Stocks listed in Egypt led gains in the Middle East on Sunday as they catch up with regional and global markets. The benchmark EGX 30 Index extended its longest winning streak since January as earnings fueled optimism.
MIDDLE EASTERN MARKETS:
- The EGX 30 rises as much as 1.6%, trading at the highest since March 18 before triming gains to 1.3% at closing
- Commercial International Bank +3%; Egypt Kuwait Holding Co +4.4%; EFG Hermes +2.1%; Fawry +0.7%
- “Egyptian stocks, until a few weeks back were significantly underperforming compared to other regional and global indices,” Naeem Brokerage’s director of research Allen Sandeep wrote in an email. “What we are seeing right now is the narrowing of that spread amid good incoming 2Q results across the board”
- Saudi Arabia’s benchmark Tadawul All Share index fluctuated between gains and losses before closing 0.3% higher
- Among companies which reported earnings: Bindawood +0.4%; Saudi Ground Services -3.1%; Saudi Chemical -3.4%; Saudi Pharmaceutical Industries -1.1%
- Ataa Educational +9.9%
- Abu Dhabi’s ADX General closes +0.1%
- International Holding leads gains, rising as much as 4% and closing little changed
- Dubai’s DFMGI index closes almost unchanged
- Damac rises 0.8% after reporting that 2Q loss narrowed
- “Damac currently trades at 60% premium to what we consider to be its floor valuation,” CI Capital’s analysts Sara Boutros and Marlene Milad wrote in a note
- CI Capital continues to prefer Emaar Development over Damac on “superior market positioning and offering,” triggered by a better play on Dubai’s property market recovery
- Emaar Development trims gains to close 1.6% higher
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