MIDEAST STOCKS-Egypt climbs on large-caps; banks weigh on Oman, Abu Dhabi | Reuters

MIDEAST STOCKS-Egypt climbs on large-caps; banks weigh on Oman, Abu Dhabi | Reuters:



"* Egyptian turnover is third-highest this year



* Dubai uptrend continues, but with new drivers



* Abu Dhabi falls after ADCB goes ex-dividend



* Bank Muscat drops on bond conversion



By Olzhas Auyezov

DUBAI, March 20 (Reuters) - Egyptian investors continued to scoop up blue chips and property stocks on Thursday, driving up the market on increased volume, while banking shares dragged down Abu Dhabi and Oman.



Egypt's bourse rose 2.1 percent, with the major gainers including Commercial International Bank, Global Telecom and Telecom Egypt as well as several property developers. Trading volume was the third largest this year.



Ali Adou, portfolio manager at The National Investor, said the rally was mainly driven by a stabilising political environment in Egypt and the central bank's move last week to ease the repatriation of profits by foreigners.



"Also, valuations in Egypt are attractive compared to other emerging markets," he said."



'via Blog this'