July 4, 2019 / 1:26 PM / 3 months ago

MIDEAST STOCKS-Egypt snaps winning streak, while MSCI upgrade keeps lifting Kuwait

    * Egypt ends four days of gains
    * Kuwait rises for a sixth day
    * Yansab slides after trading ex-dividend
    * Property shares strong in Abu Dhabi

    By Ateeq Shariff
    July 4 (Reuters) - Egypt's blue-chip index snapped four
straight days of gains on Thursday as most of its stocks
dropped, while Kuwait rose for the sixth consecutive session
after MSCI decided to upgrade Kuwaiti equities to its main
emerging markets index.
    Egypt's blue-chip index slipped into negative
territory after four days of gains. The index was down 0.9% with
Egypt Kuwait Holding losing 4.2%.
    Egypt's current account deficit widened to $7.6 billion in
the first nine months of the fiscal year from $5.47 billion a
year earlier, while net foreign direct investments narrowed in
the same period.
    The Saudi index slipped 0.1% led by a 0.4% fall in
Saudi Basic Industries and a 0.7% drop in Riyad Bank
    Yanbu National Petrochemicals dropped a further
1.3% after falling 2.7% the previous day when it traded
    Qatar's index dipped 0.2%, putting an end to a
five-day winning streak. Market heavyweight Industries Qatar
 lost 0.6% and Qatar Insurance decreased
    The index has been gaining in recent sessions as a 10-to-one
stock split for companies on the exchange is being phased in
from June 9 and will be completed by July 7. The move is
designed to boost liquidity by encouraging smaller investors to
buy shares.
    In Dubai, the index also slid 0.2 giving up early
gains, with its largest lender Emirates NBD losing
    Kuwait's index added 0.6%. Last week, index compiler
MSCI said it would move Kuwaiti equities to its main emerging
markets index in 2020, a move that could trigger billions of
dollars of inflows.
    Kuwait has outperformed its Gulf peers in anticipation of
the MSCI move, gaining over 24% in the year-to-date.
    Middle Eastern funds plan to continue increasing investments
in Kuwait over the next three months, a Reuters poll found
earlier this week.
    The Abu Dhabi index rose 0.2% mainly helped by its
property developer Aldar Properties which closed 2.6%
 SAUDI ARABIA  The index         slid 0.1% to 8,847 points
 ABU DHABI     The index        edged up 0.2% to 4,999 points
 DUBAI         The index          lost 0.2% to 2,661 points
 QATAR         The index        was also down 0.2% at 10,566
 EGYPT         The index          declined 0.9% to 13,997
 BAHRAIN       The index        added 0.9% to 1,511 points
 OMAN          The index        fell 0.1% to 3,823 points
 KUWAIT        The index        increased 0.6% to 6,544 points

($1 = 3.7502 riyals)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Edmund Blair)
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