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MIDEAST STOCKS-UAE, Qatar up on FTSE index review; Medinet Nasr lifts Egypt
September 18, 2014 / 2:37 PM / 3 years ago

MIDEAST STOCKS-UAE, Qatar up on FTSE index review; Medinet Nasr lifts Egypt

* Emaar continues to recover as investors stop cashing out

* Dubai’s Deyaar, Union Properties rise on FTSE index inclusion

* But Abu Dhabi Commercial Bank slides after strong gains

* Qatar reacts to tweaks in FTSE and local benchmarks

* Egypt’s Medinet Nasr surges on bullish sales target

By Olzhas Auyezov

DUBAI, Sept 18 (Reuters) - An influx of foreign funds due to changes in some FTSE indexes boosted stock markets in the United Arab Emirates and Qatar on Thursday, while Egyptian real estate developer Medinet Nasr surged after announcing an ambitious sales target.

Dubai’s main index rose 2.3 percent as Emaar Properties, the emirate’s largest developer, jumped 5.0 percent to 11.60 dirhams.

Emaar had peaked at 12.00 dirhams this month after announcing the launch of the initial public offer of its subsidiary Emaar Malls Group (EMG). But the stock then came under pressure as retail investors sold some of their holdings in the parent company in order to raise cash for purchases of EMG. That wave of selling appears to have ended.

Shares in smaller developers Deyaar and Union Properties added 3.2 and 2.8 percent respectively ahead of their inclusion in the FTSE All-World index, which will take effect on Sept. 22.

The index compiler is also adding Abu Dhabi Commercial Bank to the benchmark, but the lender’s shares fell 1.1 percent on Thursday, having already added 6.8 percent since the announcement on Sept. 4.

However, other banking stocks helped lift Abu Dhabi’s bourse by 1.2 percent. National Bank of Abu Dhabi jumped 5.8 percent and First Gulf Bank rose 1.3 percent.

Qatar’s benchmark rose 1.3 percent. Islamic lender Masraf Al Rayan dominated trading, adding 1.6 percent ahead of its inclusion in the FTSE Frontier 50 Index.

Shares in Al Khaliji Commercial Bank fell 1.1 percent after the bourse said it would exclude the stock, along with Al Meera Consumer Goods Co, from the main index on Oct. 1.

SAUDI, EGYPT

The main Saudi index slipped 0.2 percent as some banks and petrochemicals pulled back. Al Rajhi Bank edged down 0.6 percent and Yanbu National Petrochemical Co fell 1.3 percent.

Egypt’s bourse rose 1.6 percent to a fresh six-year closing high of 9,729 points. Property firm Medinet Nasr for Housing and Development surged its daily limit of 10 percent to 47.43 Egyptian pounds after saying in a bourse statement that it targeted sales of 2.0 billion pounds ($280 million) from its Tag Sultan project.

Cairo-based Naeem brokerage said the figure was slightly above its own estimates and maintained a “buy” recommendation on the stock, while CI Capital raised its target price for Medinet Nasr to 54.60 pounds from 28.00 pounds.

Shares in Commercial International Bank, which co-financed the Tag Sultan project, rose 2.7 percent.

THURSDAY‘S HIGHLIGHTS

DUBAI

* The index rose 2.3 percent to 5,098 points.

ABU DHABI

* The index climbed 1.2 percent to 5,233 points.

QATAR

* The index gained 1.3 percent to 14,351 points.

EGYPT

* The index rose 1.6 percent to 9,729 points.

SAUDI ARABIA

* The index slipped 0.2 percent to 11,062 points.

KUWAIT

* The index edged up 0.2 percent to 7,598 points.

OMAN

* The index inched up 0.1 percent to 7,505 points.

BAHRAIN

* The index slipped 0.4 percent to 1,467 points. (Editing by Andrew Torchia)

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