Mideast Stocks: Major Gulf markets rise, blue-chip selloff trips Egypt

SectorFinancial Markets

Major Gulf markets ended higher on Tuesday, largely driven by financial shares, while broad-based losses pulled Egyptian shares down with property leading the pack.Saudi Arabia's benchmark index rose 0.5%, with Jabal Omar Development jumping 6.9%, while oil giant Saudi Aramco was up 0.6%.The Abu Dhabi index closed up 0.3%, with telecoms firm Etisalat rising 0.4% and the largest lender First Abu Dhabi Bank up 0.2%.The United Arab Emirates federal government posted a second-quarter budget surplus of around 9.75 billion dirhams ($2.65 billion), state news agency WAM said on Monday, up from a surplus of 1.8 billion dirhams in the first quarter. Revenues in the second quarter were at 34.744 billion dirhams and expenditures were at 24.997 billion dirhams, WAM said, citing a finance ministry report.In Qatar, the index added 0.4%, supported ...read more...