Egypt’s biggest bank drives up index

Egypt’s blue-chip stock index rose sharply yesterday, boosted by its biggest bank, while all major Arabian Gulf markets were weak, with some investors away on year-end holidays.

The Egyptian index rose 1.3 per cent to 13,204 points as Commercial International Bank gained 1.9 per cent. Real estate company Talaat Mostafa rose 3.2 per cent after saying its sales last year reached 21.3 billion Egyptian pounds, up from 13.1bn pounds a year earlier. Orascom Development climbed 4.4 per cent.

It has been strong since announcing at the end of last week that it had sold some hotels, which would help reduce its debt.

In Dubai the index was down 0.3 per cent to 2,521 points. Gainers included Air Arabia, which rose 1.9 per cent, Dubai Islamic Insurance and Reinsurance, which closed up 1.7 per cent and Emaar Malls, which finished 1.6 per cent ahead. Fallers included courier firm Aramex, down 4.4 per cent and Emaar Properties, which shed 1.2 per cent.

In Abu Dhabi, the ADX slid 0.9 per cent to 4,867 points. Manazel gained 2.3 per cent, and Sudatel also closed up 2.3 per cent, while IHC put on 1.1 per cent. FAB lost 1.4 per cent, RAK Ceramics shed 1.1 per cent, and Ooredoo 0.7 per cent.

The Saudi index edged down 0.1 per cent to 7,791 points with Samba Financial slipping 0.8 per cent and Saudi International Petrochemical (Sipchem) dropping 2.7 per cent.

Gold touched its highest in more than six months on Wednesday as sagging equities compounded concerns over weakening global markets, prompting safe-haven flows into the precious metal.

Spot gold was up 0.2 per cent at $1,284.71 an ounce at 12.50 GMT, having earlier touched its highest since June 15 at $1,288.66.

US gold futures rose 0.5 per cent to $1,287.10.

Oil, meanwhile, fell towards $53 a barrel under pressure from rising output in major producers and concerns about an economic slowdown.

Russian production hit a post-Soviet record in 2018, figures showed Other data showed US output reached a record in October.

Brent crude was 60 cents lower at $53.20 a barrel at 14.22 GMT. On December 26, it hit $49.93, the lowest since July 2017. cents to $44.68.