Reuters logo
MIDEAST STOCKS-Positive global mood lifts Gulf shares
November 7, 2016 / 8:07 AM / a year ago

MIDEAST STOCKS-Positive global mood lifts Gulf shares

DUBAI, Nov 7 (Reuters) - A bounce in crude oil prices and a positive mood in global equity markets helped lift Gulf stocks early on Monday, though the largest food producer in Saudi Arabia was hit by the devaluation of the Egyptian pound.

Dubai’s main index rebounded 1.0 percent with Emaar Malls Group climbing 1.3 percent after the unit of Emaar Properties reported a 16 percent rise in third-quarter net profit to 435 million dirhams ($118.4 million), against EFG Hermes’ forecast of 421.8 mln dirhams. Emaar Properties was up 2.1 percent.

Developer DAMAC Properties added 0.5 percent after reporting third-quarter net profit of 902.0 million dirhams, down 11.7 percent but beating the 707.0 million dirhams forecast by EFG Hermes.

In Qatar, the index bounced 0.8 percent. Commodities producer Industries Qatar, which lost 1.3 percent in the previous session, climbed 2.4 percent.

Riyadh’s index climbed 0.7 percent with petrochemical producers firming on the back of a 1.1 percent rebound in Brent oil futures. Saudi Basic Industries climbed 0.9 percent.

The retail sector outperformed, extending Sunday’s strong gains. Apparel and mall operator Fawaz Alhokair gained 3.3 percent.

Savola Group, which has business lines in Egypt, dropped 2.9 percent after the company said the devaluation of the Egyptian pound would hit its fourth-quarter results by 171 million riyals ($45.6 million).

On Thursday the central bank in Egypt abandoned the pound’s peg of 8.8 to the dollar, and the currency is now trading at around 16. (Reporting by Celine Aswad; Editing by Andrew Torchia and John Stonestreet)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below