Bank stocks propel Egypt gain; Dubai recoups losses

Egypt’s blue-chip index continued to gain yesterday after enjoying its biggest one-day gain in two years in the last session, while Dubai recovered partially from five-year lows, lifted by gains in real estate shares. The Egyptian index rose 1.5% to 12,664 points with gainers outnumbering losers by one to five as bank stocks rose.

Bank shares gained after suffering losses in the previous sessions due to proposed tax changes in Egypt with the country’s largest lender, Commercial International Bank, adding 3%. El Sewedy Electric added 5.6%; its unit had signed a contract to develop land at Ain Sokhna economic zone.

In Dubai, the index added 1.4% to 2,535 points, with four of its six real estate stocks increasing.

The emirate’s largest listed developer Emaar Properties gained 2.8% after saying it had started business development operations in China, while its unit Emaar Development increased 4.2% and Deyaar climbed 3.6%. Dubai Investments soared 11.1%, registering its biggest intra-day gain since July, 2014

The Saudi Arabia index snapped a five-day losing streak to inch up 0.3% to 7,839 points. Saudi’s banks rose after oil recouped some losses after a modest show of strength in global stocks, with National Commercial Bank climbing 1.5% and Riyad Bank increasing 2.1%.

Saudi Advanced Industries Co rose 5.7% after Saudi Arabian Military Industries offered to buy its stake in Alsalam Aerospace Industries for 100mn riyals ($26.66mn).

The Qatar index slipped 0.7%.

Abu Dhabi’s index rose 0.6% to 4,816 points with Abu Dhabi National Energy surging 6.5% and National Bank of Umm Al Qaiwain gaining 6%.

Elsewhere in the Gulf, the Kuwait index was flat at 5,407 points, the Bahrain index was flat at 1,318 points and the Oman index was flat at 4,498 points.