Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Bargain hunters lift Egypt; most Gulf markets up
Published in Daily News Egypt on 14 - 03 - 2012

CAIRO/DUBAI: Egyptian stocks rallied on Wednesday after their biggest losing streak in months created fresh buying opportunities, and most Gulf markets also rose, supported by an upbeat global backdrop.
Cairo's main index rose 0.8 percent, lifting from Tuesday's three-week low. The benchmark had lost 7 percent in four sessions, drawing bargain-hunters.
Commercial International Bank led trading, gaining 1.7 percent.
The recent selling was accelerated by reports indicating that Egypt's political and economic troubles were far from over. Parliament voted on Sunday to begin steps to withdraw confidence from the military-appointed government.
But on Tuesday, the Muslim Brotherhood, which dominates parliament, admitted its demand to sack the army-backed Cabinet was unlikely to be heeded by the ruling generals.
"Locals are rushing in today to buy what they sold earlier, but we believe a further correction is likely," said Mohamed Radwan at Pharos brokerage, adding that this could take the index down another 10 percent.
"We think there are so many positive hidden events that should kick in in the second and third quarter to take this market to a higher level," said Radwan.
He cited strong prospects for an IMF loan deal, a resolution to a dispute over Orascom Telecom's Algerian subsidiary and France Telecom's plan to acquire shares in Mobinil.
In Saudi Arabia's, the index gained 0.6 percent to a 42-month high as Samba Financial Group added 2 percent, Bank Aljazira climbed 6.9 percent and Riyad Bank rose 1.5 percent.
Recent oil price gains support petrochemical stocks, with Bellwether Saudi Basic Industries Corp (SABIC) gaining 0.7 percent, National Industrialization (Tasnee) rising 1.1 percent and Saudi International Petrochemical (Sipchem) up 1.3 percent.
Gulf sentiment was lifted as upbeat US economic data lifted risk appetite and pushed world stocks higher.
"The rally today is driven by global sentiment; high oil prices are also helping for the petrochemicals sector," said Paul Gamble, head of research at Jadwa Investment.
"While some profit-taking may be warranted, we should have upward momentum for the next few weeks. Sentiment is sufficient (to) push the market higher, unless something external happens to derail it."
In Dubai, bellwether Emaar Properties helped lift the index 0.5 percent.
The developer's trading volumes hit a 22-month high. It climbed 2 percent, take its 2012 gains to 21 percent.
"Emaar has moved to a more diversified portfolio with hospitality and tourism and reached a more mature level, with improved quality given the recurring revenues," said Rami Sidani, Schroders Middle East head of investment.
Emaar's share price surge this year may be waning, however, as investors increasingly looked to book gains.
Contractor Drake and Scull added 1.9 percent after winning a $230 million contract in Algeria.
Abu Dhabi's Aldar Properties and Sorouh Real Estate extended gains, up 6.6 and 5.8 percent respectively. The two developers are in merger talks and a decision is expected within three months.
The UAE capital's measure ended up 0.3 percent, edging towards last week's seven-month high.


Clic here to read the story from its source.