MIDEAST STOCKS-Financials buoy Egypt, Saudi inches up on banks | Reuters:
Egypt's blue-chip shares rose on Monday, bolstered by financial stocks, while Saudi Arabia reversed early losses as most of its banks gained.
Egypt's blue-chip index rose 0.9 percent with its largest bank, Commercial International Bank, gaining 2.2 percent. The bank has gained in the last few sessions after its board decided to increase its authorised capital to 50 billion Egyptian pounds ($2.79 billion) from 20 billion pounds.
State-owned Abu Qir Fertilizers added 2.2 percent to snap a five-day losing streak. The stock had been sliding after the government hired financial firms to manage the sale of a stake in the company, Reuters had reported.
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