Financial stocks lift Egypt and Tadawul

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