Most ME Stocks Rise, Egypt Excels in Performance

Most Middle East stock markets rose on Wednesday, supported by gains in bank shares and a recovery in oil prices, while Egypt ended a four-session losing streak.

Oil prices rose for a second day, offsetting some of the losses incurred in the previous five sessions, supported by talk that OPEC will prolong oil production cuts if a new coronavirus harms demand and data indicating a drop in US stocks.

The leading shares index on the Egyptian Stock Exchange rose one percent, with Telecom Egypt’s share rising 10 percent after Vodafone Global Group agreed to sell its stake in Vodafone Egypt. Telecom Egypt said on Sunday it had no intention of selling its 45 percent stake in Vodafone Egypt.

The EGX 30 benchmark index rose 1.04 percent to close at 13,762.84 points, while the broader EGX 70 index of the leading small and medium sized enterprises (SMEs) rose 1.38 percent at 534 points. Also the all-embracing EGX 100 index was jumped 1.53 percent to end trading at 1,384.63 points.

Stock market data showed that Egyptian investors' purchases of shares outnumbered their sales.

The benchmark index of the Saudi Stock Exchange rose 0.2 percent, with Al-Rajhi Bank and the National Commercial Bank up by 1.4 percent and 1.6 percent, respectively.

The National Commercial Bank announced an increase in net profit to 11.4 billion riyals ($ 3.04 billion) in 2019, compared to 9.59 billion riyals a year ago, yet, losses incurred by other leading stocks limited the gains

The shares of the Saudi Basic Industries Corporation (SABIC) fell 1.9 percent after the Petrochemical company reported a loss in the fourth quarter of the year, compared to gains in the same period a year ago. Among other stocks, Saudi Telecom closed down 1.1 percent.

Earlier, the company's shares rose following its initial agreement to buy 55 percent stake in Vodafone Egypt for $ 2.39 billion.

The main stock index of the Dubai Stock Exchange increased 0.5 percent, supported by an increase of 1.4 percent in Dubai Islamic Bank (DIB) and a rise of 1.1 percent in Emirates NBD.

The Abu Dhabi index closed 0.3 percent lower, with the shares of First Abu Dhabi Bank falling 0.5 percent and Etisalat down 0.4 percent.