Egypt's bourse rose on Tuesday for a seventh day as property shares rose on a possible easing of payments, while bargain hunters lifted UAE markets and Kuwait's Jazeera Airways hit a year high. Egyptian newspapers said on Sunday that the housing ministry would allow clients dealing with its New Urban Communities Authority to defer payment of loans and interest until mid-year.
"I think this would be a very good step, we needed this two months ago," said Hashem Ghoneim of Pyramids Capital. Egypt's three biggest listed developers led gainers on the index, which rose 1.5 percent. Talaat Moustafa Group jumped 9.8 percent, SODIC 10 percent, and Palm Hills Developments 9.8 percent.
Investor sentiment on UAE bourses continued to be boosted by hopes of as upgrade by index compiler MSCI. "Investors for the most part are looking out for the MSCI news - that's really what's driving things right now across the region," said Tarek Lotfy, Arqaam Capital's head of MENA equities. Dubai's index climbed 1 percent as property-linked stocks rose, with Deyaar adding 0.7 percent and Arabtec gaining 3.8 percent.
"UAE in general looks incredibly compelling," Lotfy said about buying opportunities. Abu Dhabi's benchmark climbed 0.4 percent. In Kuwait, Jazeera Airways and developer Mabanee lifted the benchmark, rising 5.6 and 3.5 percent respectively. The index rose 0.4 percent, extending gains.
The low-cost carrier rose to its highest close since May 5, 2010, extending a rally since earlier this month when it posted a first-quarter net profit of 1.03 million dinars ($3.69 million), compared to a net loss of 4.5 million dinars a year earlier. Qatar's index fell to a one-week low in muted trade, dropping 0.6 percent. Qatar Telecom and lender Masraf Al Rayan slipped 3.3 and 2 percent respectively.
"We face weakness in liquidity and this is the problem," said Hani Girgis, assistant chief dealer at Dlala brokerage. In Saudi Arabia, investor interest focused on food and agriculture stocks, which helped lift the index 0.3 percent. The agriculture and food index gained 0.8 percent. Qassim Agriculture and Food Products rose 3.1 and 10 percent respectively.
"The bulk of the activity will remain on small and mid-cap stocks, namely in the agriculture and construction sectors on pure retail speculation," said Amro Halwani, a senior trader at Shuaa Capital in Riyadh. Oman's index hovered at 10-month lows as low buyer interest continued to plague the market. The benchmark eased 0.2 percent to its lowest close since July 22 in an eighth straight decline. "Overall market activity has been negative led by lower volumes with added impact post Q1 results," said Kanaga Sunder, Gulf Baader Capital Markets head of research.
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