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CAIRO / Emirates Business
Egypt remains the star performer among its peers in the region rising 5 percent over last week and breaking the 11,000 level for the first time since 2008. The rise is backed by positive investor sentiment regarding the IMF support of much needed funding. Stocks continue to rise after the currency declined by more than 40% at the beginning of this month.
Saudi Arabia is also continuing its upward trend, with a 1.5% increase over the course of last week also backed by the positive outlook that investors have regarding a potential OPEC supply freeze/cut. UAE markets followed their main peers in their positive mood with Dubai’s index rising by 1.1% followed by Abu Dhabi which witnessed a modest rise of 0.2% for the week, despite the news that the government is intending to continue with bank consolidation following the FGB and NBAD merger.
The potential mergers mentioned were ADCB merging with UNB and ADIB merging with Al-Hilal bank. Oil is back on track, trading just under USD47 on hopes of an OPEC supply cut at the next OPEC meet on November 30th. GCC and Egypt markets are expected to continue their positive trend this week with high volumes and carrying the momentum over from last week.