Middle East Stocks Little Moved As Most Markets Closed for Extended Holiday, Egypt Jumps on Corporate News
Middle East shares gained on positive corporate news, but other markets were little changed or closed for the extended Eid al-Fitr holiday.
Palm Hills Development said a subsidiary had obtained a 750 million Egyptian pound ($96 million) loan from local banks to refinance debt and accelerate development of its major Hacienda Bay project by two years, with completion now scheduled for 2017.
Arab Cotton Ginning rose after Egypt's governmennt said late Wednesday it had reversed a decision to halt cotton imports.
In other corporate news around the region, Aamal reported a 39%increase in net profit for the first half of this year. It said its industrial manufacturing division, which contributes almost 60% of Aamal's gross sales, saw a 39% jump in sales and more than doubled its profit thanks to higher margins.
Gulf Warehousing Co reported a 30% profit increase in the first half.
Egypt's main index jumped 1.8% to 8,023 points, Qatar eased 0.1% to 12,010 points, Kuwait firmed 0.1% to 6,276 points and Bahrain fell 0.2% to 1,335 points.
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