DUBAI Dec 21 Gulf stock markets may have a firm
tone on Wednesday because of a positive global trend, while
Egypt may continue its bull run on the back of foreign fund
inflows and optimism about economic reforms.
Wall Street rose on Tuesday, Asian stocks are strong and oil
prices have hit one-week highs, with benchmark Brent crude
futures at $55.61 a barrel.
Saudi Arabia's Arab National Bank may see some
selling after saying it proposed paying a cash dividend of 0.45
riyal per share for the second half of 2016, lower than 0.55
riyal paid in the corresponding period last year. However,
Alinma Bank kept its 2016 dividend unchanged.
Elsewhere, Oman Flour Mills may attract interest
after saying it had signed a memorandum of understanding to
establish the largest table-egg company in Oman in partnership
with Gulf Japan Food Fund, IFFCO Group and Japan-based Ise
Foods. The MOU includes negotiations to buy OFM's shareholding
in Modern Poultry Farms, it added.
Cairo's index jumped 3.4 percent to a record high
of 12,148 points on Tuesday and many fund managers expect the
bull run to continue for now.
Orascom Telecom, beaten down in recent weeks by
news of the departure of Naguib Sawiris as managing director,
could attract interest after saying it sold its unit Middle East
and North Africa Co Submarine Cable Systems for US$90 million to
an Indian company. Proceeds are to be used to invest in the
financial, real estate and logistics sectors, which may boom
under Egypt's economic reforms.
(Reporting by Andrew Torchia)