Markets in the Middle East rose on Wednesday, tracking a rally in global peers as oil prices stabilized at $90, with Egypt's blue-chip index gaining after UAE's FAB sought to buy EFG Hermes.
Outside the Gulf, Egypt's index (.EGX30) closed the session up 0.6% in its best day in a week, boosted by Egypt's biggest investment bank EFG Hermes (HRHO.CA) which rose 9.3%.
First Abu Dhabi Bank (FAB.AD) made an offer to buy a controlling stake in EFG Hermes that values the North African lender at 18.5 billion Egyptian pounds ($1.18 billion), the two banks said on Wednesday. read more
Shares of First Abu Dhabi Bank rose 1.5%.
The Qatari index (.QSI) ended up 1.1%, clocking its best session since Jan. 13.
Shares of Industries Qatar QPSC (IQCD.QA) closed 8.1% higher after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, as gains in communication services were offset by losses in financial stocks.
Dubai's main share index (.DFMGI) climbed 1%, as it recorded its best daily percentage gain in nearly three weeks.
DIB (DISB.DU), the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. Shares gained 2%. read more
In Abu Dhabi, the index (.FTFADGI) rose 0.7%.
Investors return to the market while geopolitical tensions subside and the initial public offering of Abu Dhabi Ports (ADPORTS.AD) attracts new capital, said Daniel Takieddine, CEO MENA at BDSwiss.
"The market could see renewed activity as investors are eager to buy into new companies."
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