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Reuters
Most stock markets in the Middle East made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down.
The Riyadh index lost 0.1 percent; the banking sector was soft with Banque Saudi Fransi dropping 1.3 percent.
Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since September 25, tumbled 3.1 percent. The company on Monday issued a statement saying it was still waiting for authorities to grant it a unified licence, which would enable Atheeb to obtain a loan to build its spectrum and pay its dues to the telecommunications regulator.
Shares of car-related companies, however, resumed rising after the government said last week that it would next year lift a ban on women driving.
Car rental company United International Transport (Budget Saudi) climbed 3.2 percent and car servicing company Saudi Automotive jumped 4.0 percent in active trade.
Banking shares helped take Qatar’s index 0.1 percent higher; Masraf Al Rayan rose 1.5 percent. Valuations have in some cases reached distressed levels and dividend yields are attractive. Masraf Al Rayan, for example, had a dividend yield of 5.5 percent as of Monday’s close.
In Kuwait, some shares continued to be bid up after rising on Sunday on news that index compiler FTSE was upgrading Kuwait to secondary emerging market status. Warehousing company, Agility, added a further 1.1 percent. The main index finished almost flat. The Dubai index rebounded 0.5 percent as most mid- to large-sized companies rose, including Emaar Properties , which climbed 1.1 percent. It is expected soon to reveal the valuation of its local real estate development arm, in which it plans to offer a stake to the public.
In Abu Dhabi, the index added 0.4 percent as three of the top five most valuable shares rose; First Abu Dhabi Bank gained 0.5 percent.