Mideast Stocks: Major Gulf markets rise, blue-chip selloff trips Egypt

Major Gulf markets ended higher on Tuesday

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

Major Gulf markets ended higher on Tuesday, largely driven by financial shares, while broad-based losses pulled Egyptian shares down with property leading the pack.

Saudi Arabia's benchmark index rose 0.5%, with Jabal Omar Development jumping 6.9%, while oil giant Saudi Aramco was up 0.6%.

Dubai's main share index gained 0.7%, led by a 1.9% rise in Emirates NBD Bank and a 1.2% increase in sharia-compliant lender Dubai Islamic Bank.

The Abu Dhabi index closed up 0.3%, with telecoms firm Etisalat rising 0.4% and the largest lender First Abu Dhabi Bank up 0.2%.

The United Arab Emirates federal government posted a second-quarter budget surplus of around 9.75 billion dirhams ($2.65 billion), state news agency WAM said on Monday, up from a surplus of 1.8 billion dirhams in the first quarter. 

Revenues in the second quarter were at 34.744 billion dirhams and expenditures were at 24.997 billion dirhams, WAM said, citing a finance ministry report.

In Qatar, the index added 0.4%, supported by a 1.2% gain in lender Masraf Al Rayan and a 2.5% leap in utility firm Qatar Electricity and Water Company .

Outside the Gulf, Egypt's blue-chip index dropped 1.7%, with Telecom Egypt sliding 8.6% and Talaat Mostafa Holding losing 4.3%.

The Arab state's net foreign reserves stood at $38.36 billion at the end of August, up slightly from $38.315 billion in July, the central bank said on Monday. 

Foreign reserves had dropped since March from a high of more than $45 billion amid economic fallout from the coronavirus outbreak.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew Cawthorne) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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