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Mideast Stocks Gain as Egypt Extends Winning Streak: Inside EM

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Bloomberg News

Bloomberg News

Hala Haj Taleb

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(Bloomberg) — Stocks listed in Egypt led gains in the Middle East on Sunday as they catch up with regional and global markets. The benchmark EGX 30 Index extended its longest winning streak since January as earnings fueled optimism.

MIDDLE EASTERN MARKETS:

The EGX 30 rises as much as 1.6%, trading at the highest since March 18 before triming gains to 1.3% at closingCommercial International Bank +3%; Egypt Kuwait Holding Co +4.4%; EFG Hermes +2.1%; Fawry +0.7%”Egyptian stocks, until a few weeks back were significantly underperforming compared to other regional and global indices,” Naeem Brokerage’s director of research Allen Sandeep wrote in an email. “What we are seeing right now is the narrowing of that spread amid good incoming 2Q results across the board”Saudi Arabia’s benchmark Tadawul All Share index fluctuated between gains and losses before closing 0.3% higherAmong companies which reported earnings: Bindawood +0.4%; Saudi Ground Services -3.1%; Saudi Chemical -3.4%; Saudi Pharmaceutical Industries -1.1%Ataa Educational +9.9%NOTE: Ataa Educational Jumps to a Record High After AcquisitionAbu Dhabi’s ADX General closes +0.1%International Holding leads gains, rising as much as 4% and closing little changedNOTE: IHC May See $670m of Inflows if Included in MSCI, FTSE: ArqaamDubai’s DFMGI index closes almost unchangedDamac rises 0.8% after reporting that 2Q loss narrowed”Damac currently trades at 60% premium to what we consider to be its floor valuation,” CI Capital’s analysts Sara Boutros and Marlene Milad wrote in a noteCI Capital continues to prefer Emaar Development over Damac on “superior market positioning and offering,” triggered by a better play on Dubai’s property market recoveryEmaar Development trims gains to close 1.6% higher

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Key News:

A warehouse where fuel was illegally stored exploded in northern Lebanon early Sunday, killing 20 people and burning dozens more in the latest tragedy to hit the Mediterranean country in the throes of a devastating economic and political crisis.One of Lebanon’s top hospitals said on Saturday it will be forced to shut off ventilators and other lifesaving equipment in less than 48 hours as fuel shortages grip the country.Abu Dhabi-based Agthia Group is pursuing a strategy to grow through acquisitions and investment in its food and beverage business as its CEO sees continued economic growth.Saudi Aramco is joining a group led by ACWA Power to build a nearly $1 billion solar power plant in the kingdom as the world’s largest oil-exporting nation expands renewable energy supply.

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