Egypt stocks decline in fears of interference in Libya war; Gulf ends mostly lower

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Egypt stocks decline in fears of interference in Libya war; Gulf ends mostly lower

On Sunday, a basket of Gulf bourses had winded down the day in an ambivalent tenure, while the Egypt’s main index fell for the straight fifth session in a row and the Kuwaiti bourse had wrapped up the day sharply lower following a negative outlook from the NY-based global rating agency Standard & Poor.

In point of fact, later last week the Egyptian President Abdel Fatteh el-Sisi was quoted saying that Cairo could not stand idle over the narratives of any kind of direct threats to Egypt or Libya, after the Egyptian lawmakers had allied to the Libyan military commander Khalifa Haftar and had urged the Egyptian Government to intervene into the Libyan civil war, eventually leading to a fall of 1.5 per cent in Egypt’s blue-chip index.

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Aside from that, the Kuwaiti bourse ended the day down by 1.2 per cent after the New York-based credit rating agency S&P Global had slashed the smaller resource-rich nation’s credit outlook to “negative” from “stable” citing that the country’s liquidity reserve would fall short to cover up its budget deficit for current fiscal year.

Elsewhere in the Gulf, Saudi’s main index rounded off the day 0.1 per cent lower, mostly dented by a 0.8 per cent drag in the Saudi’s state-backed oil giant Aramco shares following a nosedive of crude oil futures’ prices later last week, while an OPEC+ decision to lower output cut by 2 million barrels per day from the present production cut of 9.7 million barrels per day starting from August, had also weighed on Gulf stocks.

Nonetheless, against the wind of Sunday’s market, Dubai’s main index rose 0.4 per cent, while the Qatari bourse had added 0.1 per cent following a 1.9 per cent surge of Qatar Islamic Bank.

Abu Dhabi’s main index in tandem was faltered by 0.4 per cent mostly due to a 1.5 per cent dive of the UAE’s largest lender First Abu Dhabi Bank.