DUBAI: Egypt’s bourse posted the biggest gain in the region, rising 1.4 percent in thin trading as the country was readying a draft constitution for a national referendum.
“Retail investors are reacting positively to these news,” said Mohamed Radwan, director of international sales at Pharos Securities. Local retail investors have been the main force behind the rally that lifted Egypt’s bourse by about 40 percent from its late June low.
The relatively smooth progress of constitutional voting has boosted the mood of those investors, helping the market rebound after last week’s 4.2 percent negative correction.
Qatar’s bourse gained 0.2 percent to 10,395 points as most banks closed in the black. Masraf Al Rayan gained 0.8 percent. International Islamic rose 2.3 percent.
Oman’s main share index rose 0.5 percent to 6,758 points, led by Bank Muscat, one of the country’s leading lenders, which said it would recover the $39m it had lost in a global pre-paid card fraud.
The bank’s shares gained 2.7 percent after it said insurers had agreed to indemnify the loss, for which it had created a provision in the first quarter.
Among other top gainers was Galfar Engineering, which rose 2 percent after announcing that it had won a 67.4m rial ($175m) government tender for the construction of a catering building at Muscat International Airport.
Investors are also selectively buying into investment companies such as Gulf Investment Services which is up 0.5 percent, said Adel Nasr, a manager at United Securities brokerage in Oman. “We believe the index will continue to go up and maybe we can reach the target of 7,000 before the end of year,” Nasr said.
Markets in the UAE were closed for a national holiday. Reuters
