June 26, 2019 / 1:14 PM / 21 days ago

MIDEAST STOCKS-Egypt snaps losing streak while most of Gulf slips

    * Saudi's Advanced Petrochemical gains on govt project win
    * Fitaihi Holding climbs on plans to acquire medical units 
    * Egypt snaps six-day losing streak
    * Shuaa Capital rises on merger with ADFG

    By Shakeel Ahmad
    June 26 (Reuters) - Egypt's stock market ended six straight
days of losses on Wednesday, while Gulf bourses mostly dropped
as regional political concerns persisted.   
    Egypt's blue-chip index traded 1.3% higher. El
Sewedy Electric and real estate investment firm Talaat
Mostafa Group Holding jumped 4.8% and 4.5%,
respectively. 
    The market has been on the back foot in recent sessions
after Egypt's first democratically elected president Mohamed
Mursi died while on trial in a Cairo court. His death has
triggered calls for an inquiry by Amnesty International and the
U.N. Human Rights office.
    Saudi's index was up 0.4% after snapping a four-day
losing streak in the last session, with Saudi British Bank
 climbing 3.5%.
    Advanced Petrochemical rose 3.5% after its
Advanced Global Investment unit won a government project to set
up petrochemical plants for an estimated cost of $1.8 billion.

    Fitaihi Holding Group added 2% after its associate
company International Medical Center signed a deal to acquire
three medical entities in Saudi Arabia. 
    But other Gulf markets fell on mounting political concerns
after Iran downed an American unmanned drone and the U.S.
imposed fresh sanctions on Tehran.
    Kuwait's premier index opened higher after its stocks
were upgraded by MSCI, but weak regional sentiment pushed it
down 0.6%.
    MSCI Inc said on Tuesday it would upgrade Kuwaiti
equities to its main emerging markets index in 2020.

    The MSCI move could attract inflows of around $5 billion
into Kuwaiti stocks, said Othman al-Essa, vice chairman of
Kuwait's Capital Market Authority's Board.
    The market has outperformed the Gulf peers in anticipation
of the MSCI move, having already gained over 20% this year.
    The Abu Dhabi index fell 0.7% weighed down by its
banking shares. First Abu Dhabi Bank slipped 0.4% and
Abu Dhabi Commercial Bank dropped 1.7%.
    Dubai's index traded flat as gains in real estate
shares were offset by losses in financial stocks. Dubai Islamic
Bank shed 0.4% and DAMAC Properties added
2.8%. 
    Shuaa Capital also rose 3.3% after it agreed
merger terms with Abu Dhabi Financial Group (ADFG). The deal
will create a combined entity with $12.8 billion in assets under
management.
    Banks also weighed down Qatar's index, which closed
0.3% lower. Qatar Commercial Bank decreased 2.4% and
Qatar Islamic Bank retreated 1.5%.
   
 SAUDI       The index         rose 0.4% to 8,687 points
 ARABIA      
 ABU DHABI   The index        was down 0.7% to 4,956 points
 DUBAI       The index          was flat at 2,623 points
 QATAR       The index        lost 0.3% to 10,416 points
 EGYPT       The index          rose 1.3% to 14,007 points
 BAHRAIN     The index        was down 0.1% to 1,461 points
 OMAN        The index        lost 0.3% to 3,878 points
 KUWAIT      The index        was down 0.6% to 6,344 points
 

 (Reporting by Shakeel Ahmad in Bengaluru
Editing by Alexandra Hudson)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below