Middle East markets are likely to be volatile this week amid political unrest in Egypt and Kuwait, adding to the negative sentiment already posed by unstable global markets.
Parliamentary elections in Egypt, scheduled to take place tomorrow, are expected to set the tone for the trading week.
"Egypt and Kuwait is not very good for the mood, and at the same time we are far from a solution in the euro zone," says Sebastien Henin, a portfolio manager at Abu Dhabi's The National Investor.
Egypt's EGX 30 Index tumbled to its lowest level in 32 months after days of clashes between protesters and security forces. It was down 6 per cent to 3,780.13 points at close of play on Friday - and is down 47 per cent so far this year.
"Unless overall political conditions improve in the coming days, Egypt's equity markets could be hit when they open on Tuesday, and bond yields could rise," says Said Hirsh, the Middle East economist at Capital Economics in London.
Egypt's state TV reported on Friday the country's ruling military council had appointed Kamal El Ganzouri, the former prime minister, to lead the next government, following the resignation of the previous cabinet last week.
"On the face of it, and of course if these reports are confirmed, this looks like good news for Egypt's economy," says Mr Hirsh.
Mr El Ganzouri was the prime minister from 1996 to 1999 when he played a key role in improving relations with the IMF and World Bank.
"Given the fact that Egypt is in urgent need of external funding from the IMF, or elsewhere, he appears to be an ideal candidate, assuming of course that the military council grants him full authority in terms of decision-making," Mr Hirsh says. "With elections due, we don't think that the appointment of Mr El Ganzouri alone will help Egypt to avoid a full-blown political and economic crisis."
Kuwait's market, not nearly as turbulent as Egypt's, fell 0.7 per cent to 5,782 points, approaching a seven-year low of 5,746 hit in August, as politics dominated economics.
The public prosecutor on Tuesday ordered the arrest of 45 people accused of involvement in the storming of parliament on November 16 after clashes with riot police that followed a large protest demanding the resignation of the prime minister and the dissolution of parliament.
"The political situation in Kuwait is pretty serious at the moment," Nawaf Al Refaie, the deputy chief executive at Ahli Capital Investment told Reuters.
"Investors are now terrified by the recent unrest which affected the market, not just in terms of percentage loss but also in terms of valuations, volumes and overall liquidity."
Kuwait's economic policymaking has been plagued by disputes between parliament and the cabinet, delaying decisions on reforms and major investment projects.
Kuwait, an Opec member, sits on about 10 per cent of global crude oil reserves and currently pumps about 3 million barrels per day.
In Europe, the focus remains on borrowing rates. On Friday, yields on Italy's bonds rose to 7.5 per cent from 6.64 per cent a week ago, heightening the danger for the region's debt crisis contagion.
UAE markets are expected to remain depressed for some time.
"There are no more catalysts - now that third-quarter results are out - to lift markets," says Fadi Al Said, a senior fund manager at ING Investment Management in Dubai.
The Abu Dhabi Securities Exchange General Index fell 1.7 per cent to 2,518.13, while the Dubai Financial Market General Index lost 1.3 per cent to 1,348.59.
Elsewhere in the region: Bahrain's measure lost 1.8 per cent to 1,161.34; Oman's MSM 30 Index moved 1.2 per cent to 5,428.52; Qatar's QE Index lost 1.6 per cent to 8,564.59; The Saudi Tadawul All-Share Index moved 0.47 per cent lower to 6,057.59 yesterday.
halsayegh@thenational.ae
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Final: UAE beat Qatar by nine wickets
Third-place play-off: Kuwait beat Saudi Arabia by five runs
Table
1 UAE 5 5 0 10
2 Qatar 5 4 1 8
3 Saudi 5 3 2 6
4 Kuwait 5 2 3 4
5 Bahrain 5 1 4 2
6 Maldives 5 0 5 0
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COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Company%20Profile
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Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Company%20profile
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Company%20Profile
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Company%20Profile
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
SPECS
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now