Local stocks in the green
CAIRO, May 28, 2018 - Local stocks were mostly in the green on Monday, driven by local and non-Arab institutional purchases and Arab sell-offs.
The main index, EGX30, edged up by 0.86 percent to close at LE16, 791.09 points. The broader indices EGX70 and EGX100 also increased by 0.04 percent and 0.02 percent to stand at 853.48 points and 2,178.22 points, respectively, according to bourse data.
Market capitalisation gained about LE1.1 billion to stand at LE949.5 billion.
Also during yesterday's trading session, real estate company Talaat Mostafa Group Holding rose 3.3 per cent after it said it had entered into a strategic partnership with EFG Hermes and GEMS Education to acquire schools with an investment of LE1 billion ($56 million).
Meanwhile, Qatar’s market outperformed Gulf peers on Monday, helped by a surge in blue-chip stocks and government plans to allow full foreign ownership of companies.
Other markets were more subdued as investors reacted to lower oil prices, which extended losses after Saudi Arabia and Russia said they may increase supplies. Trading volumes were also generally thin because of the holy month of Ramadan.
The Qatar index closed 1.5 per cent higher, with Qatar National Bank rising 2.9 per cent.
Saudi’s main stock index dropped by 0.1 per cent. Jabal Omar Development slipped by 3.3 percent, while Banque Saudi Fransi sank by 2.4 per cent.
Al Andalus Property Co dropped by the daily limit amount of 10.0 per cent after the stock went ex-dividend.
The Abu Dhabi index was up 0.2 per cent, helped by a 1.9 per cent rise in Dana Gas after it said it had received $40 million in payments from the Egyptian government.
Dana said it will use the cash to proceed with projects such as drilling Balsam-8 in its development lease onshore the Nile Delta.
In Dubai, DP World rose 3.0 per cent after the ports operator said it closed a deal to acquire Cosmos Agencia Marítima in Peru. DP World had announced the $315.7 million acquisition of the logistics service business in March.
Dubai’s index closed 0.07 percent lower, with Union Properties the main drag, falling 1.9 per cent.