December 4, 2019 / 1:42 PM / 2 months ago

MIDEAST STOCKS-Egypt rises on foreign capital flows as most of Gulf gains

    * 27 of 30 Egyptian blue chips rise
    * El Sewedy Electric gains on solar project win
    * Telco Etisalat lifts Abu Dhabi
    * ENBD supports Duabi
    * Banks weak in Saudi Arabia

    By Maqsood Alam 
    Dec 4 (Reuters) - Egyptian blue chips rose on Thursday, with foreign
investors net buyers and local investors net sellers. Most Gulf equity markets
also gained as oil prices rose.
    Oil prices boosted markets, gaining nearly 2% on expectations that OPEC and
its allies would extend output cuts when they met in Vienna later this week.
 In addition industry data showed the U.S. crude stockpile fell more
than forecast.
    Egyptian blue-chip index snapped a three-session losing streak and
closed 1.2% up with Talaat Mostafa Group Holding rising 3.5%.
    El Sewedy Electric added 1.4% after the government of South Sudan
awarded a contract worth about $45 million to build a hybrid solar project.

    Qatar's index rose 0.8%. Qatar Islamic Bank gained 1.2% and
Industries Qatar 1.1%.
    Dubai and Abu Dhabi stock markets rose in their first trading after three
days of public holidays.
    The Dubai index was up 0.6%, led by a 2.6% rise in Emirates NBD
Bank. The bank had fallen on Thursday after cutting 400 to 500 jobs
since October, Reuters reported, citing sources, as banks in the United Arab
Emirates reduced costs amid slower economic growth.
    Abu Dhabi's index was up 0.3% as Emirates Telecommunications Group
 gained 1.1%.
    However, the Saudi index slipped 0.2% as investors appeared to have
directed their money into oil giant Saudi Aramco's initial public offering.
    Saudi institutions have oversubscribed by almost three times the shares
allocated to them as part of Aramco's IPO, submitting orders worth 189.04
billion riyals ($50.4 billion) as of Tuesday.
    Institutional subscription to Aramco's IPO concludes on Wednesday.
 SAUDI ARABIA          fell 0.2% to 7,871 points
 ABU DHABI            gained 0.3% to 5,048 points
 DUBAI                  rose 0.6 % to 2,696 points
 QATAR                was up 0.8% to 10,272 points
 EGYPT                  rose 1.2% to 13,636 points
 BAHRAIN              gained 0.2 % to 1,544 points
 OMAN                 Slipped 0.4% to 4,040 points
 KUWAIT               was up 0.3% to 6,644 points
 (Reporting by Maqsood Alam in Bengaluru, editing by Larry King)
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