Gulf stocks mixed on volatile oil, Orascom Telecom lifts Egypt

Middle East stocks were mixed on Monday as oil prices continued to swing and new data revealed another slide in U.S. rig count.

The Abu Dhabi Securities Exchange (ADX) closed up 1.77 percent to 4,351 points, trading at a relatively high value of AED 452 million. Eshraq Properties rose 5.48 percent to close at AED 0.77, while Etisalat gained 2.63 percent to AED 17.55.

Dubai’s index surged 2 percent to close at 3,240 points, led by the real estate sector. Construction firm Arabtec Holding surged 14.3 percent to AED 1.44 after reports said Hasan Ismaik would increase his stake in the company. The stock was the most active and accounted for more than one-third of total trade for the session.

Saudi Arabia’s Tadawul All Share Index (TASI) was up 0.5 percent to 6,123 points in the last hour of trade, boosted by the banking sector. The country’s central bank said yesterday it would loosen home mortgage rules. Samba Financial Group rose 5.06 percent to SAR 21.80 and Bank Albilad climbed 1.78 percent to SAR 23.45.

Egypt’s main index nudged up 0.06 percent as the market neared closing hours, lifted by the telecom sector. Orascom Telecom rose 1.7 percent after its subsidiary Beltone Financial Holding signed a share purchase agreement on Sunday with Commercial International Bank to buy CIB’s investment banking arm CI Capital. Beltone rose 9.94 percent to EGP 10.29.

Qatar closed with a decline of 0.36 percent to 9,892 points, while Kuwait’s price index was down 0.10 percent to 5,207.

Oil prices see-sawed throughout the day, but Brent crude mainly remained above $35 a barrel (bbl). WTI crude last traded at $32.66. Latest data from Baker Hughes showed U.S. rig count was down to 400, the lowest since December 2009.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com