Presidential plummet

ENAR

In an inverted image from the previous week, Gulf markets roared and Egypt flopped in the 22nd week of the year. However, the factors underlying the market movements remained unchanged: Influences of MSCI classification drove three markets in the Gulf while political developments ruled in Egypt. On the weekly balance, four MENA exchanges were flat, six were up and two dropped. Egypt’s election The Egyptian Exchange traded up at the start of the week and reached a new post-Arab Spring high intraday on Monday before retreating. After the market closed on Tuesday, the EGX 30 weakened further on Wednesday while the predicted presidential win of former army leader Abdel Fattah al-Sisi was sealed on an unplanned third day of voting. Indications such as provision of free public transport on that day and threats of fines for non-voters suggested that the voting period was extended in order to increase participation and strengthen the appearance of