MIDEAST STOCKS-Gulf bourses mixed; Telecom Egypt continues rally | Nasdaq:
Saudi Arabian stocks rose on Thursday as most of its banking shares climbed, while Egypt outperformed the region led by gains in blue-chips. Other Middle Eastern bourses were mixed.
Egypt's blue-chip index advanced, 1.1% with 24 of 30 stocks on the index rising.
Telecom Egypt soared 10%, reaching its highest since September. The stock was up for a third session, helped by Vodafone Group's deal to sell its 55% stake in Vodafone Egypt . Telecom Egypt said on Sunday it had no intention of selling its 45% stake in Vodafone Egypt. Stock exchange data showed Egyptian investors were net buyers of stocks.
Saudi Arabia's benchmark index closed up 0.8%, with Al Rajhi Bank and National Commercial Bank (NCB) rising 1.2% and 2.5%, respectively. On Wednesday, the latter reported a 18.8% rise in 2019 net profit to 11.4 billion riyals ($3.04 billion). But, state-owned oil giant Saudi Aramco retreated 0.7% to 34.2 riyals.
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