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MIDEAST STOCKS-Most Gulf mkts rise; Dubai stalls, Egypt retreats
May 8, 2014 / 2:06 PM / 4 years ago

MIDEAST STOCKS-Most Gulf mkts rise; Dubai stalls, Egypt retreats

* RAKBank leads Abu Dhabi gains

* Banks lift Qatar

* Aramex outperforms flat Dubai market

* Global Telecom, Talaat Moustafa weigh on Egypt

By Olzhas Auyezov

DUBAI, May 8 (Reuters) - Most Gulf bourses rose on Thursday as banking stocks lifted Qatar and Abu Dhabi, but Dubai was flat and Egypt extended declines.

Qatar’s index climbed 0.5 percent to 12,961 points, once again approaching the psychologically important 13,000 points level from which it retreated earlier this week. Trading volume, however, fell by a third compared with Wednesday.

Islamic lender Masraf Al Rayan, up 1.9 percent, was the main support along with Qatar National Bank which added 1.1 percent.

Abu Dhabi’s benchmark, which had retreated in the last two sessions, also turned around and added 0.4 percent. Trading volume rose by two-thirds.

RAKBank was the main support, rising 4.2 percent after its shareholders approved a proposal to double foreign ownership limit to 40 percent. Foreigners currently own 19.5 percent of the bank’s shares, according to Thomson Reuters data.

Shares in investment company Waha Capital rose 7.3 percent ahead of a board meeting next week that will review its first-quarter results. Abu Dhabi National Energy Company gained 5.8 percent.


Dubai’s index ended flat as stocks were mixed and volume fell by a third.

Logistics firm Aramex led gainers, jumping 4 percent to 3.37 dirhams. NBK Capital this week upgraded the stock to “buy” from “hold” and raised its fair value estimate by 18 percent to 3.90 dirhams.

Emaar Properties was the main drag, shedding 1.0 percent. Builder Arabtec Holding slid 0.4 percent as its shares no longer entitled their holders to bonus stock.

Egypt’s bourse fell 1.5 percent. Among the main drags were Global Telecom and Talaat Moustafa Group, which slid 2.3 and 2.1 percent respectively. Both stocks posted strong gains last month.

Shares in Sidi Kerir Petrochemicals dropped 9.9 percent after it reported a 28 percent drop in first-quarter profit.



* The index was flat at 5,302 points.


* The index rose 0.4 percent to 5,047 points.


* The index climbed 0.5 percent to 12,961 points.


* The index rose 0.4 percent to 9,787 points.


* The index fell 1.5 percent to 8,211 points.


* The index slid 0.2 percent to 7,406 points.


* The index rose 0.1 percent to 1,471 points.


* The index climbed 0.7 percent to 6,825 points. (Editing by Matt Smith)

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