October 7, 2019 / 1:51 PM / 11 days ago

MIDEAST STOCKS-Egypt gains on talks for IMF assistance, Banks weigh on Saudi

    * Ezz steel sees biggest intra-day rise in 3 1/2 years
    * Saudi Advanced falls after delay in Alsalam Aerospace deal
    * Abo Moati, Al Aseel jump on potential move to main index
    * Financials boost Dubai, Etisalat buoys Abu Dhabi 

    By Maqsood Alam  and Shamsuddin Mohd
    Oct 7 (Reuters) - Egypt's blue-chip shares rose sharply on
Monday, boosted by financial shares amid talks over possible
further assistance from the International Monetary Fund (IMF),
while banking shares dragged down Saudi stocks.
    Egypt's blue-chip index rose 1.5% in its first day
of trading since the central bank governor said Cairo was in
talks with the International Monetary Fund (IMF) on further
assistance to help it carry out structural reforms.
    Egypt’s current $12 billion three-year IMF program ends next
month.
    Commercial International Bank gained 1.6% and El
Sewedy Electric rose 4.2%. Iron Steel jumped
5.5% while Ezz Steel soared 18.1%, its sharpest
single-day percentage gain since March 2016.
    Egypt has lowered the domestic price of gas for the cement
industry to $6 per million Btu from $8 and to $5.50 per million
Btu for metals and ceramics sector from $7.
    Saudi Arabia's benchmark index dropped 1.1% as Al
Rajhi Bank fell 1.1% and Riyad Bank shed
2.8%.
    Saudi Advanced Industries plunged 7.8%, its
biggest intra-day fall since November 2017. The firm said an
agreement for the sale of its 10% stake in Alsalam Aerospace
Industries was extended for a period of six months.
    But Abdullah Saad Mohammed Abo Moati Stationeries
and Al Aseel Company, which trade on the secondary
Saudi market NOMU, surged 17.7% and 4.7% respectively following
board approvals to move their listing onto the main index.
   Qatar's index slid 0.1%. The Gulf’s largest Insurer,
Qatar Insurance, dropped 2.1%, while Commercial Bank
 eased 0.9%.
    In Dubai the index rose 0.8%, extending gains for a
third straight session, boosted by advances in banking shares.
Dubai Islamic Bank increased 1.9%, while Mashreq Bank
 soared 13.6% after the lender said its board would
approve the third-quarter results next week.
    Abu Dhabi's index also edged up 0.8%. Emirates
Telecommunications Group, which uses Huawei's 5G
technology, advanced 1.4%.
    On Sunday, the chief technological officer of Emirates
Integrated Telecommunications said that it saw no
evidence of security concerns about Huawei's 5G technology.

    The United States had raised its concerns with Gulf allies
over a possible security risk in using Huawei technology for
their 5G mobile infrastructure. 
    
 SAUDI ARABIA  The index         fell 1.1% to 7,878 points
 ABU DHABI     The index        rose 0.8% to 5,075 points
 DUBAI         The index          was up 0.8% to 2,803 points
 QATAR         The index        slipped 0.1% to 10,299 points
 EGYPT         The index          rose 1.5% to 14,432 points
 BAHRAIN       The index        was up 0.5% at 1,519 points
 OMAN          The index        was flat at 4,026 points
 KUWAIT        The index        was up 1.1% at 6,232 points
 
 (Reporting by Maqsood Alam and Shamsuddin Mohd in Bengaluru
Editing by Mark Heinrich)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below