ME shares rise led by Egypt as Europe concern eases
Monday, 14 June 2010
DUBAI, June 13 (Bloomberg): Egypt shares helped lead Middle East markets higher after global stocks rallied as concerns about Europe's debt crisis eased and the US Federal Reserve said the economic recovery is intact.
Orascom Telecom Holding SAE, the largest mobile-phone company in the Middle East by the number of subscribers, gained 2.3 per cent on media reports it's in talks to sell its African units, excluding Algeria.
Egypt's EGX 30 Index gained 1.9 per cent, the most since June 3, to 6,360.37 as of 11:15 am in Cairo. Israel's TA-25 Index increased 1.4 per cent and Abu Dhabi's ADX General Index rose 1.1 per cent.
"Local markets tend to follow global trends," said Ziad Dabbas, financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates' second-largest lender by assets. "Today's movements are following positive global closes toward the end of last week, as they improved investor sentiment."
US stocks rose last week, pushing the Standard & Poor's 500 Index to the biggest weekly advance since March, after Federal Reserve Chairman Ben S Bernanke said the economic recovery is intact and commodity prices gained.
European stocks gained for a third week as economic reports and a successful government bond sale in Spain boosted investors' confidence.
Orascom Telecom Holding SAE, the largest mobile-phone company in the Middle East by the number of subscribers, gained 2.3 per cent on media reports it's in talks to sell its African units, excluding Algeria.
Egypt's EGX 30 Index gained 1.9 per cent, the most since June 3, to 6,360.37 as of 11:15 am in Cairo. Israel's TA-25 Index increased 1.4 per cent and Abu Dhabi's ADX General Index rose 1.1 per cent.
"Local markets tend to follow global trends," said Ziad Dabbas, financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates' second-largest lender by assets. "Today's movements are following positive global closes toward the end of last week, as they improved investor sentiment."
US stocks rose last week, pushing the Standard & Poor's 500 Index to the biggest weekly advance since March, after Federal Reserve Chairman Ben S Bernanke said the economic recovery is intact and commodity prices gained.
European stocks gained for a third week as economic reports and a successful government bond sale in Spain boosted investors' confidence.