Egypt up as Gulf falls alongside oil

Dubai

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Most Gulf stock markets fell yesterday, tracking oil prices, while Egypt rose after the country's oil minister, a successful reformer, was asked to form a new government.

   The Cairo index climbed 0.6 percent with most stocks positive after President Abdel Fattah al-Sisi on Saturday asked Oil Minister Sherif Ismail to name a new cabinet.

  Also, Egypt's central bank said at the end of last week that core annual inflation had dropped to 5.61pc in August from 6.49pc in July.

    Most Gulf markets were in the red after crude futures fell on Friday, when influential Wall Street trader Goldman Sachs cut its outlook on oil. US crude settled 2.8pc down, at $44.63 a barrel. Brent lost 1.5pc to $48.59.  Saudi Arabia's main index had risen initially on news that index compiler FTSE added the country to its watch list for potential inclusion in the emerging markets category.

    But it gave up all gains later in the day and closed 0.7pc lower. The petrochemicals sector was particularly soft and fell 1.1pc.     Dubai's index fell 1.5pc as most stocks fell.

    Abu Dhabi's bourse edged up 0.3pc, supported by telecommunications firm  Etisalat which rose 1.4pc. Etisalat will allow foreign and institutional investors to buy its shares for the first time on Sept.15 and retail investors are bidding up the stock in anticipation.

    Qatar's benchmark  fell 1.7pc, despite news of the country's upgrade to emerging market status by FTSE.    Kuwait index slipped 0.1pc to 5,758 points, Oman inched down 0.09pc to 5,796 points, while Bahrain fell 0.03pc to 1,290 points.