MidEast Stocks: CIB’s strong earnings lift Egypt; Aldar drags down Abu Dhabi - Daily News Egypt:
"Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar.
Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net profit to EGP 757m ($109m). The bank’s stock rose 1.9%.
The index is “heading towards 7,600 points after CIB reported strong Q4 earnings numbers,” said Islam Batrawy, Cairo-based head of MENA equity sales at NBK Capital. “CIB was the major contributor to the upward move.”
In the UAE, however, both bourses closed lower after Aldar Properties disappointed some investors despite reporting higher net profit. Its stock fell 4.2% while Abu Dhabi’s index was down 0.1%."
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