Egypt’s benchmark index climbed to the highest since 2008 on bets tomorrow’s presidential election will be peaceful. Qatar’s measure surged to a record.
The EGX 30 Index increased 0.4 percent to close at 8,762.86 in Cairo, the highest since August 2008. The gauge has advanced 29 percent this year, more than seven-times the gains for MSCI’s emerging markets index.
About 836 million Egyptian pounds ($117 million) of shares traded, compared with a one-year daily average of 579 million pounds. Ezz Steel, the country’s largest publicly traded manufacturer of the metal, rose the most since May 20. Qatar’s QE Index jumped 2.6 percent.
Former Defense Minister Abdel-Fattah El-Sisi is widely expected to win the vote, and investors are speculating the military’s tightening grip on power will help restore order and boost the economy after three years of unrest.
The North African country’s benchmark index, the fourth-best performing this year among more than 90 tracked by Bloomberg, has advanced in nine of the last 11 trading days.
“The market may be anticipating the election will pass smoothly and without violence,” Mohamed Radwan, head of equities at Pharos Holding in Cairo, said by phone. “If that happens, we could be heading to new highs shortly after the vote.”
Ezz Steel advanced 2.1 percent to 18.4 pounds. Egyptian Resorts Co. gained 2.5 percent to 2.04 pounds as the company agreed to buy assets from Orascom Development Holding AG.
Qatar Record
Qatari stocks surged to 13,350.54, the highest since at least 1998 when Bloomberg started tracking the market, as investors bought shares of companies that will be included in the MSCI Inc. upgrade to emerging markets status next month.
“Many of the names that are enjoying an uptick have been included in the MSCI emerging markets index,” Bobby Sarkar, head of research at Qatar National Bank Financial Services, said by phone from Doha today. “We have seen international institutional investors buying these names.”
Masraf Al Rayan surged 10 percent to 57.30 riyals, the highest level on record, in more than four times the three-month average daily volume. The bank was among companies to be included in MSCI’s developing markets index.
Saudi Arabia’s Tadawul (SASEIDX) All Share Index rose 0.2 percent, Bahrain’s gauge advanced 0.4 percent. Kuwait’s measure retreated 0.5 percent and Oman’s slid 0.3 percent.
Israel’s TA-25 Index added 0.9 percent to 1,401.83 led by Opko Health Inc., which climbed 4.4 percent to 30.40 shekels, the equivalent of $8.72.
The company’s U.S. traded shares closed at $8.74 last week. “The market is trading higher led by dually listed shares,” Steven Shein, a Tel Aviv-based trader at Psagot Investment House Ltd., said by phone.
“It’s awaiting the interest rate decision tomorrow and cues from international markets later this week.”
Nine out of 19 analysts surveyed by Bloomberg forecast a cut in the interest rate tomorrow, while 10 predicted it would remain at 0.75 percent. The yield on Israel’s benchmark bond due 2024 declined one basis point to 2.95 percent.
bloomberg.com
The EGX 30 Index increased 0.4 percent to close at 8,762.86 in Cairo, the highest since August 2008. The gauge has advanced 29 percent this year, more than seven-times the gains for MSCI’s emerging markets index.
About 836 million Egyptian pounds ($117 million) of shares traded, compared with a one-year daily average of 579 million pounds. Ezz Steel, the country’s largest publicly traded manufacturer of the metal, rose the most since May 20. Qatar’s QE Index jumped 2.6 percent.
Former Defense Minister Abdel-Fattah El-Sisi is widely expected to win the vote, and investors are speculating the military’s tightening grip on power will help restore order and boost the economy after three years of unrest.
The North African country’s benchmark index, the fourth-best performing this year among more than 90 tracked by Bloomberg, has advanced in nine of the last 11 trading days.
“The market may be anticipating the election will pass smoothly and without violence,” Mohamed Radwan, head of equities at Pharos Holding in Cairo, said by phone. “If that happens, we could be heading to new highs shortly after the vote.”
Ezz Steel advanced 2.1 percent to 18.4 pounds. Egyptian Resorts Co. gained 2.5 percent to 2.04 pounds as the company agreed to buy assets from Orascom Development Holding AG.
Qatar Record
Qatari stocks surged to 13,350.54, the highest since at least 1998 when Bloomberg started tracking the market, as investors bought shares of companies that will be included in the MSCI Inc. upgrade to emerging markets status next month.
“Many of the names that are enjoying an uptick have been included in the MSCI emerging markets index,” Bobby Sarkar, head of research at Qatar National Bank Financial Services, said by phone from Doha today. “We have seen international institutional investors buying these names.”
Masraf Al Rayan surged 10 percent to 57.30 riyals, the highest level on record, in more than four times the three-month average daily volume. The bank was among companies to be included in MSCI’s developing markets index.
Saudi Arabia’s Tadawul (SASEIDX) All Share Index rose 0.2 percent, Bahrain’s gauge advanced 0.4 percent. Kuwait’s measure retreated 0.5 percent and Oman’s slid 0.3 percent.
Israel’s TA-25 Index added 0.9 percent to 1,401.83 led by Opko Health Inc., which climbed 4.4 percent to 30.40 shekels, the equivalent of $8.72.
The company’s U.S. traded shares closed at $8.74 last week. “The market is trading higher led by dually listed shares,” Steven Shein, a Tel Aviv-based trader at Psagot Investment House Ltd., said by phone.
“It’s awaiting the interest rate decision tomorrow and cues from international markets later this week.”
Nine out of 19 analysts surveyed by Bloomberg forecast a cut in the interest rate tomorrow, while 10 predicted it would remain at 0.75 percent. The yield on Israel’s benchmark bond due 2024 declined one basis point to 2.95 percent.
bloomberg.com
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