DUBAI Dec 21 Gulf stock markets edged up early
on Wednesday ahead of the release of Saudi Arabia's state budget
for 2017, which is expected on Thursday.
Egypt's stock market continued its bull run.
The Saudi stock index edged up 0.3 percent in the
first 90 minutes of trade.
Arabian Pipes jumped 5.2 percent after saying it
had won a 72 million riyal ($19.2 million) order to supply pipes
to oil giant Saudi Aramco, while Saudi Steel Pipes 6.1
percent after reporting a similar order from Aramco.
Arab National Bank edged down 0.2 percent 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. Alinma Bank edged
up 0.3 percent after keeping its 2016 dividend unchanged.
Dubai's index edged up 0.1 percent while Qatar
gained 0.5 percent.
Qatar's Masraf Al Rayan, which jumped 6.1 percent
on Tuesday after the Islamic lender announced it was in initial
talks with Barwa Bank IPO-BABK.QA and International Bank of
Qatar to merge, added a further 0.7 percent.
Cairo's index, which surged 3.4 percent on Tuesday
to a record high, climbed a further 0.9 percent in a bull run
ignited by the foreign fund inflows and the floating of the
Egyptian pound on Nov. 3.
Orascom Telecom, beaten down in recent weeks by
news of the departure of Naguib Sawiris as managing director,
gained 5.9 percent after saying it sold its unit Middle East and
North Africa Co Submarine Cable Systems for US$90 million to an
Proceeds are to be used to invest in the financial, real
estate and logistics sectors, which may boom under Egypt's
(Reporting by Andrew Torchia Editing by Jeremy Gaunt.)