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Egypt's index makes gains; Gulf bourses mixed
Published in Daily News Egypt on 11 - 10 - 2011

DUBAI/CAIRO: Egypt's benchmark index recouped on Tuesday some of the previous day's losses, pushed higher by Citadel Capital.
Citadel jumped 6.3 percent as a foreign buyer bought more than 5 million shares in the private equity firm, traders said.
Analysts say the stock weakened after a LE 1 billion ($167.6 million) rights issue was only partially subscribed.
Citadel launched a second-round rights issue on Monday. A roadshow by investment bank EFG-Hermes could have drummed up foreign interest in Citadel stock, traders said.
"This roadshow may have resulted in some interest in the name. Citadel's been trading much lower than its enterprise value," said a trader at CIBC brokerage.
Among other gainers, Commercial International Bank climbed 1.5 percent and Orascom Construction jumped 6.4 percent.
Meanwhile, Dubai-listed Emirates NBD's shares slumped to a 25-week low after saying it will take over struggling Islamic lender Dubai Bank on orders by Dubai's ruler, while Gulf markets were mixed in muted trade.
ENBD fell 1.6 percent to its lowest close since April 20.
"We need further information but it will definitely put some pressure on financial for Emirates NBD," said Samer Al-Jaouni, General Manager of Middle East Financial Brokerage.
"Dubai Bank accumulated a lot of non-performing loans. I couldn't see advantages out of this acquisition, which is most likely a bailout," he added.
Dubai's index slipped 0.1 percent to one point away from last week's seven month low.
In Kuwait, logistics firm Agility fell from Sunday's four-month high after denying reports that it had won a military contract worth up to $700 million.
Its shares, down 3.9 percent, resumed trading on Tuesday after a one-day suspension. The bourse halted trading in Agility after it rallying four straight sessions on rumors of a military contract.
The main index rose 0.2 percent to close at its highest level since Sept. 26.
Mabanee Co gained 1.2 percent and National Industries Group rose 4.3 percent.
Abu Dhabi's property stocks weighed on the benchmark with Aldar Properties down 1.8 percent and Sorouh Real Estate slipping 2 percent. The benchmark shed 0.2 percent.
In Qatar, the index rose 0.8 percent at a 10-day high with financial stocks the main support.
Masraf Al Rayan gained 1.2 percent, Doha Bank climbed 2.2 percent and Commercial Bank of Qatar advanced 1.3 percent.
"Volumes are lower but still there is a belief of strong results coming from banks. Institutionals are accumulating banks because of historic attractive cash dividends at year-end," said Jaouni.
In the kingdom, Zain Saudi fell 1.7 percent after media reports its Chief Executive Officer Saad Al-Barrak is expected to resign from the board shortly.
The benchmark slipped 0.3 percent, ending a four-day winning streak.
Petrochemical stock fell with Yanbu National Petrochemicals Company (YANSAB) down 1.3 percent after net profit more than doubled in the third quarter but still missed analyst expectations.
Saudi Arabian Mining Co (Maaden) shed 1.8 percent as investors booked profits after the company swung to a third-quarter net profit of 27.4 million riyals ($7.3 million), but the results missed analyst forecasts.


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