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Thursday, 10 August 2017

MIDEAST STOCKS-Kuwait's Zain surges on Omantel move, Egypt falls on high inflation

MIDEAST STOCKS-Kuwait's Zain surges on Omantel move, Egypt falls on high inflation:

"Gulf stock indexes moved sideways on Thursday, continuing a two-week-old trend, but Kuwaiti telecommunications firm Zain surged in response to an investment by Omantel. Egypt's bourse dropped after data showed a fresh rise in inflation to above 30 percent. Kuwait's index rose 0.3 percent as Zain gained 4.4 percent to 0.471 dinar in its heaviest trade since March after agreeing to sell 425.7 million treasury shares, equivalent to 9.84 percent of the firm, to Omantel for $846 million or 0.60 dinar per share. The stock came well off the day's high of 0.505 dinar. The purchase, subject to regulatory approval, was announced days before Oman is to shortlist qualified applicants for a third mobile licence, for which Zain has bid. Omantel, which is making the investment to diversify beyond its small home market and has been trading near multi-year lows, fell 1.3 percent in its heaviest trade since November."



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