September 25, 2019 / 1:31 PM / 3 months ago

MIDEAST STOCKS-Egypt recovers some losses; Saudi loses momentum

    * Egypt snaps eight-day losing streak
    * 29 of 30 stocks rise on EGX 30
    * Nine of 11 Saudi banks slide
    * Financials strong in Qatar

    By Ateeq Shariff and Shamsuddin Mohd
    Sept 25 (Reuters) - Egyptian stocks closed on a positive
note on Wednesday, recovering some losses from the previous
sessions, while Saudi retreated amid falling oil prices on the
backdrop of global political uncertainty.
    Egypt's blue-chip index rebounded sharply to close
3.2% higher, snapping an eight-session losing streak, with 29
out of 30 stocks on the index rising.
    The country's largest lender, Commercial International Bank
, jumped 5%, while Eastern Company advanced
4.7%.
    Exchange data showed foreign investors were net buyers of
the stocks.
    The index had lost over 10% in the previous three sessions
following protests that broke out in several Egyptian cities
over the weekend.
    Egyptian authorities rounded up more than 400 people in
response to the protests, against President Abdel Fattah
al-Sisi, and security forces stepped up their presence in
central Cairo, human rights monitors said on Monday.

    Meanwhile, Saudi's index slipped 0.5%, ending four
straight days of gains with Samba Financial Group
declining 2.8% and Banque Saudi Fransi closing 3.5%
lower.
    The index gained momentum in previous sessions as Saudi
stocks were due on Monday to join the FTSE Russell index in
their fourth of eventual five tranches and the S&P Dow Jones
index in the second and final phase.
    But investors offloaded risky bets following an impeachment
inquiry launched against U.S. President Donald Trump, stoking
political uncertainty in the world's largest economy. 
    Democrats in the U.S. House of Representatives on Tuesday
launched a formal impeachment inquiry into accusations that
Trump sought foreign help to smear Democratic rival Joe Biden
ahead of next year's election.
    A drop in Saudi crude loadings in September also weighed on
investor sentiments.
    Saudi Arabia's crude exports fell steeply following the
Sept. 14 attacks and remain lower month-on-month, according to
export figures, a tangible sign that supplies to the market are
being curbed even as production recovers.
    In Qatar, the index closed 1.2% higher, ending a
four-day losing streak. Gulf's largest lender, Qatar National
Bank, added 1.2% and Qatar Islamic Bank < QISB.QA>
increased 1.5%.
    Rating agency Moody's on Tuesday said the outlook for
Qatar's  banking sector remained stable as infrastructure
spending drives economic growth.
    Abu Dhabi's index edged up 0.2%, with market
heavyweight First Abu Dhabi Bank gaining 0.8% and
Emirates Telecommunications Group adding 0.6%.
    Dubai's index traded flat as gains in financial
shares were offset by declines in real estate. Blue-chip
developer Emaar Properties was down 0.6%, while Dubai
Islamic Bank was up 0.8%.
    
 SAUDI ARABIA  The index         fell 0.5% to 8,030 points
 ABU DHABI     The index        gained 0.2% to 5,088 points
 DUBAI         The index          was flat at 2,802 points
 QATAR         The index        advanced 1.2% to 10,441 points
 EGYPT         The index          climbed 3.2% to 13,595 points
 BAHRAIN       The index        traded flat at 1,520 points
 OMAN          The index        edged up 0.1% to 4,022 points
 KUWAIT        The index        was flat at 6,264 points
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Steve
Orlofsky)
  
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