0840 GMT - Shares in Egypt's National Societe Generale Bank
reverse early-session losses and jump 10 percent.
Parent company Societe Generale on Wednesday
agreed to sell its 77 percent stake to Qatar National Bank
.
QNB has to offer to buy the remaining stock for the same
price under Egyptian stock market rules.
"The 100 percent mandatory tender offer of NSGB's shares
stands at $2.5 million, valuing NSGB at 35.56 pounds per share,
which is broadly in line with our fair value of NSGB," Raja
Ghoussoub, vice-president of research at NBK Capital, says in a
note.
Shares in NSGB trade at 39 pounds, having plummeted to 31.9
pounds per share in early trade.
Cairo's index climbs 1.3 percent to 5,230 points.
----------------------------------------------------------------
0831 GMT - Saudi Arabia's bourse dips from a four-week high,
with petrochemical and banking shares weighing, as investors
book some of the recent gains.
The kingdom's index slips 0.2 percent to 6,812
points, up 4.3 percent so far in December.
The petrochemical sector index slips 0.2 percent,
accounting for the highest turnover. Bank shares are also lower
with Alinma Bank shedding 0.4 percent.
Saudi Basic Industries Corp (SABIC) trades flat.
Dallah Healthcare Holding Company, which raised
539 million riyals ($143.7 million) in an initial public
offering last month, will start trading on Dec. 17, the Capital
Market Authority said in a bourse statement.
The price move will be unrestricted for the first trading
session.
---------------------------------------------------------------
0630 GMT - UAE markets edge higher with trading volumes
focused in Abu Dhabi's real estate sector.
Eshraq Properties gains 2.4 percent, accounting
for the bulk of trading activity.
Small-cap Eshraq, mainly a focus for retail investors, has
risen 34.4 percent so far this year.
Aldar Properties slips 0.8 percent.
Abu Dhabi's benchmark climbs 0.2 percent to 2,616
points, holding onto 8.9 percent year-to-date gains.
Dubai's Gulf Navigation, which accounts for more
than 80 percent of volumes, gains 3.7 percent, helping lift the
emirate's bourse. The shipping firm will hold a board meeting on
Dec. 20.
Dubai's index climbs 0.1 percent to 1,586 points,
halting a three-session decline.
Elsewhere, Kuwait's measure advances 0.2 percent to
5,941 points, heading for its sixth gain in the last seven
sessions, as the new parliament takes office on Sunday.
The new 15-member government, which was approved by ruling
emir Sheikh Sabah al-Ahmad al-Sabah, faces the task of
implementing investment plans and economic reforms after years
of political turmoil in the Gulf Arab state.
Trading is focused in small-caps, with United Real Estate
and Gulf Investment House advancing 4.7 and
1.1 percent respectively.
In Qatar, the index slips 0.1 percent to 8,320 points,
while Oman's bourse trades flat.
----------------------------------------------------------------
0547 GMT - Fresh violence in Egypt will weigh on investor
sentiment after Islamists attacked the offices of an opposition
party newspaper on Saturday, as people voted on a new
constitution.
Egyptians voted narrowly in favour of a constitution shaped
by Islamists and which opponents said was a recipe for deepening
divisions in the nation, officials in rival camps said on Sunday
after the first round of a two-stage referendum.
The result based on unofficial tallies, if confirmed for this
round and repeated in Saturday's second stage, may give Islamist
President Mohamed Mursi limited cause for celebration as it
shows the wide rift in Egypt at a time when he needs to build
consensus on tough measures to heal a fragile economy.
"Egypt's market has shown resilience in recent sessions but
the current situation is not in the best interest of medium to
long-term investors," says Marwan Shurrab, vice-president and
chief trader at Gulfmena Investments. "There is a lot of tension
with no clarity on political or economic stability, which should
by default scare investors from building long-term positions."
Foreign buying has helped Cairo's index recover
more than half of its losses since Mursi sparked a political
crisis by issuing a decree that expanded his power on Nov. 22,
but is still down 5.1 percent.
In Saudi Arabia, shares in Saudi Telecom Co (STC)
rallied on Saturday, closing at their highest level since Oct.
20.
STC's unit PT Axis Telekom Indonesia is planning to sell
1,600 telecommunication towers worth around $300 million, three
sources with direct knowledge to matter said Friday.
The kingdom's benchmark rose 0.8 percent in the
previous session.
"Saudi market started the week yesterday by gaining... on
optimism about fourth-quarter earnings, which will give us a
lead (on) UAE markets direction today," Mohab Maher, head of
institutional trading at MENA Corp says in a note.
Gulf markets tend to track movements on the kingdom's
bourse, which is the largest exchange in the region.
($1 = 3.7505 Saudi riyals)
(Reporting by Nadia Saleem; Editing by Dinesh Nair)
Source: http://news.yahoo.com/blank-headline-received-083628084--sector.html
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