Mideast Stocks: Aramex drives Dubai bourse higher, Saudi at 15-year high

Aramex sees its biggest intraday gain in nearly 13 years

  
An Emirates NBD counter is seen as traders monitor stocks at the Dubai Financial Market at Dubai World Trade Center, February 2, 2012. Image for illustrative purposes.

An Emirates NBD counter is seen as traders monitor stocks at the Dubai Financial Market at Dubai World Trade Center, February 2, 2012. Image for illustrative purposes.

REUTERS/Mohamed Al-Sayaghi

Dubai's stock market ended higher on Wednesday, outperforming its Gulf peers, led by a surge in logistic firm Aramex, while the Saudi index extended gains a day after hitting a 15-year peak.

Dubai's main share index finished 1.4% higher, with Aramex soaring 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

On Tuesday, Aramex also said it was resuming deliveries to-and-from the UAE and Doha. 

Saudi Arabia, the UAE, Bahrain and Egypt agreed in January to end a dispute that had led them to sever ties with Qatar in 2017 over accusations that Doha supported "terrorism" - a reference to Islamist groups. Doha had denied the charges.

Elsewhere, Emirates NBD Bank added 0.7% after reporting a 61% jump in third-quarter earnings, helped by a recovering economy and demand for retail financing surged.

Emirates Integrated Telecommunications declined 2.8%, following a steep fall in quarterly profit. 

Saudi Arabia's benchmark index climbed 0.9%, with Al Rajhi Bank adding 1.6% and Sahara International Petrochemical Company (Sipchem) jumping 10%, after posting a strong quarterly profit. 

"The market is supported by the strong oil demand and the improving sanitary conditions," said Wael Makarem, senior market strategist at Exness.

In Abu Dhabi, the index eased 0.2%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi.

But Emirates Telecommunications Group gained 0.3%, as the telecoms firm signed an agreement with Group42 to create the largest data centre provider in the UAE. u

Separately, Fertiglobe said its initial public offering was priced at 2.55 dirhams a share, and it was expecting to raise around $795 million for its shareholders. 

Its shares are expected to list on the Abu Dhabi stock market on Oct. 27, the statement said.

Outside the Gulf, Egypt's blue-chip index fell 0.6%, extending losses from the previous session when it snapped a 10-day winning streak on profit taking.

Egypt's e-finance for Digital and Financial Investments EFIH.CA soared 50.2% on its debut, in a boost for the country's ambitious privatisation plans that could see several state enterprises go public in the coming years. 

($1 = 3.6728 UAE dirham)

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


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