Egypt's bourse extended declines on Tuesday as investors cut risk ahead of a presidential election that is unlikely to clear up an uncertain economic outlook, while Saudi shares recovered from a 13-week low on bargain-hunting. Egypt's main index fell 1.1 percent, declining for a second day after hitting a seven-week high on Sunday.
The vote, billed as the last step in a transition from military to civilian rule, will give Egypt its first head of state since Hosni Mubarak was ousted in an uprising last year. But the country still lacks a new constitution that will define his powers and those of the influential military and the country's assertive, Islamist-dominated parliament.
That could prolong many months of policy inertia that have hampered attempts to revive the economy and attract foreign aid. Among the most heavily traded stocks, Commercial International Bank slipped 0.7 percent and Orascom Construction shed 1.5 percent. Developer Palm Hills fell 4 percent despite shrinking its first-quarter net loss.
In Saudi Arabia, the index gained 0.5 percent to 7,104 points, trimming May losses to 6 percent. Gulf bourses were hit in recent sessions as uncertainty over Greece's possible exit from the euro weighed on sentiment. Banks helped gains, with Alinma Bank rising 2.3 percent, Samba Financial Group up 0.8 percent and Bank Albilad climbing 1.5 percent.
In Dubai, the gained snapped a five-session losing streak and lifted from Monday's 14-week low. Bellwether Emaar Properties gained 1.7 percent, outperforming the index, which advanced 0.3 percent Abu Dhabi's bourse ended flat at Monday's three-month low. Elsewhere, Oman's index slumped 1.2 percent to its lowest close since February 6.
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