Mideast Shares Climb With Earnings, Deals in Focus: Inside EM
Mideast Shares Climb With Earnings, Deals in Focus: Inside EM
(Bloomberg) -- Most Middle Eastern stock indexes rose as investors tracked full-year earnings and merger deals.
Egypt’s main gauge advanced to its highest level since November. Global Telecom Holding added 10 percent after majority shareholder Veon Ltd. offered to support the company’s funding requirements and look at taking it private.
Ahli United Bank shares in Bahrain and Kuwait rose after Kuwait Finance House offered to buy the lender in a share-swap deal. Telecom operator Zain Saudi surged after the company posted an unexpected profit. Saudi Basic Industries Corp., which declined as much as 2.2 percent after missing profit estimates, ended the session up 0.5 percent.
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MIDDLE EASTERN MARKETS:
- The EGX30 Index adds 2.3% in Egypt
- READ: Veon’s Support to Global Telecom Holding To Boost Shares: Shuaa
- Sabic closes at 121 riyals
- NOTE: Sabic Profit Misses Estimates as Product Prices Drop, Costs Rise
- Saudi petrochemicals companies that missed profit estimates in the past week include: Advanced Petrochem, Yansab and Saudi Kayan
- MORE: Arqaam Sees ‘Squeeze’ on Saudi Petrochem Extending in 2019
- NOTE: Sabic Profit Misses Estimates as Product Prices Drop, Costs Rise
- Zain Saudi climbs as much as 8.1%
- Cites increasing demand for products and services for profit
- MORE: Saudi Crown Prince to Launch $425 Billion Infrastructure Plan
- Bahrain’s main equities gauge rises 1.2%, the most in the Gulf, led by AUB
- KFH shares fall 3.2% in Kuwait, biggest drop since Nov. 2017
- In Abu Dhabi, Union National Bank gains as much as 7.2% as it plans meeting on Tuesday on merger updates
- Abu Dhabi Commercial Bank falls 2.3% at close, trimming an increase of 8.4% last week
- READ: Abu Dhabi Banks to Discuss Three-Way Merger Plan Update Tuesday
To contact the reporters on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net;Abeer Abu Omar in Dubai at aabuomar@bloomberg.net
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Shaji Mathew, Claudia Maedler
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