Egyptian Shares Gain in Best Start to Year Since 2014: Inside EM

(Bloomberg) -- Egyptian stocks climbed on Sunday, extending the main index’s best start to a year since 2014.

The EGX30 Index, already one of the world’s top performers so far this year, climbed as much as 0.9 percent before ending 0.1 percent higher, led by an advance in Commercial International Bank Egypt, which accounts for more than a third of the gauge. Eastern Tobacco jumped as much as 5.6 percent after Chemical Industries Holding Co. said it would sell part of its stake in the company.

HIGHLIGHTS
  • EM stocks declined 0.7% last week; currencies fell 0.1%
  • EGX30 Index up 14% this year
  • Dubai’s DFM General Index adds 0.3%, while Abu Dhabi’s ADX General Index retreats 0.3%

MIDDLE EASTERN MARKETS:

  • Shares in Kuwait advance 0.8% buoyed by a 0.9% gain in National Bank of Kuwait
  • Saudi’s Tadawul All Share Index adds 0.5%
    • The Tadawul Banks Index is the biggest contributor to gains as all but one of the 12 members rise
  • Qatar’s stock exchange is closed for a local holiday. Trading resumes on March 4
    • The QE Index was the worst performer globally in February among major stock gauges tracked by Bloomberg, down 5.7%, its worst month in a year

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