Egypt crisis keeps markets on toes
The political crisis in Egypt forced the Arabian markets to be on the edge all through the morning. And looking at the kind of losses the Saudi Arabian markets had seen on Monday, it is expected that they are going to rattle tomorrow as well.
During the early part of the session, the Abu Dhabi Securities Market General Index went up by 0.2 per cent to be at 2591.72 and the Dubai Financial Market closed at 1542.20, a rally of 0.51 per cent. On the same volatile lines was oil that went up to $100.5 per barrel.
This is the highest that it has reached ever since October 2008 and the same trend is going to continue since Suez Canal, which is the world's largest conduit of container vessels is under riot seized.
In the biggest losers, DP World topped the list with a loss of 6.4 per cent to fall by 59 cents. But only after an hour trading, it bounced back. Because of the situation, Sokhna port in Egypt closed down because of precautionary measure. It is the fourth-largest port in the world.
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