Property firm SODIC jumped 4.3 percent and Talaat Moustafa
Group (TMG), Egypt's biggest listed developer, climbed 2.1 percent.
SODIC on Thursday approved a five-for-one stock split
designed to make it easier for investors to buy and sell its shares.
Egypt's Commercial International Bank (CIB) climbed 2.1
percent and Al-Baraka Egypt Bank gained 2 percent. The EGX30 ended 0.6 percent
higher 6,916 points.
In the United Arab Emirates, district cooling firm Tabreed
weighed on Dubai's index, as investors were worried about dilution in value of
the stock after the firm slashed its share capital by 80 percent.
Tabreed closed 5.1 percent lower on the first day of trading
after the firm reduced its number of outstanding shares to 243.4 million from
1.2 billion, canceling 970 million shares.
"Traders are worried about dilution going
forward," said Matthew Wakeman, EFG-Hermes managing director for cash and
equity-linked trading.
"Whether that gets more clarified remains to be seen
but at the moment investors think its better to reallocate their funds."
Property stocks also gave up gains registered last week over
hopes that Qatar's selection to host the soccer World Cup 2022 will lead to new
contracts for developers and builders.
Arabtec fell 2.9 percent and Drake & Skull dropped 3.2
percent.
The Dubai index fell 1 percent to 1,676 points.
In Abu Dhabi, Aldar Properties fell 2.8 percent giving up
gains registered last week. The stock had surged on investor expectations a
government support package could be imminent. The Abu Dhabi index rose 0.2
percent to 2,766 points.
Qatar Gas Transport Co. (Nakilat) hit a seven-month closing
high, helping Doha's bourse continues its rise on expectations of increased
government spending ahead of the 2022 soccer World Cup.
Nakilat climbed 6.3 percent to its highest close since May
4, lifting the index by 0.5 percent to 8,795 points.
The Kuwaiti index dropped 0.3 percent to 6,804 points.
In Saudi Arabia, the Tadawul All-Share Index (TASI) closed
0.08 percent higher at 6,461 points. The sector activity for the day was mostly
positive with 10 out of 15 closing with gains ranging from 0.22 percent by the
Retail sector and the Agriculture & Food Industries sector to 2.24 percent
by the Cement sector, in addition, the Multi-Investment sector had no change.
On the other hand the losing sectors ranged from -0.02 percent by the Building
& Construction sector to -0.62 percent by the Petrochemical Industries
sector. The overall market breadth for the day was positive with 90 advancers
against 37 decliners giving it an AD ratio of 2.43, the Financial Transaction
House (FTH) said in its daily market commentary.
The stock market turnover for the day reached SR2.99
billion.
— With input from agencies
