|20 November, 2019

Mideast Stocks: Gulf markets edge up while Egypt extends losses

IHC sees biggest gain in a month

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Bank stocks helped support markets in the United Arab Emirates on Wednesday, while Egypt's blue-chip index extended losses for a third straight session.

Dubai's index edged up 0.1% supported by Emirates NBD and Emaar Malls, which were up 0.4% and 1.6% respectively.

Air Arabia closed up 1.4%, stretching its winning streak to a third day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

However, the market's gains were capped by losses at real estate sector with Arabtec Holding falling 4.7%, the biggest loser on the index. On Friday, the contractor swung to a third-quarter loss, compared with a profit a year earlier.

In Abu Dhabi, the index was also up 0.1% with First Abu Dhabi Bank adding 0.3% and International Holding Company(IHC)  soaring 8.9%, its biggest intraday gain since mid-October.

On Tuesday, IHC called off an acquisition of SHUAA Capital International.

Outside the Gulf, Egypt's blue-chip index lost 0.6%.

The country's largest lender, Commercial International Bank, dropped 1.6% and Madinet Nasr was down 2.2%.

However, the index received some support from Eastern Company which rose 0.9%.

Saudi's benchmark index rose marginally to close up 0.1% as Saudi Basic Industries gained 0.7% and Savola Group 2050.SE climbed 3%.

Arabian Centres advanced 2%. The Saudi mall operator obtained $1.4 billion in sharia-compliant financing facilities with a syndicate of banks.

The Qatari index traded flat with financial shares and petrochemical stocks moving sideways.

Qatar International Islamic Bank slid 3.2%, while Mesaieed Petrochemical gained 1.2%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Pravin Char) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

More From Markets