Most Middle East stock exchanges grew, yet Egypt dropped due to stricter quarantine measures

Shares on the Egyptian exchange lost 1,5%. The main reason for the decline was implementing stricter anti-pandemic measures. However, major stock exchanges located around the Persian Gulf grew, mainly thanks to banking sector.

Middle East landmark

There have been 720 new coronavirus cases confirmed in Egypt on Wednesday, and the total number grew to 13,500. The government decided to extend quarantine measures, and so no international flights can reach the Egyptian land.  The restrictions may last till the end of May or even longer. In reaction, investors sold so called blue-chip stock, and its summary index lost 1,5%. Eastern Company selling tobacco products dropped most significantly – in 2,5%.

However, stock exchanges around the Persian Gulf mainly strengthened. Abu Dhabi Securities Exchange grew the most with 1,4%. The growth was mostly supported by banking sector, and was lead by local First Abu Dhabi Bank, which rose in 2,4%. Some other stock exchanges appeared in positive territory – Dubai (+0,1%), Qatar (+0,6%), Bahrain (+0,3%) or Saudi Arabia (+0,1%). As in other countries, the increase was caused by financial institutions.


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