Banks Propel Egypt Gain, Dubai Recoups Some Losses

Egypt’s blue-chip index continued to gain on Tuesday after enjoying its biggest one-day gain in two years in the last session, while Dubai recovered partially from five-year lows, lifted by gains in real estate shares. The Egyptian index rose 1.5 percent with gainers outnumbering losers by one to five as bank stocks rose.

Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday, exceeding analysts’ expectations. Bank shares gained after suffering losses in the previous sessions due to proposed tax changes in Egypt with the country’s largest lender, Commercial International Bank, adding 3 percent.

El Sewedy Electric added 5.6 percent; its unit had signed a contract to develop land at Ain Sokhna economic zone.

Sixth Of Development and Investment (SODIC) added 3.4 percent, while Madinet Nasr For Housing And Development gained 2.1 percent after reiterating its interest in completing a merger with SODIC.

In Dubai, the index added 1.4 percent, with four of its six real estate stocks increasing.

The emirate’s largest listed developer Emaar Properties gained 2.8 percent after saying it had started business development operations in China, while its unit Emaar Development increased 4.2 percent and Deyaar climbed 3.6 percent.

Dubai Investments soared 11.1 percent, registering its biggest intra-day gain since July, 2014; the stock has been sliding recently on weak real estate in Dubai and on MSCI’s decision to move it to the UAE small cap index from its United Arab Emirates standard index.

But Gulf Navigation Holding slipped 0.9 percent in active trade after Goldilocks Investment, an indirect unit of Abu Dhabi Financial Group, acquired an 18.32 percent stake in the firm.

The Saudi Arabia index snapped a five-day losing streak to inch up 0.3 percent.

Saudi’s banks rose after oil recouped some losses after a modest show of strength in global stocks, with National Commercial Bank climbing 1.5 percent and Riyad Bank increasing 2.1 percent.

Saudi Advanced Industries Co rose 5.7 percent after Saudi Arabian Military Industries offered to buy its stake in Alsalam Aerospace Industries for 100 million riyals ($26.66 million).

National Shipping Company of Saudi Arabia climbed 1.6 percent after it proposed an annual cash dividend of 1.5 riyals per share. The Qatar index slipped 0.7 percent as Middle East’s largest lender Qatar National Bank lost 1 percent and bank Masraf Al Rayan dropped 1.2 percent.

Qatar Petroleum’s unit, Qatar Aluminum Manufacturing Co will begin trading on the index from Dec. 16, a bourse release said on Tuesday. Commercial Bank said in October that it will finance subscriptions in the IPO of 273.4 million shares in Qatar Aluminium.

Abu Dhabi’s index rose 0.6 percent with Abu Dhabi National Energy surging 6.5 percent and National Bank of Umm Al Qaiwain gaining 6 percent. ($1 = 3.7516 riyals) SAUDI ARABIA * The index rose 0.3 percent to 7,839 points.