Mideast markets: Egyptian shares rebound, others up

Egyptian shares rebounded on Wednesday, buoyed by efforts of a ruling military council to defuse political tensions, and advancing global stocks also helped lift Gulf markets. Cairo's main index rose 2.4 percent, after hitting a two-month low on Tuesday on concerns that anti-government protests would escalate. "Sentiment has been partially restored towards Egyptian stocks, boosted by the statement of the army," said Hisham Metwally of Arab Finance Brokerage.
Developer SODIC led gainer, surging 10 percent, while Palm Hills climbed 6.1 percent and real estate firm Talaat Moustafa rose 2.6 percent. "There was institutional buying in the last half hour of yesterday's (Tuesday) session, lifting the big caps. Government funds have poured new cash into the market," Metwally said.
Investor sentiment in Egypt and the Gulf improved after European stocks pared some of their losses, helped by a better-than-expected China growth data. Dubai's benchmark gained 1.4 percent, bouncing back from a two-week low. Heavyweight Emirates NBD rose 4 percent, and bellwether Emaar Properties climbed 1.7 percent. Qatar National Bank led gainers, adding 1.2 percent while the index rebounded 0.5 percent from a July low. Masraf Al Rayan rose 0.6 percent, bringing to 3.2 percent its advances in July.
Investors are betting quarterly earnings will lift the lender's stock, Henin said. Oman's Bank Muscat gained 2 percent after it posted a 30 percent rise in quarterly earnings, narrowly beating forecasts. The benchmark climbed 0.4 percent. In Saudi Arabia, petrochemical stocks gained, and bank shares rose following sturdy earnings. The benchmark rose 0.3 percent, halting a three-day losing streak. In the summer lull, analysts warned that earnings were unlikely to be a long-term catalyst to take stocks higher.
"The two markets people have been most focused on are Saudi Arabia and Qatar, which have seen very little volatility and have been stable," said Akram Annous from Al Mal Capital. Saudi Basic Industries Corp gained 0.5 percent, and SABB bank jumped 4.8 percent after posting a 90.6 percent rise in earnings, beating estimates. Riyad Bank climbed 2.2 percent, gaining for a third day since posting a 9 percent rise in quarterly net profit.