ReutersReuters

Egypt's index outperforms regional peers; Saudi extends losses

Egypt's blue-chip index outperformed regional peers to close higher on Sunday, while Saudi and Qatari stocks slipped on weakness in the financial and petrochemical sectors.

Oil prices, which fuel the region's growth, fell 1.5% in choppy trading on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude on Monday.

Daniel Takieddine, CEO MENA at BDSwiss, noted OPEC’s policy could continue affecting production levels while COVID-19 restrictions in China, albeit easing, fuel demand uncertainties.

Saudi Arabia's benchmark index TASI fell 0.9%, with Sabic Agri-Nutrients 2020 down 4.2% and Sulaiman al-Habib Medical Services 4013 1.2% lower.

Luberef will sell nearly 30% of the company's issued share capital, or 50.045 million shares and expects to raise up to 4.95 billion riyals ($1.32 billion) if it prices its IPO at the top of the range.

Saudi Aramco was down 0.3%.

In Qatar, the index GNRI finished flat, as gains in energy stocks were partially offset by losses in financial stocks.

Islamic lender Qatar Islamic Bank QIBK fell 1.1%, but energy firm Mesaieed Petrochemical rose 2.3%.

Egypt's blue-chip index EGX30 closed 3.2% higher, extending a rally for a fourth consecutive session as 27 out of its 30 constituent stocks moved were in positive territory. Fawry Banking & Payment Technology Services FWRY surged 8.6% and E-finance EFIH advanced 5.2%.

Takieddine attributed the Egyptian stock market's rise to local investors flocking to the market, driving high trading volumes.

SAUDI ARABIA

TASI fell 0.9% to 10,724

QATAR

GNRI traded flat at 12,022

EGYPT

EGX30 rose 3.2% to 14,079

BAHRAIN

BHBX was flat at 1,864

OMAN

(.MSX30) was up 0.2% 4,622

KUWAIT

(.BKP) edged up 0.1% to 8,468

($1 = 3.7585 riyals)

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