Mideast Stocks: Saudi index outperforms as financials boost; Egypt falls

Sa Sa International Holdings

13/06/2021 14:29

* Saudi Arabia's Dur and Taiba in merger talks
    * Abu Dhabi to place new restrictions on the unvaccinated
    * Egypt's headline inflation increases in May - CAPMAS

    By Ateeq Shariff
    June 13 (Reuters) - Saudi Arabian shares ended higher on
Sunday, outperforming other Gulf peers, buoyed by gains in
banking stocks, while Egypt's blue-chip index extended losses.
    Saudi Arabia's benchmark index  .TASI  advanced 0.9%, lifted
by a 3.8% rise in Al Rajhi Bank  1120.SE  and a 3.6% increase in
Saudi Telecom Company  7010.SE .
    Elsewhere, Dur Hospitality Co  4090.SE  finished 0.6% higher
after the firm said it is in merger talks with Taiba Investments
Co  4090.SE  that could create a company with combined assets
worth $2.4 billion across the kingdom's hotel, tourism and real
estate sectors.  urn:newsml:reuters.com:*:nL5N2NV01Q
    However, Taiba Investments, which has interests in hotels,
tourism facilities and real estate, traded flat.
    In Abu Dhabi, the index  .ADI  lost 0.2%, with First Abu
Dhabi Bank  FAB.AD , the country's largest lender, dropping
1.1%, while aquaculture firm International Holding  IHC.AD 
declined 0.8%.
    From June 15 Abu Dhabi, the United Arab Emirates' (UAE)
second-most populous emirate, will limit entry to shopping
centres, restaurants, cafes and other public places to those who
have been vaccinated against COVID-19 or recently tested
negative for the coronavirus.  urn:newsml:reuters.com:*:nL5N2NS0QZ
    Daily coronavirus cases in the UAE, a federation of seven
emirates, have risen over the past three weeks.
    Dubai's main share index  .DFMGI  traded flat as gains in
property shares were offset by declines in financial stocks.
    The Qatari benchmark  .QSI  added 0.2%, helped by a 1.6%
gain in petrochemical maker Industries Qatar  IQCD.QA .
    Outside the Gulf, Egypt's blue-chip index  .EGX30  closed
0.9% lower, as most of the stocks on the index were in negative
territory including Fawry for Banking Technology and Electronic
 FWRY.CA . 
    Egypt's annual urban consumer inflation accelerated to 4.8%
in May from 4.1% the previous month, official statistics agency
CAPMAS said on Thursday, led by increases in food prices.
    
       
 SAUDI ARABIA   .TASI  rose 0.9% to 10,897
 ABU DHABI      .ADI  eased 0.2% to 6,702
 DUBAI          .DFMGI  was flat at 2,842
 QATAR          .QSI  added 0.2% to 10,739
 EGYPT          .EGX30  lost 0.9% to 9,887
 BAHRAIN        .BAX  was up 0.4% to 1,553
 OMAN           .MSI  rose 0.3% to 4,040
 KUWAIT         .BKP  gained 0.3% to 6,866
 
 (Reporting by Ateeq Shariff in Bengaluru, Editing by William
Maclean)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))