Dubai: Egypt's main index ended 0.7 per cent higher Sunday, with Mobinil climbing 2.2 per cent after hitting a 15-month low last week on poorly received earnings and Orascom Telecom rising further as Algeria talks loom.
Traders say eyes are turning to blue-chip results due out in the next two weeks, including those of Commercial International Bank, Orascom Construction, EFG-Hermes and Ezz Steel.
"By mid-August we should start getting these numbers out," says Hashim Ganem from Pyramids Capital. "These should be the main indicators we follow."
Orascom Telecom leads the market by volume and turnover, gaining 0.8 per cent following a Friday rise in its London-listed global depositary receipts on expectation of a meeting with Algerian authorities regarding the firm's Djezzy unit.
Talaat Moustafa moved little during the session and ended 0.6 per cent lower, despite a court-appointed body saying a disputed land deal should be scrapped. The court will rule on the case on Thursday. The index traded up 47 points at 6,364.
Kuwait's index edged higher helped by two of the country's major banks, which rose following a reassuring report from the IMF on the sector. The benchmark rose 0.1 per cent to 6,658 points. Kuwait Finance House and Gulf Bank rose 3.9 per cent and 2.3 per cent respectively.
"The IMF in a study on Kuwaiti banks has said that, although the sector is heavily exposed to the real estate sector, they have sufficient financial resources to withstand a new crisis despite a sharp rise in their non-performing loans," said EFG Hermes.
"It put the combined capital adequacy of Kuwaiti banks at 18 per cent, which is significantly above the 12 per cent required by the Central Bank," it adds.
Qatar's stocks retreated 0.4 per cent to 7,005 points, led by heavyweight Industries Qatar, which drops 0.9 per cent.
