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UPDATE 1-MIDEAST STOCKS-Telecom Egypt jumps on new licence; banks lift Qatar
September 4, 2014 / 7:42 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-Telecom Egypt jumps on new licence; banks lift Qatar

(Updates with markets open)

DUBAI, Sept 4 (Reuters) - Shares in fixed-line monopoly Telecom Egypt rose in early trade on Thursday after the country’s government approved on Wednesday a long-awaited plan to issue a unified landline and mobile telecommunications licence.

The stock jumped 3.0 percent shortly after opening, offsetting pull-backs by other blue chips such as Commercial International Bank, which slid 0.8 percent. The main Egyptian index was nearly flat as a result.

The new licence could allow Telecom Egypt to start reclaiming its market share, which has been dented by mobile operators.

Bourses in the United Arab Emirates were also almost flat as heavyweight stocks such as Emaar Properties, Dubai’s largest developer, were unchanged. Smaller Dubai developer Deyaar gained 0.8 percent after announcing a 450 million dirham ($123 million) project to build a sharia-compliant hotel and furnished apartments tower.

Abu Dhabi’s blue chips were mixed. Etisalat and Abu Dhabi Commercial Bank edged up 0.9 and 0.6 percent respectively, while First Gulf Bank slipped 0.3 percent.

Qatar’s index added 0.3 percent on the back of Qatar National Bank and Qatar Commercial Bank, which rose 1.2 and 1.5 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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