Banks lead Egypt, Saudi up

Qatar closed for public holiday

DUBAI, Feb 12, (RTRS): Saudi Arabia’s stock market rose on Tuesday as major banks rose on recovering oil prices, while Egypt’s blue-chip index hit a five-month high, helped by its top lender Commercial International Bank.

Saudi Arabia’s index was up 0.7 percent, with Al Rajhi Bank rising 1.8 percent and Banque Saudi Fransi gaining 2.9 percent. The Saudi index has got off to a strong start this year, taking many by surprise, SICO Research said in a note, with a 10 percent gain yearto-date after returning 8.3 percent in 2018.

The recent rally has been led mainly by foreigners buying close to 4.4 billion riyals ($1.2 billion) through a qualified foreign investors’ scheme and swaps last month in anticipation of inflows after FTSE Russel and MSCI announced Saudi will join their emerging market indexes in 2019, SICO added.

Saudi Arabia will join FTSE Russell’s emerging market index in March and MSCI’s emerging market benchmark following a twostep inclusion process in May and August. Saudi real estate stocks gained, with developer Emaar The Economic City adding 2.7 percent.

Al Andalus Property was up 0.8 percent after announcing the Aljawharah Alkubra project which, it estimated, will cost around 873million riyals.

Property shares have risen following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors. Egypt’s blue-chip index rose 1 percent to touch its highest since September 2018, with Commercial International Bank gaining 1.3 percent.

The bank has surged 22.2 percent this year on the back of a37 percent jump in its fourth-quarter net profit and the approval of an increase in its authorised capital to EGP 50 billion ($2.9 billion) from EGP 20 billion.

The Abu Dhabi index fell 0.4 percent with Aldar Properties shedding 3.4 percent and Union National Bank slipping 0.8 percent. Union National reported a 28percent drop in its full-year net profit after the market close.

Abu Dhabi Aviation plunged 6.8 percent. The firm had reported a full-year net profit attributable to share holders of 231.4 million dirhams ($63 million), down from 243.6 million dirhams a year earlier.

In Dubai, the benchmark index was down 0.5 percent as most of its property stocks dropped. Major developer Emaar Properties slipped 1 percent and builder Arabtec retreated 3.8 percent ahead of a board meeting later on Tuesday to discuss full-year results.

GFH Financial Group, which is primarily listed onthe Bahrain stock exchange, slumped 9.8 percent in active trade.

The firm reported fourth-quarter net profit attributable to shareholders of $10.6 million, down from $17 million a year earlier. The Qatar stock exchange was closed for a public holiday.

Saudi Arabia The index rose 0.7 pct to 8,600 points

Dubai

The index shed 0.5 pct to 2,485 points

Abu Dhabi

The index slid 0.4 pct to 5,024 points

Egypt

The index rose 1 pct to 14,928 points

Kuwait

The index rose 0.9 pct to 5,504 points

Oman

The index fell 0.4 pct to 4,125 points

Bahrain

The index fell 0.7 pct to 1,389 points