CAIRO, May 21, 2018 - The local stock market ended mixed on Monday, driven by foreign institutional selloffs and purchases by Arab and non-Arab investors. The mixed trade in the local market was also attributed to Ramadan sentiment when investors usually reduce their financial portfolios. The main index, EGX30, edged down by 0.01 per cent to stand at 16,780.91 points. The broader indices EGX70 and EGX100 rose by 0.79 per cent and 0.59 per cent to stand at 860.41 points and 2,196.23 points, respectively, according to bourse data. Market capitalisation gained LE6.5 billion to close at LE952.9 billion. Meanwhile, Dubai stocks climbed to a more than two-week high on Monday, as sentiment for property shares was lifted by a decision of the United Arab Emirates' government to grant residency visas of up to 10 years to investors and specialists. Emaar Properties rose 2.9 per cent and DAMAC Properties climbed 4.8 percent, lifting the Dubai index by almost 1 per cent to a more than two-week high of 2,947 points. The weak Dubai real estate sector has been a drag on the market this year with shares of top UAE developer Emaar down about 17 per cent so far this year. The UAE move "will surely boost the performance of the real estate sector and give comfort to the investors there and especially property owners," said Marie Salem, director of capital markets at FFA Dubai. Investors and specialists in scientific, technical, medical and research fields will receive UAE residency visas for up to 10 years, the government said. The families of those categories of foreigners will also receive the same visa rights. Ali Rashid Lootah, chairman of Dubai's property firm Nakheel, said changes to residency visa regulations will undoubtedly have a positive effect on the UAE economy and in particular the real estate sector. In Abu Dhabi, the main index rose 0.7 per cent, helped by a 0.9 per cent gain in market heavyweight, telecommunications company Etisalat. Aldar Properties which had risen 1.4 per cent in early trade on the visa move, gave up its gains on profit taking and ended flat. The Saudi index ended 0.3 per cent lower, below the 8000-point barrier, with energy and consumer stocks lower. Shares of Saudi Basic Industries Corp were down 0.3 percent, while investor took profit in property Jabal Omar , which ended 2.9 per cent lower. The stock had surged 3.9 per cent on Sunday after announcing an agreement with Albilad Capital to sell 90 housing units for 1.1 billion riyals ($293 million). In Doha, Qatar National Bank surged 3.9 per cent, helping to lift the the benchmark index by almost 1 per cent.
