Fi­nan­cial stocks lift Egypt and Tadawul

The National - News - - BUSINESS IN DEPTH -

The Egyp­tian stock mar­ket re­bounded on Thurs­day, get­ting a boost from fi­nan­cials, while most ma­jor Ara­bian Gulf mar­kets were lit­tle changed.

The Egyp­tian blue-chip in­dex rose 0.6 per cent to 14,207, with 23 of its 30 stocks in the black. Non-Arab for­eign­ers were the net buy­ers of the stocks dur­ing the ses­sion, while Egyp­tians were net sell­ers, ac­cord­ing to data on the ex­change web­site. To­bacco prod­ucts maker Eastern Com­pany climbed 2.8 per cent, while EFG Her­mes leapt 3.1 per cent. Among other stocks, Egypt’s Ci­tadel Cap­i­tal climbed 3.8 per cent. Ear­lier this week, the com­pany’s chair­man said that Ci­tadel will raise its re­fin­ery pro­duc­tion ca­pac­ity to 5.5 mil­lion tonnes of oil prod­ucts per year in 2021 from 4.2 mil­lion cur­rently.

In Saudi Ara­bia, the bench­mark in­dex was up 0.3 per cent at 7,913, with Saudi Bri­tish Bank ad­vanc­ing 2 per cent and Bank Al Jazira end­ing 0.9 per cent higher. On Wed­nes­day, the lat­ter re­ported a near 4 per cent rise in third-quar­ter net profit, un­der­pinned by a jump in op­er­at­ing in­come. Shares of Na­tional Com­mer­cial Bank, the king­dom’s largest lender, were lit­tle changed even as it posted a quar­terly net profit of 2.55 bil­lion riyals, up 20 per cent com­pared with the same pe­riod last year.

Zahrat Al Waha For Trad­ing firmed 4.1 per cent, its big­gest per­cent­age jump since

July, after it re­ported a rise in third-quar­ter net profit.

In Abu Dhabi, the bench­mark in­dex added 0.2 per cent, ex­tend­ing gains to a fourth straight ses­sion to close at 5,163, with First Abu Dhabi Bank strength­en­ing 0.8 per cent.

After the mar­kets closed, the UAE’s big­gest lender re­ported a 3 per cent rise in third-quar­ter profit, broadly in line with an­a­lysts’ es­ti­mates.

Dubai’s bench­mark in­dex edged up 0.1 per cent to 2,784, with blue-chip de­vel­oper Emaar Prop­er­ties and its unit Emaar Malls gain­ing 1.1 per cent and 1 per cent, re­spec­tively.

In Bahrain, the in­dex was up 0.1 per cent, but in Oman the Mus­cat Se­cu­ri­ties Mar­ket in­dex slipped 0.2 per.

Non-Arab for­eign­ers were the net buy­ers of the Egyp­tian stocks dur­ing the ses­sion

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