الرئيسية
By Reuters
CAIRO/DUBAI, Nov 29 (Reuters) - Egyptian shares led most Gulf
bourses up on Tuesday, jumping 5.5 percent after smooth voting in a
parliamentary election, but foreign investors said they were waiting on
the sidelines for an end to political turmoil and a budget crisis.
Egypt
is scrambling for foreign help to fill a widening budget deficit and
foreign reserves are sliding as the government tries to support the
country's currency.
A showdown between police and protesters
demanding an end to army rule killed 42 people last week and the interim
government, which had been lobbying to secure a $3 billion
International Monetary Fund financing package, quit.
The violence
was a setback for the army generals who have pledged to steer Egypt to
democratic civilian rule after a popular uprising ousted President Hosni
Mubarak.
"At the moment we are being very careful. We just want
to stand back," said Raj Morjaria, a partner at London-based private
equity fund Aureos Capital. He said Aureos was unlikely to invest in
Egypt before 2013.
The main share index has tumbled 47 percent in
2011 as the ruling generals grapple with climbing food prices, labour
strikes, dwindling police morale and fears of growing disorder.
Foreign
investors dumped Egyptian securities during the uprising and their
stake in the country has continued to decline as they opt not to roll
over maturing treasury bills.
Commercial International Bank was
one of the most active stocks of the day and surged 9.9 percent, while
Orascom Construction jumped 4.1 percent.
In Kuwait, the index
rose 0.3 percent after the government resigned on Monday, bowing to
escalating demands by protesters and opposition deputies that they step
down over corruption allegations.
Kuwait has been locked in a
long-running political battle between the government dominated by the
ruling Al Sabah family and parliament, but the appointment of a new
government is seen as a positive development.
In Abu Dhabi, banks
helped lift the index 0.5 percent. National Bank of Abu Dhabi rose 2
percent and Abu Dhabi Commercial Bank gained 1.1 percent.
Dubai's measure added 0.2 percent, lifted by bellwether Emaar Properties which rose 2.7 percent.
Qatar's
bourse and the Muscat exchange also rose, but heavyweight Saudi Basic
Industries weighed on the kingdom's measure which slipped 0.1 percent,
while Bahrain's index also retreated.
After regional markets
closed, the euro climbed and European shares reversed earlier losses to
gain for a third straight day, relieved by Italy's success in selling
7.5 billion euros in bonds even if its cost of borrowing continues to
soar.
Improving sentiment in global markets could have a positive sentiment on trading in the region as the end of year approaches.
"We
saw a slight pick up in volumes (on Monday) which is a good sign that
interest could come back and we might see a year- end rally so long as
global equity markets do the same," said Haissam Arabi at Gulfmena
Alternative Investments.
TUESDAY'S HIGHLIGHTS
EGYPT
* The benchmark jumped 5.5 percent to 3,987 points.
KUWAIT
* The measure advanced 0.3 percent to 5,800 points.
SAUDI ARABIA
* The index slipped 0.1 percent to 6,112 points.
DUBAI
* The index climbed 0.2 percent to 1,370 points.
ABU DHABI
* The index rose 0.5 percent to 2,436 points.
QATAR
* The benchmark climbed 0.2 percent to 8,602 points.
BAHRAIN
* The index slipped 0.3 percent to 1,155 points.
(Additional reporting by Carolyn Cohn in London and Azza El Arabi in Dubai; Editing by Firouz Sedarat)
CAIRO/DUBAI, Nov 29 (Reuters) - Egyptian shares led most Gulf
bourses up on Tuesday, jumping 5.5 percent after smooth voting in a
parliamentary election, but foreign investors said they were waiting on
the sidelines for an end to political turmoil and a budget crisis.
Egypt
is scrambling for foreign help to fill a widening budget deficit and
foreign reserves are sliding as the government tries to support the
country's currency.
A showdown between police and protesters
demanding an end to army rule killed 42 people last week and the interim
government, which had been lobbying to secure a $3 billion
International Monetary Fund financing package, quit.
The violence
was a setback for the army generals who have pledged to steer Egypt to
democratic civilian rule after a popular uprising ousted President Hosni
Mubarak.
"At the moment we are being very careful. We just want
to stand back," said Raj Morjaria, a partner at London-based private
equity fund Aureos Capital. He said Aureos was unlikely to invest in
Egypt before 2013.
The main share index has tumbled 47 percent in
2011 as the ruling generals grapple with climbing food prices, labour
strikes, dwindling police morale and fears of growing disorder.
Foreign
investors dumped Egyptian securities during the uprising and their
stake in the country has continued to decline as they opt not to roll
over maturing treasury bills.
Commercial International Bank was
one of the most active stocks of the day and surged 9.9 percent, while
Orascom Construction jumped 4.1 percent.
In Kuwait, the index
rose 0.3 percent after the government resigned on Monday, bowing to
escalating demands by protesters and opposition deputies that they step
down over corruption allegations.
Kuwait has been locked in a
long-running political battle between the government dominated by the
ruling Al Sabah family and parliament, but the appointment of a new
government is seen as a positive development.
In Abu Dhabi, banks
helped lift the index 0.5 percent. National Bank of Abu Dhabi rose 2
percent and Abu Dhabi Commercial Bank gained 1.1 percent.
Dubai's measure added 0.2 percent, lifted by bellwether Emaar Properties which rose 2.7 percent.
Qatar's
bourse and the Muscat exchange also rose, but heavyweight Saudi Basic
Industries weighed on the kingdom's measure which slipped 0.1 percent,
while Bahrain's index also retreated.
After regional markets
closed, the euro climbed and European shares reversed earlier losses to
gain for a third straight day, relieved by Italy's success in selling
7.5 billion euros in bonds even if its cost of borrowing continues to
soar.
Improving sentiment in global markets could have a positive sentiment on trading in the region as the end of year approaches.
"We
saw a slight pick up in volumes (on Monday) which is a good sign that
interest could come back and we might see a year- end rally so long as
global equity markets do the same," said Haissam Arabi at Gulfmena
Alternative Investments.
TUESDAY'S HIGHLIGHTS
EGYPT
* The benchmark jumped 5.5 percent to 3,987 points.
KUWAIT
* The measure advanced 0.3 percent to 5,800 points.
SAUDI ARABIA
* The index slipped 0.1 percent to 6,112 points.
DUBAI
* The index climbed 0.2 percent to 1,370 points.
ABU DHABI
* The index rose 0.5 percent to 2,436 points.
QATAR
* The benchmark climbed 0.2 percent to 8,602 points.
BAHRAIN
* The index slipped 0.3 percent to 1,155 points.
(Additional reporting by Carolyn Cohn in London and Azza El Arabi in Dubai; Editing by Firouz Sedarat)