JEDDAH: With the exemption of Kuwait, major stock exchanges dropped Monday as unrest in the region escalated with demonstrations in Libya, Bahrain, Yemen and Morocco. Saudi stock benchmark Tadawul All Share Index fell 0.55 percent to 6,298.85 points. Jordan's ASE General Index dropped 0.2 percent and Bahrain's gauge declined 0.4 percent. Qatar's QE Index lost 0.9 percent, while Kuwait's measure rose 0.5 percent. Egypt's bourse has been closed since the end of trading on Jan. 27. The exchange hasn't decided when to open and found no legal grounds to cancel Jan. 27 trades, Chairman Khaled Seyam said Monday. Dubai's stocks dropped to the lowest level in almost six months, with its DFM General Index losing 1.3 percent to 1,516.43, the lowest since Sept. 2. Abu Dhabi's ADX General Index retreated 0.5 percent and Oman's MSM30 Index fell 0.9 percent. Morocco's MADEX Free Float Index dropped 0.3 percent in Casablanca. “Foreign investors are exiting the region as risk increases,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the UAE's second-largest lender by assets. “They are turning to markets with more political stability as the region faces this transitional period, from both a political and security perspective.” US markets, including Nymex floor trading, were closed Monday for the Presidents' Day holiday. European equities and the euro fell Monday, as violent unrest in Libya was only partially offset by positive European economic news, dealers said. London's FTSE 100 index of top shares sank 0.29 percent to 6,065.54 points, Frankfurt's DAX 30 slid 0.71 percent to 7,374.25 points and the Paris CAC 40 dipped 0.71 percent to 4,127.82. The Stoxx 50 index of leading eurozone companies was off 0.95 percent to 3,038.75 points approaching the mid-way stage. Asian shares fell as markets kept nervous watch over political unrest in the Middle East. Japan's Nikkei 225 stock average was flat at 10,849.77 as the index pared robust gains made last week. Hong Kong's Hang Seng index lost 0.3 percent to 23,520.75, South Korea's Kospi fell 0.2 percent to 2,010.44, and Australia's S and P/ASX 200 shed 0.8 percent to 4,900.90. Benchmarks in Taiwan, Singapore and New Zealand also retreated. In currencies, the dollar slipped to 83.08 yen from 83.16 yen late Friday. The euro stood at $1.3691 from $1.3690.
