MidEast Stocks Mixed, Egyptian Market Boosted by Real Estate Stocks
MidEast shares were mixed, with Egyptian stocks getting a boost from real estate stocks.
Reuters reported foreign investors moving back into real estate shares amid solid earnings this past season.
Dubai's main index hit a two-week high, but trade seemed to be concentrated in stocks favored by day traders, Reuters says.
Saudi Arabia inched up to a new six-and-a-half year high but continued to be mostly range-bound. Saudi regulators are expected to announced draft rules covering the market opening, which will take place in the first half of next year, in coming days.
Saudi newspaper Asharq al-Awsat, quoting unnamed sources, reported that foreigners would face restrictions including a 20% ceiling on combined foreign ownership of any listed stock, and a 10% limit on ownership of the entire market, according to Reuters. If the latter is true, investors may be disappointed.
Egypt's main index firmed 0.9% to 9,396 points, Dubai added 0.6% to 4,852 points, Abu Dhabi gained 0.04% to 5,053 points, Saudi Arabia edged up 0.1% to 10,660 points. Kuwait gained 0.6% to 7,311 points, Qatar firmed 0.3% to 13,682 points, Oman dipped 0.2% to 7,321 points and Bahrain gained 0.3% to 1,476 points.
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