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Egypt market extends rally, Etisalat lifts Abu Dhabi

Reuters , Tuesday 15 Sep 2015
Etisalat
Etisalat logo (Photo: Reuters)
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Egypt's stock market rose for a third day in a row on Tuesday, supported by foreign inflows, while Gulf markets were mixed as oil prices remained volatile.

The Cairo index edged up 0.2 percent as Commercial International Bank, the country's biggest listed lender, rose 1.0 percent to 51.00 pounds.

Pharos Capital on Tuesday raised its target price for the stock by 4 percent to 61.14 pounds, citing income tax rate cuts announced last month.

Qalaa Holdings rose 1.9 percent, extending a leg up initiated on Monday after Saudi Arabia's Halwani Brothers made an offer to buy one of Qalaa's subsidiaries.

Beltone Financial Holding, one of the largest investment banks in Egypt, surged 4.2 percent after announcing it had completed a capital increase worth 200 million pounds ($25.5 million).

According to stock exchange data, non-Arab institutions and Arab retail investors were both net buyers on Tuesday.

Foreigners were also net buyers in the previous session.

    GULF

Markets in United Arab Emirates rose as local telecommunications company Etisalat climbed 1.8 percent in its highest daily trading volume on record, having opened up to foreign and institutional investors.

The Abu Dhabi stock exchange, where Etisalat is listed, edged up 0.4 percent.

As the biggest listed company in the UAE, Etisalat is now very likely to secure a place in emerging market indexes, attracting global funds. Previously, only local retail investors could buy the stock.

Dubai's benchmark stock index rose 0.7 percent, supported by a rebound in a number of stocks after several days of declines. Property developer DAMAC jumped 3.5 percent ahead of a shareholder meeting later in the day which will vote on the firm's first cash dividend since it listed in Dubai in January.

Saudi Arabia's main index was nearly flat as banks offset losses in other sectors. National Commercial Bank and Al Rajhi climbed 1.4 percent each and were the main support for the market ahead of this week's meeting of the U.S. Federal Reserve, which could result in a rise in interest rates.

The Saudi riyal is pegged to the dollar, so Riyadh is very likely to adjust interest rates as well, boosting banks' margins.

Other Gulf markets were soft. Qatar edged down 0.3 percent, Kuwait fell 0.6 percent and Oman was down 0.4 percent.

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