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Last Trade - 04/04/18

Sector
Financials
Size
Micro Cap
Market Cap £14.6m
Enterprise Value £213.6m
Revenue £235.4m
Position in Universe th / 1824

MIDEAST STOCKS-Egypt tumbles, follows global market rout; Saudi slips

Tue 9th February, 2016 9:10am
DUBAI, Feb 9 (Reuters) - Egypt's stock market fell more than 
2 percent in early trade on Tuesday, following global shares 
lower, while Riyadh's index slipped as local traders cashed out 
of speculative shares. 
    Egypt's main index  .EGX30  tumbled 2.1 percent. Palm Hills 
Development  PHDC.CA  was down 3.0 percent and was the most 
heavily traded stock, after the real estate developer posted 
strong quarterly earnings early this week.  
    Commercial International Bank  COMI.CA , an Egyptian share 
favoured by international fund managers, retreated 3.7 percent.  
     Egypt's central bank has been striving to maintain 
stability in the currency over the past several months, but 
foreign investors are still jittery about the possibility of a 
devaluation and the negative impact it would have on their 
investment returns and companies' earnings. 
    Sources told Reuters that General Motors had temporarily 
suspended its operations in Cairo because of the hard currency 
shortage - a sign of how serious the country's economic slump 
remains.  ID:nL8N15N429  
    In Riyadh, the index  .TASI  was down 0.2 percent as 
investors cashed out of small and mid-cap stocks, which had 
helped lift the index by 0.2 percent on Monday. 
    "It's a stock picker's market at this point," said a 
Jeddah-based stock broker. "Traders are buying speculative 
stocks to book a quick profit and either cash out or rotate into 
the blue chips."  
    Al Sagr Cooperative Insurance  8180.SE  dropped 3.7 percent, 
after jumping 8.1 percent in the previous session. However, 
leading petrochemical firm Saudi Basic Industries  2010.SE  was 
up 0.8 percent.  
 
 (Reporting by Celine Aswad; Editing by Andrew Torchia) 
 ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters 
Messaging: andrew.torchia.thomsonreuters.com@reuters.net)) 
 
Keywords: MIDEAST STOCKS/SAUDI EGYPT

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