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DUBAI / Reuters
Stock markets in Qatar and Egypt rose to fresh multi-month highs on Wednesday, following global bourses higher, but Saudi Arabia’s index pulled back as oil gave up some of its recent gains.
Doha’s main index added 0.7 percent to 10,996 points, a new nine-month high. Stocks most exposed to foreign capital flows were among the top gainers, with Islamic lender Masraf Al Rayan advancing 2.9 percent.
Cairo’s main index recovered from the previous session’s 0.9 percent loss and gained 1.1 percent to 8,292 points, a 13-month closing high.
Talaat Mostafa Group, the largest listed real estate developer, rebounded 3.7 percent to 5.83 Egyptian pounds after it fell 1.6 percent in the previous session. On Tuesday the property developer reported a 30 percent rise in second-quarter net profit to 232.7 million Egyptian pounds ($26.2 million) but revenues fell 3.2 percent.
Palm Hills Development, which fell 3.4 percent on Tuesday after weak second-quarter earnings, edged up 0.4 percent.
But Edita Food Industries slumped 8.8 percent, taking its losses over two days to 17.1 percent. On Tuesday the company said its second-quarter net profit sank 28 percent year-on-year.
GULF
Riyadh’s index pulled back 0.4 percent with the petrochemical sector ending four straight sessions of gains as Brent oil futures slipped below $45 a barrel. Saudi Basic Industries lost 0.3 percent.
In Dubai, the index rose 0.3 percent to 3,531 points with Union Properties adding 2.0 percent after it reported a 270 percent leap in second-quarter net profit attributable to shareholders. The firm cited increased contracting, higher property valuations and gains from selling investment properties.
Some large-cap shares which had outperformed on Tuesday continued advancing. Emaar Properties, climbed 1.7 percent, taking its gains over the last four days to 4.0 percent.
Abu Dhabi’s NBAD Securities said in a note that trading volumes on Dubai’s exchange were rising gradually with the index holding over its 14-, 21- and 50-day moving averages, which was bullish. It put short-term support at 3,500 points with resistance at 3,562 points.
Some blue-chip lenders helped carry Abu Dhabi’s index 0.1 percent higher. First Gulf Bank rose 1.3 percent.