Masraf Al Raya was up 0.7 per cent after saying it would disclose its third-quarter results on October 15.
