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Sun 7 Aug 2016 07:04 PM

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Gulf markets start week on strong footing, Egypt slips back

Dubai, Qatar outperform after global bourses rise, while petrochemical sector boosts Saudi

Gulf markets start week on strong footing, Egypt slips back

Strength in international equities markets at the end of last week helped lift share prices in the Gulf on Sunday with markets most exposed to foreign capital inflows outperforming, while Egypt slipped on profit-taking.

Dubai's index climbed 1.1 percent. Four-fifths of the traded shares advanced, with companies which have not yet reported quarterly earnings attracting the most volume. Builder Arabtec climbed 3.4 percent and amusement park developer Dubai Parks and Resorts added 1.7 percent.

Blue chips helped push Qatar's index up 1.0 percent with Vodafone Qatar advancing 2.4 percent. Pertrochemical conglomerate Industries Qatar, which reported strong earnings late last week, jumped 3.9 percent.

Abu Dhabi's index edged up 0.4 percent as local traders bought small and mid-cap stocks. Insurer Methaq Takaful Insurance jumped 8.1 percent in heavy trade and Abu Dhabi National Energy rose 2.0 percent.

In Saudi Arabia the equities index rose 0.7 percent as all 14 petrochemical stocks advanced; heavyweight Saudi Basic Industries added 0.6 percent.

Nama Chemicals, a small petrochemical producer, added 3.3 percent after it announced its board had recommended a 30 percent share capital increase through a rights issue valued at 400 million riyals ($106.7 million). The company said proceeds would be used to finance the production of new speciality chemicals.

Large-cap companies in other sectors also gained with telecommunications operator Etihad Etisalat (Mobily) climbing 4.1 percent and retailer Jarir Marketing advancing 4.3 percent.

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