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UPDATE 1-MIDEAST STOCKS-UAE, Egypt edge up; Qatar slips after index rejig
September 18, 2014 / 7:23 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-UAE, Egypt edge up; Qatar slips after index rejig

(Updates with markets open)

DUBAI, Sept 18 (Reuters) - Bourses in the United Arab Emirates and Egypt edged up in early trade on Thursday on the back of property and banking stocks, while Qatar’s index pulled back after the stock exchange announced changes to the benchmark.

Dubai’s main index rose 0.9 percent, supported by blue chips Emaar Properties and Dubai Islamic Bank , up 2.3 and 1.3 percent respectively.

Emaar came under pressure earlier this week as retail investors sold some of their holdings in order to take part in the initial public offer of the company’s subsidiary, Emaar Malls Group. That wave of selling appears to have ended.

Abu Dhabi’s bourse edged up 0.3 percent. National Bank of Abu Dhabi was the main support, rising 1.0 percent.

Shares in investment firm Waha Capital climbed 1.0 percent after its board approved a buy-back of up to 10 percent of outstanding stock.

Egypt’s benchmark rose 0.7 percent on the back of Commercial International Bank and EFG Hermes, up 0.9 and 2.4 percent respectively. Property firm Talaat Moustafa Group gained 1.0 percent to 11.10 Egyptian pounds after CI Capital raised its target price for the stock to 12.50 pounds from 8.00 pounds with an “overweight” rating.

In Qatar, shares in Al Khaliji Commercial Bank and Al Meera Consumer Goods Co fell 0.7 percent and 0.5 percent after the bourse said it would exclude them from the main index on Oct. 1. The benchmark slipped 0.2 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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