Most of region end firm

Most Middle Eastern stock markets were firm yesterday while Egypt rose sharply in active trade on buying of blue chips that was encouraged by strength in emerging markets, generally due to optimism over the Sino-US trade dispute. The Egyptian blue-chip index rose 1.4 per cent, far outperforming the broader EGX100, which was almost flat. Global Telecom gained 3.2pc and Edita Food added 7.3pc.

Orascom Investment Holding rose 2.8pc after reporting a profit for its third quarter compared with a loss last year. Orascom’s board approved the presentation of a tender offer to buy a non-controlling stake in Sarwa Capital at a price of 6.62 or 7.36 Egyptian pounds per share, depending on how many shares are bought. Sarwa gained 5.1pc to 6.35 pounds. Investment bank EFG Hermes Holding gained 1.2pc after its third-quarter profit rose 17.5pc, and Telecom Egypt added 5.3pc after its profit jumped for the same period.

Saudi Arabia’s index was flat but some petrochemical and bank shares recovered a little after oil prices steadied, having plunged 7pc earlier this week. Al Tayyar Travel rose 1.3pc after dropping slightly on the previous day, when MSCI said it would move the stock to a small cap index from its main Saudi Arabia index. Retailer and mall operator Fawaz Abdulaziz Alhokair was up 1.1pc; it had risen its 10pc daily limit on Wednesday after MSCI decided to add the stock to its Saudi Arabia small cap index.

Abu Dhabi’s index rose 0.7pc with First Abu Dhabi Bank adding 0.7pc. The stock had gained 2.8pc on Wednesday after MSCI decided to double its weight in the MSCI emerging markets standard index. Etisalat climbed 1.4pc and fuel distribution firm Adnoc Distribution added 2.1pc after its third-quarter profit jumped 55pc. Qatar’s index edged up 0.2pc after dropping for two sessions. In Dubai, the index was up 0.1pc as DAMAC Properties rebounded 1.5pc while Emaar Malls rose 1.6pc.