Orascom lifts Egypt; Gulf down on euro debt woes
Egypt's Orascom Telecom (OT) surged on Monday on a report of a positive valuation of a unit, helping the bourse break a six-day losing streak, while Gulf markets ended lower on concerns over the European debt.
OT ended 10 percent higher after an Egyptian newspaper said a law firm valued its Algerian unit Djezzy at $7 billion.
"We are still waiting on confirmation of the news. But if it is real then this is an extremely positive valuation," said Margo Moussa an analyst at Arab Finance Brokerage.
Egyptian Company for Mobile Services also climbed 10 percent, and the index gained 1.9 percent.
In Dubai, the index ended 0.6 percent lower, halting a four-session uptrend as losers outnumbered gainers by 14 to three. Abu Dhabi's benchmark fell for a ninth straight session, down 0.3 percent.
Dana Gas fell 1.8 percent. Sorouh Real Estate and Aldar Properties each fell 1.7 percent. Newly listed Eshraq Properties tumbled 8 percent.
"The uncertainty is still there in international markets -- the volatility is affecting our markets," said Marwan Shurrab, vice-president at Gulfmena Investments.
"There is a less clear view on Greek debt issues, which is affecting commodity prices, Asian markets and futures markets."