Egypt slips for fourth session, Gulf mixed

Egypt’s bourse declined for a fourth straight session Monday, partly because of the risk of further street violence, while Gulf markets were mixed with some investors booking recent gains ahead of approaching holidays. Cairo’s measure fell 0.6 percent as supporters of ousted President Mohammad Morsi prepared to march on a military facility in the city in defiance of an army warning to stay away. Dozens of supporters were shot dead over the weekend.

However, selling pressure was minor as many investors see the violence as an acceptable part of the transition back to civilian rule.

The main drag on the market was again Orascom Construction Industries, which fell 1.9 percent. Egypt’s largest stock by market value may soon delist after its Dutch-listed affiliate OCI NV bought more than 97 percent of OCI in a tender offer.

Foreign investors were net sellers of Egyptian stocks Monday, bourse data showed.

In Saudi Arabia, the index gained 0.4 percent, halting a four-session losing streak since it hit a 15-month peak.

Trading is expected to be sluggish in a lull after quarterly earnings announcements, and ahead of Eid holidays in early August which will mark the end of Ramadan, the Muslim month of fasting.