|05 December, 2019

Mideast Stocks: Qatar outperforms Gulf markets as Egypt retreats

Financials weak in Dubai, Abu Dhabi

Image used for illustrative purpose Traders work at the Beltone Financial bank in Cairo October 13, 2008.

Image used for illustrative purpose Traders work at the Beltone Financial bank in Cairo October 13, 2008.

REUTERS/Asmaa Waguih

Qatar outperformed other Gulf stock markets Thursday, while the Egypt bourse slipped as most of its blue-chip stocks fell.

The Qatari index rose 0.8%, with Qatar Islamic Bank up 3% and Mesaieed Petrochemical 0.8% higher after it said it had received an income tax exemption and a tax refund of 170 million riyals ($46.7 million).

In Saudi Arabia, the benchmark index rose 0.4% with National Commercial Bank 1180.SE and Riyad Bank gaining 2% and 1.7% respectively.

Elsewhere, Anaam Holding soared 9.9%, the top gainer on the index, a day after its board proposed a capital increase through a rights issue.

Meanwhile Saudi Aramco's bookrunners have recommended pricing its initial public offering at 32 riyals ($8.5) per share, the top of an indicated price range, Reuters reported, citing three sources familiar with the deal. 

Egypt's blue-chip index was off 0.1% as Sidi Kerir Petrochemical fell 6.8%, its biggest drop since late-September. The firm said that its estimated investment budget for 2020 is 6.88 billion Egyptian pounds ($428.39 million).

In Dubai, the index closed flat as developer Emaar Properties gained 0.7% while Emirates NBD Bank was down 0.4%.

The Abu Dhabi index was also flat with Emirates Telecommunications adding 0.4%, but Abu Dhabi Commercial Bank was off 0.9%.

Growth in United Arab Emirates' non-oil private sector slowed to a 10-year low in November and companies saw the first monthly decline in new orders on record, a survey showed.

($1 = 3.6400 Qatar riyals)

($1 = 3.7500 riyals)

($1 = 16.0600 Egyptian pounds)

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

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