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DUBAI / Reuters
Gulf stock markets were mixed before an OPEC meeting on Thursday to discuss coordinated action among oil producers to support prices. Egypt’s market rose as a newly listed healthcare stock performed strongly.
Riyadh’s stock index added 0.5 percent with support from some petrochemical shares as Brent oil held near $50 a barrel. Saudi Basic Industries climbed 1.5 percent.
Low-cost supermarket operator Abdullah Al Othaim jumped 2.1 percent to 99.00 riyals, its highest close since August 2015, in heavy trade. The stock is approaching its mean fair value of 108.27 riyals, according to a Reuters survey of analysts. Of 12 analysts, seven have a “buy” rating on Othaim and the rest a “hold”.
Healthcare stocks also advanced with National Medical Care gaining 2.6 percent.But Dubai’s index dropped 1.6 percent, weighed down by a 1.2 percent decline in blue chip Dubai Islamic Bank .
Shuaa Capital, which had surged 6.3 percent on Wednesday after Reuters identified several bidders for a stake in it, fell back 4.4 percent.
The banking sector was the main drag on Abu Dhabi’s index , which declined 0.7 percent. Abu Dhabi Commercial Bank fell 3.5 percent.
EGYPT, QATAR
Cairo’s main index rose 0.6 percent to 7,618 points, nearing minor technical resistance at its mid-May peak of 7,670 points.
Cleopatra Hospital Holding jumped 6.9 percent from its initial public offer price to 9.62 Egyptian pounds on its first day of trade. Sigma Capital suggested a target price for the stock of 11.66 pounds, saying Egypt’s healthcare sector was highly regarded but lacked representation on the bourse.
Investment bank EFG Hermes rose 1.6 percent to an 11-month closing high. It has been in an uptrend since mid-May. Dubai Group has said it will divest its 11.8 percent stake in EFG by the end of this year and investors are hoping a strategic shareholder could benefit the company.
Qatar’s index erased early gains and retreated 0.4 percent to its lowest close in 3-1/2 months. Vodafone Qatar dropped 2.1 percent.