Markets

MidEast Shares Mostly Gain; Egypt Continues to Benefit from Currency Devaluation, Hits 8-Year High

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Middle East stocks mostly advanced, with Egypt hitting an eight-year high amid continued optimism last week's currency devaluation would draw more funds into the country.

Exchange data again showed foreign investors were net buyers of stocks, by a ratio of over four to one, according to Reuters.

Meanwhile, Saudi stocks gained on a government plan to settle its debts. The Riyadh government aims to settle its unpaid debts to the private sector before the end of December, the state news agency reported late on Monday, according to Reuters.

In company news, Aldar Properties said Q3 net attributable profit of 747.8 million dirhams ($203.6 million), up 17.9% and above estimates from SICO Bahrain for 480 million dirhams and EFG Hermes' 682 million dirhams forecast.

Vodafone Qatar reported a quarterly loss of 63.9 million riyals ($17.6 million), compared to a loss of 113.6 million riyals a year ago and Arqaam Capital's forecast of a 94-million riyal loss.

Saudi Arabia's main index jumped 2.1% to 6,328 points, Dubai firmed 0.8% to 3,307 points, Abu Dhabi gained 1.4% to 4,348 points, Egypt rallied 2.5% to 10,097 points, Qatar edged up 0.2% to 9,985 points, Kuwait rose 0.5% to 5,470 points, Oman dipped 0.4% to 5,439 points and Bahrain slumped 0.5% to 1,144 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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