Regional stock markets looking healthy
Middle East stock markets had a relatively healthy day on Wednesday, despite loses in the UAE.
Click here to add Abu Dhabi as an alert
Disable alert for Abu Dhabi,
Click here to add Al Rajhi Bank as an alert
Disable alert for Al Rajhi Bank,
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add Egyptian Tax Authority as an alert
Disable alert for Egyptian Tax Authority,
Click here to add Mashreq as an alert
Disable alert for Mashreq,
Click here to add Nassef Sawiris as an alert
Disable alert for Nassef Sawiris,
Click here to add Orascom Construction Industries as an alert
Disable alert for Orascom Construction Indus ...,
Click here to add Saudi Basic Industries Corp as an alert
Disable alert for Saudi Basic Industries Corp
Egypt’s bourse lifted from an 11-week low yesterday as bargain hunters returned after two sessions of heavy selling, while UAE markets fell in an otherwise regional uptrend.
Cairo’s bluechips recovered with Orascom Construction Industries rising 0.3%. OCI received a notification from the Egyptian Tax Authority to discuss an alleged tax claim next Sunday, sources said.
Egypt’s public prosecutor earlier this week barred OCI’s chief executive Nassef Sawiris from leaving the country, as part of an investigation into tax evasion.
Cairo’s index gained 0.4%, helped by buying from regional investors that were net buyers for the day.
Elsewhere, global gains helped lift sentiment in Saudi Arabia. The index advanced 0.7%, edging up from a two-month low. Large-caps led the climb. Al Rajhi Bank gained 0.8% and Saudi Basic Industries Corp (Sabic), the world’s largest chemicals company, added 0.3%, helping the sector’s index climb 0.9%. UAE markets however, bucked the regional trend.
Dubai’s bourse slumped to a four-week closing low after Mashreq’s share price tumbled in a single trade. Shares in Mashreq, Dubai’s second largest listed lender by market value, lost 10% on a single trade of 1,168 shares.
The bank trades sporadically and has a free float of just 8%, exaggerating share price moves. Dubai’s index slipped 0.1% and Abu Dhabi’s benchmark declined 0.6%, down for a fifth session since last week’s 39-month high.
Elsewhere, Kuwait’s index rose 0.3% to 6,557 points; Oman’s measure ticked up 0.04% to 6,000 points, while Bahrain’s gauge climbed 0.5% at 1,098 points.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?