x Abu Dhabi, UAEMonday 22 January 2018

Orascom sets tone in Egypt

Egyptian equities edged gains for a third day yesterday, as investors digested headlines that flooded the markets. In the UAE ,property stocks rose after Emaar Properties approved to distribute a 10 per cent dividend.

Egypt's benchmark rose for the third consecutive trading session yesterday as investors continued to express confidence in the country's economic prospects.

"The markets had a big run-up, so it's very surprising that equities are still gaining momentum," said Alfred Fayek, the managing director of Mena equity sales at EFG-Hermes in Dubai. "Investors had been buying up shares since Thursday and some of the stocks have already gained more than 10 per cent."

Egypt's benchmark, the EGX 30 Index, gained 3 per cent to 5,409.43 points.

Orascom Telecom Holding advanced 5.2 per cent to 4.43 Egyptian pounds. The mobile network operator said shareholders would vote on April 14 to double its capital to 14 billion Egyptian pounds and refinance debt.

Egyptian Resorts added 5.8 per cent to 1.26 pounds after the developer said its board had approved a plan to buy back shares with up to 25 million pounds. Sidi Kerir Petrochemicals gained 4.1 per cent to 14.4 pounds.

In the UAE, the Dubai Financial Market General Index lost 0.1 per cent to 1,555.49 points. Emaar Properties closed 0.3 per cent higher at Dh3.19 after agreeing to pay a 10 per cent dividend.

The Abu Dhabi Securities Exchange General Index ended 1.1 per cent higher at 2,634.69.

Elsewhere in the region: Kuwait's measure gained 0.2 per cent to 6,323; Bahrain's index remained flat at 1,426.57; Oman's benchmark lost 0.5 per cent to 6,338.76; Qatar's measure added 0.3 per cent to 8,398.64. The Saudi Tadawul All-Share Index added 0.1 per cent to 6,519.13.