OCI gained 2.3 percent after a report that it would link
up with Brazil's EBX group to set up the plant with a capacity to produce up to
3 million tons per year of nitrogen fertilizer.
"There is interest in OCI now because of the
Brazilian venture and the market is up on its lead," said Karim Hosni of
Pharos Securities.
Egypt's main index gained 0.8 percent, up about 10
percent from the close on Oct. 10 following clashes between the army and
Christian demonstrators in Cairo.
Heavyweight Commercial International Bank jumped 2.3
percent and EFG-Hermes Holdings rose 3.7 percent, the biggest gainer on the
index.
EFG-Hermes said in a statement it was the leading
brokerage in terms of volume of business in Egypt and among top in Dubai.
Talaat Moustafa (TMG) dipped 3.8 percent after a court
postponed the verdict on a land dispute case involving TMG's $3 billion
Madinaty project to Nov. 22, extending a legal wrangle that has rattled
investors.
In Saudi Arabia, petrochemical stocks and small-caps
boosted the Tadawul All-Share Index (TASI) to close 0.4 percent higher at
6,155.18.
"There is total neglect at this stage from the large
investors on blue chips, they are (mostly) watching," said Mohammad Omran,
member of the Saudi Economic Association think tanks.
Saudi Basic Industries Corp. (SABIC) rose 2.1 percent,
Saudi Arabian Fertilizers advanced 0.8 percent and Saudi Fisheries climbed 0.6
percent.
In Dubai, lender ENBD's shares fell 1.1 percent,
extending losses after posting a 59 percent drop in net profit on Sunday and
widely missing analysts' forecasts.
Developer Deyaar slumped 5.4 percent and Emaar Properties
shed 0.4 percent.
The index slipped 0.5 percent.
"Based on the price performance of property stocks,
you can see investors are expecting the worst for Q3," said an Abu
Dhabi-based analyst who declined to be identified. "Also, broad market
sentiment has gone against risky stocks and real estate stocks are as risky as
you can get in UAE."
Abu Dhabi's benchmark gained 0.2 percent, up for a second
day from Sunday's 30-month low.
"You've got continuous selling regardless of the
fact that fundamentals are actually improving. The banking sector in Abu Dhabi
for example, is getting at a stage where non-performing loans are
stabilizing," the analyst added.
Heavyweight First Gulf Bank rose 2.8 percent, its largest
one-day gain in two months, after reporting an 8-percent increase in earnings, beating
analyst forecasts.
Abu Dhabi Commercial Bank posted a quarterly net profit
rise of 89 percent, after market close. Its shares were suspended for trading
ahead of results announcement.
In Oman, Galfar Engineering and Contracting jumped 4.6
percent, up for a second day on what traders said was talk the firm was expected to win a
tender.
