Quantcast

Banks lead Saudi higher, while Egyptian shares see sell-off


Reuters


By Shakeel Ahmad

April 16 (Reuters) - Saudi Arabia's stock market rose on Tuesday as most of its banks gained, while a wide sell-off pulled down Egypt's blue-chip share index.

Saudi Arabia's index was up 0.6 percent with Saudi Arabian Mining adding 3.8 percent and Alinma Bank gaining 3 percent.

Egypt's blue-chip index was down 0.6 percent, losing for a fourth straight day, with 25 of its 30 stocks sliding. Investment firm Egypt Kuwait Holding (EKHO) fell for a 10th straight session, closing 2.5 percent lower. The stock has been falling since CI Capital slashed its rating on the stock to "neutral" with a price target of $1.75.

In Dubai, the index slipped 0.5 percent, weighed down by real estate shares. Emaar Properties dropped 2 percent while DAMAC Properties shed 1.5 percent.

Expo 2020 Dubai, a global trade exhibition, is expected to add 122.6 billion dirhams ($33 billion) to the United Arab Emirates' economy between 2013 and 2031, according to an economic study conducted by consultancy EY.

The event could help Dubai's sluggish economy, which grew 1.9 percent in 2018, the weakest pace since a 2009 property crash that triggered a debt crisis.

Qatar's index was up 0.4 percent with blue-chip petrochemical maker Industries Qatar gaining 0.9 percent.

Qatar Electricity And Water climbed 1.1 percent. On Monday, it said it aims to generate 40 percent of its profit from foreign investment arm Nebras Power.

The Abu Dhabi index was down 0.2 percent, easing back from a near five-year high touched in the last session.

Market heavyweight First Abu Dhabi Bank slipped 0.9 percent after rising to a record high in the previous session, following regulatory approval to increase its foreign ownership limit to 40 percent from a previous limit of 25 percent.

United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange.

Finablr is planning to raise $200 million from the sale of new shares, with some existing shares also being offered for sale.

SAUDI ARABIA

The index rose 0.6 pct to 9,140 points

ABU DHABI

The index was down 0.2 pct at 5,214 points

DUBAI

The index fell 0.5 pct to 2,792 points

QATAR

The index was up 0.4 pct at 10,259 points

EGYPT

The index fell 0.6 pct to 14,973 points

BAHRAIN

The index was up 0.1 pct at 1,443 points

OMAN

The index fell 0.7 pct to 3,985 points

KUWAIT

The index rose 0.8 pct to 6,182 points






This article appears in: Politics , World Markets , US Markets , Stocks




More from Reuters

Subscribe






See Reuters News













Research Brokers before you trade

Want to trade FX?