Egyptian stocks remain up

Egyptian stocks rose for a second day on Thursday on expectations that a $3.2 billion IMF loan deal is close, while United Arab Emirates bourses ended lower on profit-taking after recent rallies, and other Gulf markets were mixed. Cairo's main index gained 1.6 percent on its second day of gains following declines that pulled it down 7 percent.
Egypt is seeking a $3.2 billion emergency loan from the International Monetary Fund that could pave the way for loans from other donors. A delegation from the IMF is expected to visit Cairo next week. "We have to look at the IMF funding which is close to becoming a done deal by early April," said Chamel Fahmy of Pharos Securities. "Its impact on the financial sector will be very positive and will influence the valuation of companies to the upside."
Egypt's bourse is among the world's top performers this year but is still well below its levels prior to a popular uprising that unseated the country's president in February 2011. Many investors, especially foreigners, are wary of an uncertain political transition to democracy after more than a year of turbulent army rule that hammered the economy.
Elected members of both houses of parliament are due to vote on Saturday on selection criteria for an assembly that will write Egypt's new constitution, the focus of tension between the ruling generals and political forces. Ezz Steel gained 4.6 percent, Amer Group rises 2.7 percent and Palm Hills added 2.1 percent. In Dubai, index finished 0.5 percent lower, down in two of last six session. It closed the week up 4.5 percent. "More sellers came in today, taking risk off the books ahead of the weekend," said Sleiman Aboulhosn at Al Masah Capital.
Dubai Financial Market and Dubai Investment slipped 3.3 percent each. Abu Dhabi's benchmark slipped 0.2 percent, closing the week up 2.5 percent. First Gulf Bank and Abu Dhabi Commercial Bank fell 1.8 and 1.3 percent respectively. In Qatar, the index halted a three-session decline, closing 0.4 percent higher. Banks supported gains, with heavyweight Qatar National Bank up 0.4 percent and Masraf Al Rayan rising 0.6 percent. In Oman, the index eased 0.4 percent from an eight-month high, as Bank Dhofar dipped 0.8 percent after jumping earlier this week on a favourable ruling in a lawsuit against Oman International Bank.